| Home : September 17 2011 Computer News : Cantronic Announces Planned Sale of 51% Ownership of Yellow River, Will Retain Rights for North American Distribution |
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Cantronic Announces Planned Sale of 51% Ownership of Yellow River, Will Retain Rights for North American Distribution |
September 17, 2011
VANCOUVER, BRITISH COLUMBIA--(Marketwire - Sept. 16, 2011) - Cantronic Systems Inc. ("Cantronic" or the "Company") (TSX VENTURE:CTS)(PINK SHEETS:CRIXF) announced that on September 13, 2011, the Company's wholly-owned subsidiary, Cantronic Security Systems (China) Co., Ltd. of Shanghai, China ("CSSC"), signed an agreement to sell its 51% interest in Shenzhen Huanghe Digital Technology Co. Ltd., of Shenzhen, China ("Yellow River") to an arms-length private purchaser. Under the agreement, CSSC will sell all of the 51% interest it holds in Yellow River. Closing of the sale is conditional on completing all applicable regulatory procedures in China and Canada and a satisfactory valuation report issued by a qualified business valuator or appraiser as well as being subject to the usual terms and conditions. The transaction is expected to close before the end of October, 2011 for cash consideration of approximately RMB 10.71 million or approximately $1.65 million.
Link: http://www.marketwire.com/mw/release.do?id=1562320&sourceType=3
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