California Amplifier to Sell Offices to Repay Debts
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California Amplifier said it has entered into escrow to sell for $3.55 million its plant and offices in Camarillo to Hanshaw Partnership in Los Angeles. Nearly all of the proceeds will be used to pay off debts, the company said.
The company, which will lease back the offices, said $355,000 of the price will be in the form of a 10-year note issued by the prospective buyer, whom it would not identify.
California Amplifier, which makes components for microwave communications systems, said it expects to have about $300,000 left in proceeds. It added that it will record a loss of $100,000 on its books once the transaction closes.
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