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NEWS : Full Story

Newsletter #141 (View other news stories)

AIRTRAX FILCO BUYOUT - TAKE TWO

MULHEIM, Germany
Thursday, 22 Jan 2004

FiLCO GmbH has signed a second letter of intent with Airtrax Inc for the sale of "a substantial part" of its equity.

The agreement, scheduled to close by January 31, follows an abandoned buyout deal the companies pursued in April last year and is contingent on a revision of agreements on the number of people to be hired by FiLCO GmbH.

FiLCO produced 560 forklifts in 2003 and plans to continue producing Filco-branded units, refurbishing Clark units and seeking additional private manufacturing for its 25,000 square-metre (270,000 square feet) facility.

No financial details of the proposed transaction were released.

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