WINDSOR, ONTARIO — (Marketwired) — 08/20/13 — Reko International Group Inc. (TSX VENTURE: REK) today announced that it had completed the final step of its business transformation project, announced in April 2011. At the time of the announcement, Reko indicated that it would likely complete the project by July 2013.
The final item to complete in Reko-s project was the sale of one last redundant real estate property. On July 11, 2013, Reko entered into a Conditional Agreement of Purchase and Sale for that property. On August 20, 2013, the Purchaser removed all of the conditions on the property, which is now scheduled to close on September 30, 2013.
Final costs will not be calculated until closing; however, Reko anticipates receiving net proceeds of approximately $600,000, all of which will be used to reduce its outstanding mortgage, as planned.
„Two years ago, we started a specific and aggressive business transformation project, and I am pleased to announce a successful completion of that project. Our goal was to dramatically change our profitability and our long-term sustainability,“ said Diane Reko, chief executive officer. „Thanks to the efforts of our team and the support of others outside Reko, we have achieved that goal and can move on, as the new, stronger Reko.“
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
About Reko International Group Inc.
Reko International Group Inc. is a publicly traded, certified woman owned manufacturing company located in Southwestern, Ontario. Established in 1976, Reko International Group Inc. is a diverse value-added designer and manufacturer of customized machining and engineering solutions to OEMs and their Tier I suppliers in dynamic sectors as rail equipment, oil and gas distribution, mining, military, capital equipment, and automotive. For more information, visit .
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Contacts: Reko International Group Inc. Carl A. Merton Chief Financial Officer (519) 727-3287
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