ST. JOHN'S, NL, Oct. 16, 2012 /CNW/ - Today Rutter Inc. (TSX: RUT) announced that it has concluded the sale of its investment property for US$ 1,350,000. Proceeds were used to pay off the mortgage of US$1,335,000.
In commenting on the sale, Fraser H. Edison, President & CEO said "this building in the US remained with the Company following the disposition of the Controls & Automation business in 2009 and it has been both rented to a tenant and listed for sale since that time. With the challenges that have existed in the US real estate market, it has taken some time to find the right buyer. We are pleased to now have this transaction concluded as we continue our focus on core business operations. The repayment of the mortgage also improves the Company's working capital position; the mortgage which was due for renewal in December 2012 has been reflected in current liabilities in the Company's balance sheet in our recent quarterly financial statements."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies and engineering solutions. Rutter's global network supplies technologies to improve efficiency and safety in the marine, defense, transportation, oil and gas sectors from its headquarters in the Province of Newfoundland and Labrador. For more information see www.rutter.ca
This press release may contain forward-looking statements that involve risks and uncertainties. These statements reflect current expectations and are subject to a number of risks and uncertainties including but not limited to, change in technology and general market conditions. Due to the many risks and uncertainties, Rutter Inc. cannot assure that forward-looking statements that may be contained in this press release will be realized.
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SOURCE: RUTTER INC.
For further information:
Karen Snook, Chief Financial Officer and Corporate Secretary, Rutter Inc. +1 709 576 6666