Reko Announces Completion of Its Business Transformation Project
21 August 2013 - 1:40AM
Marketwired Canada
Reko International Group Inc. (TSX VENTURE:REK) today announced that it had
completed the final step of its business transformation project, announced in
April 2011. At the time of the announcement, Reko indicated that it would likely
complete the project by July 2013.
The final item to complete in Reko's project was the sale of one last redundant
real estate property. On July 11, 2013, Reko entered into a Conditional
Agreement of Purchase and Sale for that property. On August 20, 2013, the
Purchaser removed all of the conditions on the property, which is now scheduled
to close on September 30, 2013.
Final costs will not be calculated until closing; however, Reko anticipates
receiving net proceeds of approximately $600,000, all of which will be used to
reduce its outstanding mortgage, as planned.
"Two years ago, we started a specific and aggressive business transformation
project, and I am pleased to announce a successful completion of that project.
Our goal was to dramatically change our profitability and our long-term
sustainability," said Diane Reko, chief executive officer. "Thanks to the
efforts of our team and the support of others outside Reko, we have achieved
that goal and can move on, as the new, stronger Reko."
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term
is defined in policies of the TSX Venture Exchange) accepts responsibility for
the adequacy or accuracy of this release.
About Reko International Group Inc.
Reko International Group Inc. is a publicly traded, certified woman owned
manufacturing company located in Southwestern, Ontario. Established in 1976,
Reko International Group Inc. is a diverse value-added designer and manufacturer
of customized machining and engineering solutions to OEMs and their Tier I
suppliers in dynamic sectors as rail equipment, oil and gas distribution,
mining, military, capital equipment, and automotive. For more information, visit
www.rekointl.com.
REKO INTERNATIONAL GROUP INC.
469 Silver Creek Industrial Drive
Lakeshore, Ontario
N8N 4W2
www.rekointl.com
SUBSIDIARIES/DIVISIONS:
Canada:
-- Concorde Precision Machining Inc.
-- Reko Manufacturing Group Inc.
United States:
-- Reko International Sales Inc.
-- Reko International Holdings Inc.
-- Reko Global Services, LLC
FOR FURTHER INFORMATION PLEASE CONTACT:
Reko International Group Inc.
Carl A. Merton
Chief Financial Officer
(519) 727-3287
www.rekointl.com
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