OAKVILLE, ON, June 25 /CNW/ - Glendale International Corp. (TSX: GIN)
today announced that its wholly owned subsidiary Fernau Holdings Limited has
completed the sale of Fernau Avionics Limited ("Avionics") to Dunedin Capital
Partners Limited ("Dunedin") of London, England. Dunedin acquired 100% of the
ordinary shares of Avionics for (pnds stlg)12 million, or approximately CDN
Fernau Avionics is a leading international supplier of ground-based air
navigational systems for military, naval and civil aviation applications.
Glendale currently expects to receive after-tax cash proceeds of
approximately CDN $22.7 million relating to the transaction and to record an
after-tax gain of approximately CDN $13 million after the utilization of
capital loss carry forwards. Other than for general corporate purposes,
Glendale has not determined the use of the proceeds at this time.
About Glendale International Corp.
Glendale International Corp. manages businesses that provide the
opportunity for superior long-term value creation through the application of
proven managerial expertise and innovative business strategies. The
Corporation has built a portfolio of profitable growth businesses in the
recreational vehicles, electronics and technology sectors and will seek to
acquire complementary businesses that support its value-building proposition.
Glendale International's core business, Glendale Recreational
Vehicles/Travelaire Canada, is the largest Canadian manufacturer of
recreational vehicles. The Corporation also owns a controlling position in
Firan Technology Group Corporation, the largest aerospace and defence supplier
of advanced technology printed circuits (PCBs) in Canada and among the top 25
PCB manufacturers in North America.
Glendale International Corp. is a public corporation whose shares trade
on the Toronto Stock Exchange ("TSX") under the symbol "GIN". The Corporation
has approximately 12.5 million common shares outstanding.
To reach Glendale International via the worldwide web logon to
This press release contains "forward-looking" statements related to
future events or future performance and reflect the expectations of Glendale
International Corp., regarding its growth, results of operations, performance
and business prospects, and opportunities and trends affecting the
recreational vehicles, electronics, and navigational aids industries. Such
forward-looking statements reflect current beliefs of management and are based
on information currently available. In certain cases, forward-looking
statements can be identified by the use of words such as "believe", "expects",
"will", "intends", "projects", "anticipates", "estimates", "continues" or
similar words or the negative of these or other comparable terminology.
Readers are cautioned that forward-looking information involves known and
unknown risks, uncertainties and other factors that may cause actual results,
performance or achievements to be materially different from any future
results, performance or achievements expressed or implied by the
forward-looking information. Accordingly, investors should not place undue
reliance on forward-looking information. Any forward-looking statements
included in this press release are made as of the date of this press release
and Glendale International Corp. assumes no obligation to update or revise
them to reflect new events or circumstances.
For further information:
For further information: Trevor Heisler, Investor Relations, The Equicom
Group, (416) 815-0700 ext 270, (416) 815-0080 fax, Email:
email@example.com; Edward C. Hanna, Chief Executive Officer and
Chairman, Glendale International Corp., (905) 844-2870, (905) 844-2907 fax,