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EX-10.1 - PURCHASE AND SALE AGREEMENT - DYNATRONICS CORP | dynt_ex101.htm |
8-K - CURRENT REPORT - DYNATRONICS CORP | dynt_8k.htm |
Exhibit
99.1
Dynatronics Corporation Enters into
Purchase and Sale Agreement for former Tennessee site
EAGAN, MN / ACCESSWIRE / April 6, 2021 / Dynatronics
Corporation (NASDAQ:DYNT),
a leading manufacturer of athletic training, physical therapy, and
rehabilitation products, announced today the company entered into a
purchase and sale agreement (“Agreement”) with Maple
Leaf Realco II, LLC for the sale of the company’s former
manufacturing facility in Tennessee.
The
Agreement is for the sale of a 3.4 acre site with a 54,000 sq. ft.
building consisting of manufacturing and office space in Ooltewah,
Tennessee for a purchase price of $1.75 million USD. Completion of
the sale is anticipated before the company’s fiscal year end
on June 30, 2021. Net proceeds for the sale are estimated to be
approximately $1.63 million.
As
previously announced, the company closed its operations in
Tennessee in the second quarter of fiscal year 2021 as part of
consolidation and cost reduction initiatives. Products manufactured
by the company in Tennessee were moved to its New Jersey and
Minnesota locations. These actions resulted in reduced costs,
improved operating profitability, and scalability for
growth.
About Dynatronics Corporation
Dynatronics
Corporation is a leading medical device company committed to
providing high-quality restorative products designed to accelerate
achieving optimal health. The company designs, manufactures, and
sells a broad range of products for clinical use in physical
therapy, rehabilitation, pain management, and athletic training.
Through its distribution channels, Dynatronics markets and sells to
orthopedists, physical therapists, chiropractors, athletic
trainers, sports medicine practitioners, clinics, hospitals, and
consumers. The company’s products are marketed under a
portfolio of high-quality, well-known industry brands including
Bird & Cronin®, Dynatron
Solaris®, Hausmann™,
Physician’s Choice®, and
PROTEAM™, among others. More information is available at
www.dynatronics.com.
Safe
Harbor Notification
This
press release contains forward-looking statements within the
meaning of Section 27A of the Securities Act and Section 21E of the
Securities Exchange Act. Those statements include references to the
company’s expectations and similar statements. Such
forward-looking statements reflect the views of management at the
time such statements are made. These statements include our
financial guidance, including uncertainties involving the impact of
the COVID-19 pandemic on the company’s results of operations
and financial condition, our expected revenues, gross profit, and
selling, general, and administrative expenses. These
forward-looking statements are subject to a number of risks,
uncertainties, estimates, and assumptions that may cause actual
results to differ materially from current expectations. The
contents of this release should be considered in conjunction with
the risk factors, warnings, and cautionary statements that are
contained in the company’s annual, quarterly and other
reports filed with the Securities and Exchange Commission.
Dynatronics does not undertake to update its forward-looking
statements, whether as a result of new information, future events,
or otherwise.
Investor Contacts:
Dynatronics Corporation
Investor
Relations
Skyler
Black
(801)
676-7201
ir@dynatronics.com
Darrow Associates
Peter
Seltzberg, Managing Director
(516)
419-9915
pseltzberg@darrowir.com
For additional information, please visit: www.dynatronics.com
Connect
with Dynatronics on LinkedIn