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Article: Research, Inc. Completes Property Sale/Leaseback Transaction; Provides Company with Enhanced Asset Management, Financial Flexibility.
- Article from:
- PR Newswire
- Article date:
- September 24, 1999
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Copyright informationCOPYRIGHT 1999 PR Newswire Association, Inc. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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EDEN PRAIRIE, Minn., Sept. 24 /PRNewswire/ -- Research, Inc. (Nasdaq: RESR) today announced that it has finalized a sale/leaseback contract with Continental Property Group, Inc., a Minneapolis-based real estate development company. Under the terms of the agreement, Research has sold its building and approximately 11 acres of surrounding land to Continental and subsequently will lease the property back. The sale price is $3,650,000, the proceeds of which will be used by Research to reduce debt and accelerate growth.
The transaction will allow Research to take advantage of deferred tax benefits and is expected to result in a pre-tax gain of $2.2 million, which ...
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