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EX-99 - TRIO-TECH INTERNATIONAL | ex99-06212011_120648.htm |
(Exact name of small business issuer as specified in its charter)
(State or other jurisdiction of incorporation or organization)
(IRS Employer Identification No.)
(Address of principal executive offices)
(Registrant's Telephone number)
(Former Name or Former Address, if Changed Since Last Report)
On June 17, 2011, Trio-Tech (Malaysia) Sdn Bhd., ("TTM") a 55% owned subsidiary of the Registrant, entered into a Sales and Purchase agreement ("S&P") with Aaeon Technology (M) Sdn. Bhd. ("Buyer") providing for the sale of TTM's interest in the real property utilized in the operation of the Registrant's former facility located in Penang, Malaysia. The agreement provides for a purchase price of RM 3,550,000 (Malaysian Ringitt), or approximately US $1,179,000 based on the exchange rate as of June 1, 2011 published by the Monetary Authority of Singapore. Under the terms of the agreement, the Buyer paid a forfeitable down payment of ten percent (10%) of the purchase price to an escrow agent on May 13, 2011. The consummation of the sale of TTM's interest in the real property is subject to approval from the local Government authorities and payment of the balance of the purchase price. The agreement contemplates a consummation date within six months from June 17, 2011, and does not have any impact on the Company's consolidated statements of operations and comprehensive income of the current quarter. If the required governmental approvals are not obtained within six months, then the parties are free to terminate the agreement.
A press release relating to the sale of the real property was released on June 21, 2011. Exhibit 99.1.
99.1 Press Release of Trio-Tech International dated June 21, 2011
Trio-Tech International |
By: | /s/ Victor H.M. Ting |
Name: Victor H.M. Ting | |
Title: Vice President and Chief Financial Officer |
Exhibit No.
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Description
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EX-99.1
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Press release of Trio-Tech International dated June 21, 2011
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