ADDvantage to sell Oklahoma property to CTO Dave Chymiak for $5M
ADDvantage announced that it has signed an agreement to sell its property in Broken Arrow, Oklahoma, to Dave Chymiak, board member and CTO of ADDvantage for $5M. The sale of the property is expected to close before the end of October. Proceeds from the sale of the property are intended to be used by the company to pay off its remaining indebtedness of $2.5M to Bank of Oklahoma, which matures on October 31. Excess proceeds will be used to fund working capital of the company and its subsidiaries. The facility in Broken Arrow, Oklahoma, consists of the company's headquarters, additional offices, warehouse and a service center of approximately 162,500 square feet on ten acres. Upon closing of the sale, Tulsat,, one of the company's subsidiaries, will enter into a ten year lease for the facility with Chymiak, which will enable the company to continue to operate its headquarters and certain cable TV segment operations out of the facility.