latest news releases from the newsroom
Pennichuck Joint Ventures Complete Sale of Three Commercial Office Buildings
MERRIMACK, N.H., Jan. 18, 2008 (PRIME NEWSWIRE) -- Pennichuck Corporation (Nasdaq:PNNW) today announced that it has sold, effective yesterday, its interests in three commercial office buildings in Merrimack, New Hampshire. Pennichuck held a 50% interest in these properties, which were constructed between 1999 and 2001, through its wholly-owned real estate development and management subsidiary, The Southwood Corporation ("Southwood"). Net cash proceeds to Southwood, after retirement of mortgage notes and payment of expenses of sale, but before income taxes, were approximately $3.9 million. The first quarter 2008 pre-tax non-operating income from this sale is approximately $3.7 million.
PC Group, Inc.
Langer, Inc. Announces Sale of Langer UK Ltd. to a Subsidiary of Sole Solutions; Silipos Inc. Forms Strategic Partnership With Sole Solutions and Langer UK
DEER PARK, New York, Jan. 18, 2008 (PRIME NEWSWIRE) -- Langer, Inc. (Nasdaq:GAIT) ("Langer" or the "Company") today announced sale of the stock of Langer UK Ltd. ("Langer UK") to an affiliate of Sole Solutions Ltd. ("Sole Solutions"), a retailer of specialist footwear based in the United Kingdom. The sale price was approximately GBP 587,500, with GBP 475,000 paid in cash at closing and the remainder paid through the receipt of a note in the amount of GBP 112,500. The note matures in two years, bears interest at a rate of 8.5% per annum and is secured by the personal guarantee of an affiliate of the purchaser. In addition, in connection with the transaction, Silipos Inc. ("Silipos"), a wholly owned subsidiary of Langer, formed a strategic partnership with Sole Solutions and Langer UK through which Sole Solutions and Langer UK will provide sales, marketing and distribution support as Silipos' exclusive strategic partner to the medical markets in the United Kingdom and European Union.