AdvanSource Biomaterials Corporation Announces Completion of the Sale of Substantially All of its Assets to a Subsidiary of Mitsubishi Chemical America
EKIMAS CORPORATION (ASNB)
NASDAQ:AMEX Investor Relations:
advbiomaterials.com/investors
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Source: GlobeNewswire
WILMINGTON, Mass, Feb. 03, 2020 (GLOBE NEWSWIRE) -- AdvanSource Biomaterials Corporation (OTC: ASNB) (“AdvanSource” or the “Company”), a materials technology company specializing in medical grade polymers for long and short term applications, announced today that on Friday, January 31, 2020, substantially all of its assets were sold to Mitsubishi Chemical Performance Polymers, Inc. (“Mitsubishi Chemical Performance Polymers” or “MCPP”). As previously announced, AdvanSource entered into an Asset Purchase Agreement with MCPP, a subsidiary of Mitsubishi Chemical America, Inc. and its shareholder, Mitsubishi Chemical Corporation, to sell substantially all of its assets to Mitsubishi Chemical Performance Polymers for a price of $7.25 million in cash (the “Transaction”). “The successful completion of this transaction offers our shareholders a meaningful premium,” said Michael Adams, CEO of AdvanSource. “We anticipate issuing a shareholder dividend in the near future.” The des
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