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Article Excerpt
FARMINGDALE, N.Y. -- P&F Industries, Inc. (Nasdaq NM: PFIN) announced today that Green Manufacturing, Inc., a wholly-owned subsidiary of P&F, has entered into a definitive Asset Purchase Agreement dated July 14, 2005, with Benko Products, Inc. ("Benko"). Benko is a manufacturer of diverse industrial products and material handling equipment based in Sheffield Village, Ohio. Under this Agreement, Green sold certain of its assets comprising its Agricultural Division, including machinery and equipment, and received cash proceeds of $225,000 and two promissory notes aggregating $305,000 in principal at the closing. Green retained its accounts receivable of approximately $203,000, which it expects will be converted into cash in the coming months. Green and Benko also entered into an...
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