Summa Announces Delay in Sale of Real Estate
February 28 2006 - 8:00AM
PR Newswire (US)
TORRANCE, Calif., Feb. 28 /PRNewswire-FirstCall/ -- Summa
Industries (NASDAQ:SUMX) previously announced that it entered into
an agreement to sell a vacant factory site in Orange County,
California to a real estate developer for approximately $5 million.
The sale was most recently scheduled to close in February 2006. The
developer has encountered difficulty in obtaining required
government approval of its plans, as a consequence of which, the
sale has been delayed for up to six months. The sales contract,
which is subject to several contingencies, including governmental
approvals and rezoning for residential use, is now scheduled to
expire no later than August 23, 2006. Although the sale could close
earlier, because of the contingencies, there can be no assurance
that this particular sale will be completed. Statements in this
news release which relate to future plans, financial results or
projections, events or performance are forward-looking statements
within the meaning of Section 27A of the Securities Act of 1933, as
amended, and Section 21E of the Securities Exchange Act of 1934, as
amended, and fall under the safe harbor. These forward-looking
statements include, but are not limited to, statements regarding
the plans of the Company to sell real estate and the timing of and
expected value to be realized from such a sale. Actual results
could differ materially from those anticipated in the
forward-looking statements as a result of a number of factors,
including, but not limited to the inability of the Company to
divest the real estate, further delays in the sale process, the
discovery of unanticipated contingencies, unforeseen changes in
financial markets or real estate markets and other risks and
uncertainties described in detail under "Risk Factors" in Summa's
Annual Report on Form 10-K for the fiscal year ended August 31,
2005. For further information, contact James R. Swartwout, (310)
792-7024; fax (310) 792-7079; ; or http://www.summaindustries.com/.
DATASOURCE: Summa Industries CONTACT: James R. Swartwout of Summa
Industries, +1-310-792-7024, or fax, +1-310-792-7079, Web site:
http://www.summaindustries.com/
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