HONG KONG, Nov. 23, 2015 (GLOBE NEWSWIRE) -- Bonso Electronics International, Inc. (NASDAQ:BNSO) today announced that it has entered into an agreement to sell a residential unit owned by the Company in Shenzhen to a third party.
In October 2015, the Company entered into an agreement with a third party to sell a residential unit located in Shenzhen, People's Republic of China, for approximately $832,000. The property was acquired by the company in year 2000, and was leased out to tenants for residential use. The resulting gain before tax is expected to be approximately $744,000 (or $0.14 per share).
The final sale is subject to the buyer obtaining financing from a bank, and the final payment and transfer of the property are expected to be completed by January 31, 2016. The gain from this transaction is expected to be reflected in the financial results of the fiscal year ended March 31, 2016.
About Bonso Electronics
Bonso Electronics designs, develops, manufactures, assembles and markets a comprehensive line of electronic scales, weighing instruments, health care products and pet electronics products. Bonso products are manufactured in the People's Republic of China for customers primarily located in North America and Europe. Company services include product design and prototyping, production tooling, procurement of components, total quality management, and just-in-time delivery. Bonso also independently designs and develops electronic products for private label markets. Bonso is also beginning the process to redevelop the land upon which its Shenzhen factory was previously located. For further information, visit the company's web site at http://www.bonso.com.
This news release includes forward looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities and Exchange Act of 1934, as amended. Forward looking statements may be identified by such words or phrases as "should," "intends," "is subject to," "expects," "will," "continue," "anticipate," "estimated," "projected," "may," "I or we believe," "future prospects," “our strategy” or similar expressions. Forward-looking statements made in this press release, which relate to the positive impact resulting from the sale of certain land use rights involve known and unknown risks and uncertainties that may cause the actual results to differ materially from those expected and stated in this announcement. We undertake no obligation to update “forward-looking” statements.
For more information please contact: Albert So Chief Financial Officer and Secretary Tel: 852 2605 5822 Fax: 852 2691 1724