Summa Lists Prime Real Estate for Sale
03 Mars 2005 - 2:01PM
PR Newswire (US)
Summa Lists Prime Real Estate for Sale TORRANCE, Calif., March 3
/PRNewswire-FirstCall/ -- Summa Industries (NASDAQ:SUMX) announces
that it has commenced marketing of a prime parcel of real estate
(the "Michigan parcel"). The site comprises approximately 13.6
acres of land, including almost 1,700 linear feet of shoreline on
Lake Michigan, in Charlevoix, MI. Charlevoix is a popular tourist
community and a center of cultural activities in northern Michigan.
The Michigan parcel is expected to generate a great deal of
interest due to its potential for residential or commercial
redevelopment. Preliminary proposals are expected to be received
from bidders in April. As previously announced, Summa plans to sell
several parcels of real estate which have or will become excess,
primarily as a result of several consolidation and restructuring
initiatives. Summa estimates that the sales could result in a book
gain of $5 to $9 million and generate cash, net of taxes, of $9 to
$14 million. The parcels will be offered for sale separately and
the timing of each sale is uncertain. One small parcel in Illinois
was sold in January 2005 for approximately $1 million. The Michigan
parcel is believed to be the most valuable of the parcels to be
offered for sale. Maximizing the sale price for the Michigan parcel
will likely require rezoning and other approvals by government
agencies, as the site is currently used for manufacturing. Summa
has adequate alternative manufacturing facilities in the vicinity
of the site offered for sale. For further information about this
property, contact CB Richard Ellis at 616-831-2200. Summa
Industries manufactures proprietary engineered plastic products for
a broad spectrum of industrial and commercial markets. Statements
in this news release which relate to future plans, financial
results or projections, events or performance are forward-looking
statements within the meaning of Section 27A of the Securities Act
of 1933, as amended, and Section 21E of the Securities Exchange Act
of 1934, as amended, and fall under the safe harbor. These
forward-looking statements include, but are not limited to,
statements regarding the potential sale of real estate and the
adequacy of near-by Company facilities. There is no certainty that
adequate offers will be received to purchase the real estate, and
the timing of any such sale is also uncertain. Actual results could
differ materially from those anticipated in the forward-looking
statements as a result of a number of factors, including, but not
limited to lack of success and/or high costs in obtaining
government approvals, changes in the market for real estate
developments, a decision by the Company to retain the property,
changes in the cost and availability of funds and other risks and
uncertainties described in detail under "Risk Factors" in Summa's
Annual Report on Form 10-K for the fiscal year ended August 31,
2004. For further information, contact James R. Swartwout, (310)
792-7024; fax (310) 792-7079; ; or http://www.summaindustries.com/.
DATASOURCE: Summa Industries CONTACT: James R. Swartwout of Summa
Industries, +1-310-792-7024, or fax, +1-310-792-7079, Web site:
http://www.summaindustries.com/
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