Plaintree Completes Sale of the Assets of Its Discontinued Madawaska Doors Business
Thursday, May 2, 2019 11:28 AM
ARNPRIOR, ON / ACCESSWIRE / May 2, 2019 / Plaintree Systems Inc. (Plaintree, traded on CSE under the symbol NPT).
Today, Plaintree Systems Inc. announced that the company, through its wholly owned subsidiary 9366920 Canada Inc., recently completed the sale of the assets of its former Madawaska Doors business for a purchase price of $300,000. The Company ceased operating Madawaska Doors at the end of December 2018. The purchase price was paid in cash on closing and the assets sold included most of the inventory, equipment and facilities previously used to operate Madawaska Doors.
The purchaser has indicated that it intends to resume the operation of the Madawaska Doors business under its new ownership.
About Plaintree Systems Inc.
Plaintree has two diversified product lines consisting of Specialty Structures and Electronics.
The Specialty Structures Division includes the former Triodetic Group with over 40 years of experience, is a design/build manufacturer of steel, aluminum and stainless steel specialty structures such as commercial domes, free form structures, barrel vaults, space frames and industrial dome coverings and Spotton Corporation, a design and manufacturer of high end custom hydraulic and pneumatic valves and cylinders.
The Electronics Division includes the legacy Hypernetics and Summit Aerospace USA Inc. businesses. Hypernetics was established in 1972 and is a manufacturer of avionic components for various applications including aircraft antiskid braking, aircraft instrument indicators, solenoids, high purity valves and permanent magnet alternators. Summit Aerospace USA Inc. provides high precision machining to the aerospace and defense markets. Our facility includes 5 axis CNC precision machining of complex castings and large ring parts such as turbine and assembly shrouds as well as assembly & pressure seals. Summit will support requirements from concept, prototype and throughout production.
Plaintree's shares are traded under the symbol "NPT". Shareholders and Investors can access Company information on CSE's website and receive full Company disclosure monthly. For more information on Plaintree or to receive stock quotes, complete with trading summaries, bid size and ask price, brokerage house participation, insider reports, news releases, disclosure information, and CSE and SEDAR filings, visit the CSE website at www.cnsx.ca or the Company's website at www.plaintree.com.
Plaintree is publicly traded in Canada on the CSE (NPT) with 12,925,253 common shares and 18,325 class A preferred shares outstanding.
This press release may include statements that are forward-looking and based on current expectations. The actual results of the company may differ materially from current expectations. The business of the company is subject to many risks and uncertainties, including changes in markets for the company's products, delays in product development and introduction to manufacturing and intense competition. For a more detailed discussion of the risks and uncertainties related to the company's business, please refer to documents filed by the company with the Canadian regulatory authorities, including the annual report of the Company for the fiscal year ended March 31, 2018 and related management discussion and analysis.
Canadian Securities Exchange has not reviewed and does not accept responsibility for the adequacy or accuracy of the content of this news release.
For further information: Lynn Saunders, CFO - (613) 623-3434 x2223
SOURCE: Plaintree Systems Inc.