The acquisition of the park was financed with a cash down-payment of $400,000 and the balance of $2,100,000 in seller financing to be repaid over 20 years.
Stephen J. Bagley, Sono-Tek's Chief Financial Officer, commented that "The purchase of the Milton Industrial Park is another step that the Company is taking to ensure its future profitability and growth. The Company had sales of $7,303,000 for the nine months ended November 30, 2010 compared to sales of $5,129,000 for the same period last year. Our sales goal for the current fiscal year is $10,000,000 as compared to $7,242,000 for the prior fiscal year, an increase of 38%. The purchase of the industrial park will provide the Company the ability to expand its manufacturing and office space when needed in the future."
CEO and Chairman Christopher L Coccio added that "We have been fortunate to see such strong growth at a time that many other businesses are having such great difficulty. We believe that our recent multiyear business development program that focused on development of new product lines and expansion into overseas markets is responsible for our growth. Exports now account for two thirds of our sales, many to Asia in a reverse of the normal flow of goods. We have been able to provide a number of jobs to local individuals as we have grown, and believe that future gains in employment will come about as we head into the New Year."
For further information, visit our website at http://www.sono-tek.com
Sono-Tek Corporation is a leading developer and manufacturer of liquid spray products based on its proprietary ultrasonic nozzle technology. Founded in 1975, the Company's products have long been recognized for their performance, quality, and reliability.