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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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July 23, 2015
16:15 EDTLAKELakeland Industries CFO Gary Pokrassa retiring, Teri Hunt appointed Acting CFO
Lakeland Industries CFO Gary Pokrassa has retired as Chief Financial Officer. Teri W. Hunt, a 10 year veteran of Lakeland and most recently serving as VP, Finance based in the company's Decatur, Alabama offices, has been named as Acting CFO to succeed Pokrassa. Pokrassa has agreed to continue with the company in a consulting capacity for a period of one year.

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