Cycle Country sells plant to its founder
October 30, 2007
Filed under Features
Cycle Country announced it has sold its manufacturing plant in Milford, Iowa to its founder James Danbom. In return, Cycle Country will receive 1,410,730 shares; the closing price Friday, Oct. 26 was $1.62, according to Cycle Country’s press release.
With 7,350,008 fully diluted shares, the sale will retire 19.2 percent of the common equity of Cycle Country Accessories, converting it to Treasury shares.
The company intends to use the treasury shares for acquisitions and capital needs.