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Stock Market & Financial Investment News

News Breaks
July 3, 2013
13:58 EDTLAKELakeland Industries to take charge related to plant sale
Lakeland Industries disclosed in a regulatory filing that on June 30, the company sold its plant in Qingdao, China to Qingdao Yingzhouhai Textile International Trading Co. Gross proceeds to the company amounted to $1.43M, less Chinese taxes of $150,000 and expenses of sale of $170,000 resulting in net proceeds of $1.11M. In addition to the $300,000 proceeds received directly by the U.S. parent company, the U.S. parent company received liquidating dividends of $2.95M which reflect both the net proceeds received by its subsidiary and a liquidating dividend for the remaining assets not sold in this transaction. The company will take an accounting charge for United States taxes for a significant amount yet to be determined as a result of this sale, but due to its loss carryforwards will pay no cash currently.
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August 28, 2014
17:03 EDTLAKELakeland Industries announces Brazil financing, consulting agreement
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