FACT Corporation Successfully Concludes the Sale of Its Commercial Properties; Net Proceeds from the Two Transactions Have Been Received by the Company.FREEHOLD Freehold, borough, United States Freehold, borough (1990 pop. 10,742), seat of Monmouth co., E central N.J.; settled c.1650, called Monmouth Courthouse (1715–1801), inc. as a town 1869, as a borough 1919. , N.J. -- FACT Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :FCTOA), an emerging nutrition solutions company, today announced that it has successfully concluded the sale of its two commercial properties located in Calgary, Alberta, Canada. The completed transactions involved purchase agreements with two unrelated buyers for combined gross proceeds of CDN (Content Delivery Network) A system of distributed content on a large intranet or the public Internet in which copies of content are replicated and cached throughout the network. $3,525,000. After commissions and fees of approximately CDN$130,000, the sale proceeds have been used to retire outstanding mortgages against the two properties totalling CDN$2,235,000. The CDN$1,160,000 balance due the Company was reduced by a recoverable tax hold-back of CDN$310,000. Therefore, net proceeds Net Proceeds The amount received after all costs are deducted from the sale of a piece of property or security. Notes: In the case of an investor selling a security, net proceeds represent the proceeds from the sale minus any trading costs (i.e. commissions). of CDN$850,000 will currently be available for general working capital and to further reduce the Company's outstanding debt. FACT is taking the appropriate actions to secure the release of the CDN$310,000 presently withheld for tax purposes by the Canadian tax authorities. Management expects to realize these proceeds later this year. "We are pleased to have successfully concluded these transactions", said Jacqueline Danforth, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of FACT Corporation. "Now FACT can focus on implementing its 2005-2006 growth initiatives, with the goal of generating substantially increased revenue from its core food-based operations". About FACT Corporation FACT Corporation develops, licenses and markets proprietary nutrition solutions through its wholly-owned subsidiaries, Food & Culinary Technology Group Inc. and FACT Products Inc. The FACT companies serve clients who manufacture, distribute and market functional food products through a variety of conventional and alternative distribution channels, including branded and private-label retail opportunities, as well as food-service and specialty markets. FACT recently began marketing directly to consumers by launching its online store, www.eatwellstaywell.net, featuring a new line of unique, specially-formulated bake-at-home brownie brownie, in Celtic folklore, household spirit associated with farmsteads. Brownies help with chores, but, if criticized, they will make mischief, such as spoiling crops. If payment other than food is offered a brownie, he vanishes from a farm forever. , cookie cookie File or part of a file put on a Web user's hard disk by a Web site. Cookies are used to store registration data, to make it possible to customize information for visitors to a Web site, to target Web advertising, and to keep track of the products a user wishes to , muffin, pancake/waffle and all-purpose mixes. For more information about FACT and its products, industry trends and functional foods, please visit www.factfoods.com. |
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