NORWALL GROUP INC. - SALE OF LAND AND BUILDING
02 October 2010 - 7:27AM
PR Newswire (Canada)
BRAMPTON, ON, Oct. 1 /CNW/ -- BRAMPTON, ON, Oct. 1 /CNW/ - Norwall
Group Inc. (TSXV: NGI) ("Norwall") announced today that it has
completed the sales of its property located in Brampton, Ontario
for $6,800,000. The estimated net proceeds to Norwall, net of real
estate commission, repayment of the first mortgage and other costs
are expected to be approximately $2,860,000. These funds will be
primarily used to fund day to day operations. James J. Patton,
Norwall's president and chief executive officer, stated: "The sale
of the land and building is consistent with Norwall's previously
announced decision to outsource its wallpaper manufacturing. We are
very pleased with the quality of production being supplied by our
new manufacturing partner in South Korea, DID, which we expect to
result in cost savings." About Norwall Norwall designs quality
residential wallpapers and borders and distributes them to
specialty stores and mass merchants in Canada and through its
wholly-owned operating subsidiary, Patton Wallcoverings, in the
United States and in 52 countries worldwide. Forward-looking
Statements Certain statements included in this release contain
words such as "could", "expects", "expectations", "may",
"anticipates", "believes", "intends", "estimates" and "plans" (and
similar expressions) and constitute "forward-looking statements"
within the meaning of applicable securities law. These statements
are based on Norwall's current expectations, estimates, forecasts
and projections about the operating environment, economies and
markets in which Norwall and its subsidiaries operate. Such
forward-looking statements involve known and unknown risks,
uncertainties and other factors which are difficult to predict and
may cause the actual results, performance or achievements of
Norwall, or outcomes or results, to be materially different from
any future results, performance or achievements expressed or
implied by such forward-looking statements. Such factors include,
among others, such factors which are described in Norwall's
management's discussion and analysis of operations and other
filings with Canadian regulatory authorities. These statements,
although considered reasonable by Norwall at the date of this press
release, may prove to be inaccurate and consequently Norwall's
actual results could differ materially from its expectations as set
out or implied in this release. Unless otherwise required by
applicable securities laws, Norwall disclaims any intention or
obligation to update or revise any forward-looking statements.
%SEDAR: 00002584E James J. Patton, President and Chief Executive
Officer at (905) 791-2700, (jpatton@norwallgroup.com); or Edward
Diochon, Vice President of Finance at (905) 791-2700,
(ediochon@norwallgroup.com)
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