{"id":520240,"date":"2021-07-29T16:08:18","date_gmt":"2021-07-29T20:08:18","guid":{"rendered":"https:\/\/www.marketnewsdesk.com\/index.php\/cvd-completes-the-sale-of-its-555-north-research-place-facility\/"},"modified":"2021-07-29T16:08:18","modified_gmt":"2021-07-29T20:08:18","slug":"cvd-completes-the-sale-of-its-555-north-research-place-facility","status":"publish","type":"post","link":"https:\/\/www.marketnewsdesk.com\/index.php\/cvd-completes-the-sale-of-its-555-north-research-place-facility\/","title":{"rendered":"CVD Completes the Sale of its 555 North Research Place Facility"},"content":{"rendered":"

<\/p>\n

\nCVD Completes the Sale of its 555 North Research Place Facility\n<\/p>\n

CENTRAL ISLIP, N.Y.–(BUSINESS WIRE<\/a>)–
\nCVD Equipment Corporation (NASDAQ: CVV<\/a>), a leading provider of chemical vapor deposition systems and materials, today announced it closed on the sale of its facility located at 555 North Research Place, Central Islip, New York (\u201c555 Building\u201d) for the purchase price of $24,360,000. The Company previously announced it had entered into a contract of sale in March 2021.\n<\/p>\n

\nThomas McNeill, Executive Vice President & Chief Financial Officer, said \u201cWe are pleased to announce the closing of the sale of the 555 Building on July 26, 2021. Simultaneous with the sale, we satisfied our outstanding mortgage debt, including interest and fees, on the 555 Building in the amount of $9,352,719, as well as costs related to the closing of the transaction, which resulted in net proceeds to the Company of approximately $14.0 million. Further, we have entered into a new IDA agreement with the Town of Islip concerning our remaining facility at 355 South Technology Drive in Central Islip (\u201c355 Building\u201d), which includes, among other things, real estate and sales tax abatements incentives.\u201d\n<\/p>\n

\nEmmanuel Lakios, President and Chief Executive Officer said, \u201cIn January 2021 we determined that the 555 Building was not required for present and any foreseen business operations. The sale was a key step in our business strategy by converting brick and mortar to working capital. The working capital will be used for the Company\u2019s sustainability, and future growth. The business operations previously located in the 555 Building have been consolidated into the 355 Building and for the Tantaline group into our Denmark facility during the first half of 2021.\u201d\n<\/p>\n

\nAbout CVD Equipment Corporation\n<\/p>\n

\nCVD Equipment Corporation (NASDAQ: CVV<\/a>) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by its customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through its application laboratory, the Company provides process development support and process startup assistance with the focus on enabling tomorrow\u2019s technologies\u2122. <\/i>It\u2019s wholly owned subsidiary CVD Materials Corporation provides advanced materials and metal surface treatments and coatings to serve demanding applications in the electronic, biomedical, petroleum, pharmaceutical, and many other industrial markets.\n<\/p>\n

\nThe Private Securities Litigation Reform Act of 1995 provides a \u201csafe harbor\u201d for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as \u201cforward-looking statements, \u201cas such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, market and business conditions, the COVID-19 pandemic, the success of CVD Equipment Corporation\u2019s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of, or failure to receive orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements. Past performance in not a guaranty of future results.\n<\/p>\n

\"\"<\/p>\n

View source version on businesswire.com: <\/span>https:\/\/www.businesswire.com\/news\/home\/20210729005756\/en\/<\/a><\/span><\/p>\n

\nThomas McNeill
\n
Phone: (631) 981-7081
\n
Fax: (631) 981-7095
\n
Email: investorrelations@cvdequipment.com<\/a><\/p>\n

KEYWORDS:<\/b> United States North America New York<\/p>\n

INDUSTRY KEYWORDS:<\/b> Technology Defense Utilities Research Oil\/Gas Other Defense Contracts Alternative Energy Energy Semiconductor Satellite Mining\/Minerals Nanotechnology Maritime Natural Resources Science Transport Other Technology Engineering Chemicals\/Plastics Automotive Manufacturing Aerospace Electronic Design Automation Manufacturing<\/p>\n

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CVD Completes the Sale of its 555 North Research Place Facility CENTRAL ISLIP, N.Y.–(BUSINESS WIRE)– CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced it closed on the sale of its facility located at 555 North Research Place, Central Islip, New York (\u201c555 Building\u201d) for the purchase price of $24,360,000. The Company previously announced it had entered into a contract of sale in March 2021. Thomas McNeill, Executive Vice President & Chief Financial Officer, said \u201cWe are pleased to announce the closing of the sale of the 555 Building on July 26, 2021. Simultaneous with the sale, we satisfied our outstanding mortgage debt, including interest and fees, on the 555 Building in … <\/p>\n

Continue reading “CVD Completes the Sale of its 555 North Research Place Facility”<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[],"tags":[],"class_list":["post-520240","post","type-post","status-publish","format-standard","hentry"],"yoast_head":"\nCVD Completes the Sale of its 555 North Research Place Facility - Market Newsdesk<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.marketnewsdesk.com\/index.php\/cvd-completes-the-sale-of-its-555-north-research-place-facility\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"CVD Completes the Sale of its 555 North Research Place Facility - Market Newsdesk\" \/>\n<meta property=\"og:description\" content=\"CVD Completes the Sale of its 555 North Research Place Facility CENTRAL ISLIP, N.Y.–(BUSINESS WIRE)– CVD Equipment Corporation (NASDAQ: CVV), a leading provider of chemical vapor deposition systems and materials, today announced it closed on the sale of its facility located at 555 North Research Place, Central Islip, New York (\u201c555 Building\u201d) for the purchase price of $24,360,000. The Company previously announced it had entered into a contract of sale in March 2021. Thomas McNeill, Executive Vice President & Chief Financial Officer, said \u201cWe are pleased to announce the closing of the sale of the 555 Building on July 26, 2021. 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