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Yunhong CTI Ltd Announces Agreement to Sell its Flexo Universal Business
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Yunhong CTI Ltd Announces Agreement to Sell its Flexo Universal Business
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Yunhong CTI Ltd. Announces Closing of Sale-Leaseback Transaction and Forbearance Agreement with Lender
LAKE BARRINGTON, IL / ACCESSWIRE / May 10, 2021 /
Yunhong CTI Ltd. (Nasdaq:CTIB) ( Yunhong CTI or the Company ), a leading manufacturer of custom film products, foil and latex novelty balloons, and flexible packaging products, today announced that it has completed a sale-leaseback transaction for its headquarters office, production and warehouse space in Lake Barrington, Illinois (the Lake Barrington Facility ), for a total sale price of $3,500,000, consisting of $2,000,000 in cash and a promissory note with a principal amount of $1,500,000, due and payable on May 3, 2021 (the Purchaser Promissory Note ). The transaction closed on April 29, 2021. The Purchaser has since repaid the Purchaser Promissory Note in full. The Company will continue to occupy the facility pursuant to a market-based long-term lease.