Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool
Business, and Announces A...
Polyair Inter Pack Inc. Completes...
Polyair Inter Pack Inc. has reported its Pool Division as a discontinued operation for financial
statement purposes and it...
of 2

Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces A...

Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces Agreement to Sel...
Published on: Mar 4, 2016
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Transcripts - Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces A...

  • 1. Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces A... Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces Agreement to Sell Pool Equipment Business September 8, 2006: 5:21 p.m. ESTTORONTO, ONTARIO (Market Wire) - Polyair Inter Pack Inc. (TSX: PPK)(AMEX: PPK) announced today that its wholly owned subsidiary, Cantar Pool Products Limited ("Cantar") has concluded the previously announced sale of its above- ground pool business. Proceeds of this sale will be used to retire bank debt. Cantar has also entered into an agreement in principle to sell its pool equipment business to Montreal-based Competition Pools Inc. The agreement provides for the sale of inventory, equipment and intellectual property associated with the segment of Cantar's business comprising the manufacture, distribution and sale of pool equipment. Proceeds of the sale, which will be based on a pre-closing inventory count, will be used to retire bank debt. The purchaser will provide warranty and parts support to Cantar's existing customers. The sale is expected to be completed by no later than September 30th, 2006.
  • 2. Polyair Inter Pack Inc. has reported its Pool Division as a discontinued operation for financial statement purposes and it will record a charge against its third quarter earnings to reflect the write down of assets values that it will realize on the sale of the pool and pool equipment business units. Polyair Inter Pack Inc. (www.Polyair.com) in its Polyair Packaging Division manufactures and distributes a wide range of protective packaging products. These products are sold to distributors and retailers across North America. The Company operates nine manufacturing facilities, seven of which are in the United States where it generates the majority of its sales. Certain information included in this release contains statements that are forward looking. Such forward-looking information involves risks and uncertainties that could significantly affect anticipated results in the future. We caution that forward-looking statements should not be regarded as a representation by the company that the future plans, estimates, or expectations contemplated by us will in fact be achieved. Please refer to the Company's reports filed on SEDAR (www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) for a description of the business environment in which it operates and important factors that may materially affect its results. Polyair Inter Pack is not under any obligation, and expressly disclaims any such obligation, to update or alter its forward-looking statements. http://money.cnn.com/news/newsfeeds/articles/marketwire/06161454.htm

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