PRESS RELEASE - OCTOBER 20, 2006
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TRANSTECH
INDUSTRIES, INC. COMPLETES
FOR $2.2 MILLION
PISCATAWAY,
N.J., October 20, 2006 - Robert V. Silva, President and
Chief Executive Officer of Transtech Industries, Inc. (OTC BULLETIN BOARD:TRTI)
announced the closing on the sale of a portion of the Company's property
located in Deptford, N.J. pursuant to the previously reported contract with BWF Development,
LLC.
The real property sold consists of approximately
60 acres of land, two buildings and two houses.
The building currently utilized to store the Company's machinery and
equipment is located on the property sold.
The Company is permitted to utilize the building through June 2007, and
is constructing a replacement building.
The Company will report a pretax gain of
approximately $1.9 million from the sale in its results for the year-ended
December 31, 2006.
As previously disclosed, the Company and
certain subsidiaries participated in the waste recovery and waste management
industries. The Company continues to
incur administrative and litigation expenses on matters related to its past
participation in those industries. In
addition, the Company may incur significant remediation and post-closure costs
related to sites of past operations. For
further information regarding these issues, please refer to the Company's
filing with the Securities and Exchange Commission.
This news release may contain
forward-looking statements as defined by federal securities laws, that are
based on current expectations and involve a number of known and unknown risks,
uncertainties and other factors that may cause the actual results, levels of
activity, performance or achievements to differ materially from results
expressed or implied by this press release.
Such risks and uncertainties include among others, the following:
general economic and business conditions; the ability of the Company to
implement its business strategy; the Company’s ability to successfully identify
new business opportunities; changes in the industry; competition; the effect of
regulatory and legal proceedings. The
forward-looking statements contained in this news release speak only as of the
date of release; and
the
Company does not undertake to revise those forward-looking statements to
reflect events after the date of this release.
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