CVD Completes the Sale of its 555 North Research Place Facility
July 29 2021 - 4:05PM
Business Wire
CVD Equipment Corporation (NASDAQ: CVV), a leading provider of
chemical vapor deposition systems and materials, today announced it
closed on the sale of its facility located at 555 North Research
Place, Central Islip, New York (“555 Building”) for the purchase
price of $24,360,000. The Company previously announced it had
entered into a contract of sale in March 2021.
Thomas McNeill, Executive Vice President & Chief Financial
Officer, said “We are pleased to announce the closing of the sale
of the 555 Building on July 26, 2021. Simultaneous with the sale,
we satisfied our outstanding mortgage debt, including interest and
fees, on the 555 Building in the amount of $9,352,719, as well as
costs related to the closing of the transaction, which resulted in
net proceeds to the Company of approximately $14.0 million.
Further, we have entered into a new IDA agreement with the Town of
Islip concerning our remaining facility at 355 South Technology
Drive in Central Islip (“355 Building”), which includes, among
other things, real estate and sales tax abatements incentives.”
Emmanuel Lakios, President and Chief Executive Officer said, “In
January 2021 we determined that the 555 Building was not required
for present and any foreseen business operations. The sale was a
key step in our business strategy by converting brick and mortar to
working capital. The working capital will be used for the Company’s
sustainability, and future growth. The business operations
previously located in the 555 Building have been consolidated into
the 355 Building and for the Tantaline group into our Denmark
facility during the first half of 2021.”
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and
manufactures a broad range of chemical vapor deposition, gas
control, and other state-of-the-art equipment and process solutions
used to develop and manufacture materials and coatings for research
and industrial applications. This equipment is used by its
customers to research, design, and manufacture these materials or
coatings for aerospace engine components, medical implants,
semiconductors, solar cells, smart glass, carbon nanotubes,
nanowires, LEDs, MEMS, and other applications. Through its
application laboratory, the Company provides process development
support and process startup assistance with the focus on enabling
tomorrow’s technologies™. It’s wholly owned subsidiary CVD
Materials Corporation provides advanced materials and metal surface
treatments and coatings to serve demanding applications in the
electronic, biomedical, petroleum, pharmaceutical, and many other
industrial markets.
The Private Securities Litigation Reform Act of 1995 provides a
“safe harbor” for forward-looking statements. Certain information
included in this press release (as well as information included in
oral statements or other written statements made or to be made by
CVD Equipment Corporation) contains statements that are
forward-looking. All statements other than statements of historical
fact are hereby identified as “forward-looking statements, “as such
term is defined in Section 27A of the Securities Exchange Act of
1933, as amended, and Section 21E of the Securities Exchange Act of
1934, as amended. Such forward looking information involves a
number of known and unknown risks and uncertainties that could
cause actual results to differ materially from those discussed or
anticipated by management. Potential risks and uncertainties
include, among other factors, market and business conditions, the
COVID-19 pandemic, the success of CVD Equipment Corporation’s
growth and sales strategies, the possibility of customer changes in
delivery schedules, cancellation of, or failure to receive orders,
potential delays in product shipments, delays in obtaining
inventory parts from suppliers and failure to satisfy customer
acceptance requirements. Past performance in not a guaranty of
future results.
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version on businesswire.com: https://www.businesswire.com/news/home/20210729005756/en/
Thomas McNeill Phone: (631) 981-7081 Fax: (631) 981-7095 Email:
investorrelations@cvdequipment.com
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