Friday October 5, 3:12 pm Eastern Time
Press Release
SOURCE: DCH Technology, Inc.
DCH Completes Sale/Leaseback Of Rockefeller Building
VALENCIA, Calif., Oct. 5 /PRNewswire/ -- DCH Technology, Inc. (Amex: DCH - news), a manufacturer of hydrogen-specific sensors and hydrogen fuel cells and provider of hydrogen safety services, announced that the sale/leaseback agreement for its property at 24832 Avenue Rockefeller, Valencia, California, has been completed and funded pursuit to the announcement in the company's 10QSB for the Second Quarter 2001.
The sale/leaseback is part of a strategy to restructure the company's capital assets announced by President and CEO John Donohue at the DCH Annual Shareholder's Meeting last June. ``This transaction releases over $1.2 million dollars that was invested in this property for investment into the operations of the company. It has also allowed us to eliminate all short and long term bank debt from our balance sheet,'' said Chief Financial Officer Ronald Ilsley.
``This is a milestone in our strategy to implement a financial structure for DCH providing capital to fund the growth of our sensors and fuel cells business.''
As part of the same strategy, DCH further announced it has moved administrative and sales offices into the 16,000 square-foot Rockefeller building -- which serves as the company's hydrogen sensors technology and manufacturing center -- from nearby offices. ``Final interior construction was just completed. The consolidation will help simplify operations and further bottom line savings,'' Ilsley said.
For additional information, please contact Investor Relations at 661-775-4380 or at invest@dcht.com. Web page: dcht.com
Safe Harbor: This press release includes statements that are considered ``forward-looking'' within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect DCH Technology's current views about future events and performance. Investors should not rely on these statements because they are subject to a variety of risks, uncertainties and other factors that could cause actual results to differ materially from expectations. These factors include, but are not limited to, the cost of development and market acceptance of DCH's sensor-based systems and fuel cells, competition, the cost and availability of materials, governmental regulations, and other factors detailed in DCH Technology's filings with the Securities and Exchange Commission.
SOURCE: DCH Technology, Inc. |
