The property contains 22,145 sf of office and laboratory space. The selling price is CDN $2.7 million. The terms of the agreement call for the purchaser to assume the existing first mortgage of $1.5 million. The balance of $1.2 million is to be paid in cash and the sale is expected to close not later than May 31, 2004.
FACT Corp. develops, licenses and sells proprietary functional premixes, formulations and ready-to-eat products through Food & Culinary Technology Group Inc., a wholly owned subsidiary. The sale of the Calgary property is in accordance with a 2003 mandate from the company's board of directors to divest all non-core assets and focus solely on its Healthy Lifestyle premixes and ready-to-eat products business.
FACT's chief executive Jaqueline Danforth says the board has been working since that time to sell all non-essential real estate assets and other investments, with the goal of eliminating debt and simplifying operations. "The sale of this property would be a giant leap forward toward realizing our goal," says Danforth.
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