TX | 75-0868913 | |
(State or other jurisdiction of | (IRS Employer | |
incorporation) | Identification No.) |
[ ] Soliciting material pursuant to Rule 14a-12 under the Exchange Act (17 CFR 240.14a-12)
[ ] Pre-commencement communications pursuant to Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
[ ] Pre-commencement communications pursuant to Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
Information to be included in the report
Terms of the agreement call for a "feasibility period" (as defined in the agreement) of 30 days during which Fuller may inspect and perform due diligence procedures with respect to the property. The purchaser may elect to terminate the agreement at any time during this 30-day feasibility period. After this period, the purchaser would forfeit $100,000 of earnest money to the Company, should it elect not to proceed with the transaction. The agreement also subjects both parties to various conditions that must be met prior to closing that are usual and customary in such real estate transactions.
Net proceeds are expected to be approximately $3.9 million and will be used to pay off the Company's term debt and line of cr edit and to fund operations. The closing is expected to occur in late May 2006.
RELIABILITY INCORPORATED | ||||||||
Date: April 18, 2006 | By: | /s/ Carl V. Schmidt | ||||||
Carl V. Schmidt | ||||||||
Chief Financial Officer, Secretary and Treasurer | ||||||||
Exhibit No. | Description | |
EX-99.1 | Press Release Announcing Contract to Sell Houston Building, Plans to Close Services Division |