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Gold/Mining/Energy : SMM on TSE - Simmonds Capital -- Ignore unavailable to you. Want to Upgrade?

To: 1st.mate who wrote (13)	4/6/1999 2:24:00 PM
From: Ed Pakstas	Respond to of 372

Just got it... > > Simmonds Capital Sells SCL Plastics Division to Norseman > > Symbol: SMM > Industry: CMT > Subject: NWS > NEWS RELEASE TRANSMITTED BY CANADIAN CORPORATE NEWS > > FOR: SIMMONDS CAPITAL LIMITED > > TSE SYMBOL: SMM > > APRIL 6, 1999 > > Simmonds Capital Sells SCL Plastics Division to Norseman > > TORONTO, ONTARIO--Simmonds Capital Limited announced today that its > subsidiary, SCL Electronics Ltd., has sold the SCL Plastics division to > Norseman Plastics Limited of Rexdale, Ontario for consideration of $2.5 > million. In 1998, the SCL Plastics division had sales revenue of $5.5 > million. The business will now be operated as SCL A-1 Plastics Ltd., a > wholly owned subsidiary of Norseman Plastics Limited. All of the key > management and employees will be continuing with the new company, SCL A-1 > Plastics Ltd. The cash proceeds from the transaction will be used for > working capital at SCL Electronics Ltd., a wholly owned operating > subsidiary of Simmonds Capital Limited. > > Mr. John Simmonds, CEO of SCL stated "We are pleased for our customers > and > employees that the SCL Plastics business has been sold to a respected and > successful molding company such as Norseman. There should be significant > benefits to both businesses. For Simmonds Capital, this transaction will > allow us to focus on growing our core electronics businesses. The A.C. > Simmonds division, a distributor of quality audio/video products for the > professional and consumer markets, will be adding new product lines and > channels of distribution. The SCL Technologies division, a value added > contract manufacturer, will continue to expand its customer base in the > telecommunications market." > > Simmonds Capital Limited (TSE:SMM) is a diversified management company > involved in the contract manufacturing, electronics distribution and > [Back] 63 CC 6-Apr-99 at 14:03:00 14:13 > Page 3 > wireless communications markets. > > -30- > > FOR FURTHER INFORMATION PLEASE CONTACT: > > Simmonds Capital Limited > David O'Kell > (905) 837-9909 > (416) 745-6980 > > INDUSTRY: CMT > SUBJECT: NWS > > -0- > End of News >