TORONTO, Ont. — Conforce International has agreed to sell its 50.1% stake in Conforce 1 Container Terminals (CCT) to Marino Kulas, owner of Conforce International.
Kulas has agreed to purchase the company’s interest in CCT for $445,000. The purchase price is subject to review by a qualified independent third party and may be adjusted according to the findings of the review. Officials say the transaction will reduce the amount of the company’s shareholder loans and eliminate all financial obligations related to the container terminal business.
According to sources, the rationale behind selling CCT was based on the company’s decision to focus its resources exclusively on the commercialization of EKO-FLOR, a composite flooring solution engineered for the container and trailer industries. As a result of successful product evaluations, the company expects that production will commence in the fourth quarter of 2010.
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