BROKEN ARROW, Okla., March 29, 2019 (GLOBE NEWSWIRE) — ADDvantage Technologies Group, Inc. (NASDAQ: AEY), these days introduced it has signed agreements to sell its centers located in Sedalia, Missouri and Warminster, Pennsylvania for a total of $2.1 million to David Chymiak, LLC, a company managed by using David Chymiak, the Company’s Chief Technology Officer, Board member, and an extensive shareholder. Selling those two centers advances the Company’s approach to divesting its Cable TV segment and consciousness exclusively on developing its Telco section.
The Sedalia, MO facility sale, which closed the day past, turned into $1.35 million in coins, with a ten-year leaseback of $10,687.50 consistent with the month. The sale of the Warminster, PA facility will be for $725,000 with a 10 yr leaseback of $5,739.58 in line with the month and is anticipated to close with the following couple of weeks. The Warminster sale can be paid 80% in coins upon closing, with the remainder due at the earlier of both the final of the Cable TV segment sale or six months.
The proceeds from each income could be credited to the acquisition rate and down price required under the Stock Purchase Agreement relating to the sale of Cable TV, contingent upon the shareholder’s vote in the desire of the sale of the Cable TV section, that is anticipated to arise within the 1/3 economic area of 2019.
In Sedalia, Missouri, the facility houses the Company’s ComTech Services business and consists of land, a workplace, a warehouse, and carrier middle, totaling about 60, three hundred square feet. The Warminster, Pennsylvania facility houses the Company’s NCS Industries commercial enterprise and consists of a workplace and warehouse and provider center of approximately 12,000 square feet.
These agreements follow the sale of our belongings in Broken Arrow, Oklahoma, in November 2018,” Joe Hart, President, and CEO of ADDvantage Technologies, stated. “Signing agreements to promote two more of our houses advances our strategy to divest the Cable TV phase and will help us with our coins waft desires as we combine Fulton Technologies and maintain to execute on our growth strategies for Nave Communications and Triton Datacom within the Telco segment. We sit up for making endured development executing towards our plans to build a stronger, greater green foundation to aid revenue growth and economic balance.
About ADDvantage Technologies Group, Inc.
ADDvantage Technologies Group, Inc. (NASDAQ: AEY) resources the cable television (Cable TV) and telecommunications industries with a complete line of the latest and used gadget-critical community device and hardware from an extensive range of main manufacturers. The gadget and hardware ADDvantage sells are used to collect, distribute, and defend the communications alerts carried on fiber optic, coaxial cable, and wireless distribution structures, which include tv programming, high-velocity facts (Internet), and telephony.
Through the acquisition of Fulton, the Company will provide flip-key wi-fi infrastructure offerings, such as the installation and decommissioning of the device on cellular websites, for wireless carriers, country-wide integrators, and device producers helping the wi-fi companies. Also, ADDvantage operates a country-wide community of technical repair facilities targeted often on Cable TV equipment and recycles surplus and obsolete Cable TV and telecommunications equipment.
ADDvantage operates thru its subsidiaries, Tulsa, Tulsa-Atlanta, Tulsa-Texas, NCS Industries, ComTech Services, Nave Communications, Triton Datacom, and Fulton Technologies. For more information, please visit the corporate internet website at www.Addvantagetechnologies.Com.
The information on this statement can also encompass forward-looking statements. Other than statements of historical facts, which address activities, events, or tendencies that the Company expects or anticipates will or may additionally arise in the destiny, are ahead-searching statements. These statements are an issue to risks and uncertainties that may cause real outcomes and trends to differ materially from those statements. An entire discussion of those dangers and uncertainties is contained within the Company’s reviews and files filed on occasion with the Securities and Exchange Commission.