Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces A...
Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces Agreement to Sel...
Published on: Mar 4, 2016
Transcripts - Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces A...
Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool
Business, and Announces A...
Polyair Inter Pack Inc. Completes Sale of Above-Ground Pool Business, and Announces Agreement to
Sell Pool Equipment Business
September 8, 2006: 5:21 p.m. ESTTORONTO, ONTARIO (Market Wire) -
Polyair Inter Pack Inc. (TSX: PPK)(AMEX: PPK) announced today that its wholly owned subsidiary,
Cantar Pool Products Limited ("Cantar") has concluded the previously announced sale of its above-
ground pool business. Proceeds of this sale will be used to retire bank debt.
Cantar has also entered into an agreement in principle to sell its pool equipment business to
Montreal-based Competition Pools Inc. The agreement provides for the sale of inventory, equipment
and intellectual property associated with the segment of Cantar's business comprising the
manufacture, distribution and sale of pool equipment. Proceeds of the sale, which will be based on a
pre-closing inventory count, will be used to retire bank debt. The purchaser will provide warranty
and parts support to Cantar's existing customers. The sale is expected to be completed by no later
than September 30th, 2006.
Polyair Inter Pack Inc. has reported its Pool Division as a discontinued operation for financial
statement purposes and it will record a charge against its third quarter earnings to reflect the write
down of assets values that it will realize on the sale of the pool and pool equipment business units.
Polyair Inter Pack Inc. (www.Polyair.com) in its Polyair Packaging Division manufactures and
distributes a wide range of protective packaging products. These products are sold to distributors
and retailers across North America. The Company operates nine manufacturing facilities, seven of
which are in the United States where it generates the majority of its sales.
Certain information included in this release contains statements that are forward looking. Such
forward-looking information involves risks and uncertainties that could significantly affect
anticipated results in the future. We caution that forward-looking statements should not be regarded
as a representation by the company that the future plans, estimates, or expectations contemplated
by us will in fact be achieved. Please refer to the Company's reports filed on SEDAR
(www.sedar.com) and EDGAR (www.sec.gov/edgar.shtml) for a description of the business
environment in which it operates and important factors that may materially affect its results. Polyair
Inter Pack is not under any obligation, and expressly disclaims any such obligation, to update or
alter its forward-looking statements.