ETC Announces Completion of Sales-Leaseback Transaction Generating $4.0 million in Working Capital
ENVIRONMENTAL TECTONICS (ETCC)
NASDAQ:AMEX Investor Relations:
etcusa.com/investors
Company Research
Source: GlobeNewswire
SOUTHAMPTON, Pa., Nov. 27, 2024 (GLOBE NEWSWIRE) -- Environmental Tectonics Corporation (OTC Pink: ETCC) (“ETC” or the “Company”) announced that on November 26, 2024, the Company closed a transaction for the sale and lease back of demonstration equipment located in Southampton, Pennsylvania. Under the terms of the agreement the assets were sold for $4,000,000. In connection with the sale, the Company entered into an Agreement of Lease (“Lease”) with VFI Corporate Finance (“Lessor”) for Lessor to lease back to the Company all the assets sold. The assets have been leased back for an initial term of thirty (30) months (“Initial Term”) and the Lease includes specified end of initial term provisions including extending the lease for an additional year, return the equipment to the Lessor or purchase the equipment at a pre-negotiated price. Net rent expense for the lease is approximately $1,750,000 annually. The assets sold had depreciation expense of approximately $780,000 annually. The p
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