'From the Battlefield to the Boardroom' with Robert Campbell
Author, leadership coach and veteran of 27 years in the Army, Robert Campbell speaks on his 'Battlefield to Boardroom' book series and how companies can become veteran-ready
Canada deal earns cash for StockerYale
Salem-based StockerYale has sold a property in Canada and refinanced a bond issue, giving it a quick infusion of much-needed cash.
On Dec. 20 the fiberoptics firm sold its Montreal facility to Standard Life Assurance Company of Canada for $4.15 million (Canadian), agreeing to a 10-year lease-back at more than $400,000 (Canadian) dollars a year.
StockerYale said it plans to use the proceeds to pay off some of its debts as well as for working capital. In addition, the company extended the redemption of a $1.5 million (U.S.) note issued to The Eureka Interactive Fund Limited until Jan. 15, 2007.
While this won’t turn around the struggling company, “it does free up a bit of cash and will be an incremental improvement in our balance sheet,” spokesman Fred Pilon told NHBR Daily.
StockerYale had less than $1.9 million in cash and cash equivalents as of Sept. 30, less than half of what it had the previous year. The company lost $1.1 million during the last quarter, though that’s a smaller loss than it suffered in the previous year.
In addition, the company faces a class action lawsuit over alleged insider trading and possible delisting from the Nasdaq stock exchange because it has been unable to keep its stock price over $1 since September. — BOB SANDERS
