Saskatoon, SK April 18, 2011 – International Road Dynamics Inc. (IRD) announced today that it has completed the previously announced sale of its head office and manufacturing facility located in Saskatoon, Saskatchewan, for a sale price of approximately $6.7 million. IRD received net cash proceeds from the sale of approximately $3.7 million, after the retirement of the $2.6 million mortgage on the property and other transactional costs. The net cash from the sale will be used initially to reduce the Company’s operating line of credit.
The Company has also completed the previously announced twelve-year net lease agreement with the purchaser of the property with two options to renew the lease for additional five-year terms. The Company will record a book gain of approximately $2.9 million on the sale transaction, which will be amortized over the term of the lease.
IRD is a highway traffic management technology company specializing in supplying products and systems to the global Intelligent Transportation Systems (ITS) industry. IRD is a North American company based in Saskatoon, Saskatchewan Canada with sales and service offices throughout the United States and overseas. Private corporations, transportation agencies and highway authorities around the world use IRD's products and advanced systems to manage and protect their highway infrastructures.
- 30 -
The Company’s shares trade on the Toronto Stock Exchange under the symbol IRD.
FOR MORE INFORMATION PLEASE CONTACT:
President & CEO
Phone: (306) 653-6600
U.S. (303) 355-5998
Phone: (306) 653-6603
Fax: (306) 653-1454
IRD is listed on the TSX - trading symbol - IRD