Bonso Reports Sale of a Residential Unit
November 23 2015 - 8:30AM
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
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