Business
Komet signs a production agreement with a subcontractor for the manufacture of bathroom vanity products and kitchen cabinets, and disposes of its manufacturing equipment
Mar. 31, 2011 (Canada NewsWire Group) -- The Company has realigned its strategic direction t...
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[{"type":"text","content":"\n\n\n Mar. 31, 2011 (Canada NewsWire Group) -- \n\n#ReleaseContent TABLE\n{\n BORDER-COLLAPSE: collapse\n}\nTR.cnwUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTR.cnwDoubleUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTR.cnwBoldUnderlinedCell TD\n{\n BORDER-BOTTOM: #000000 3px solid\n}\nTD.cnwUnderlinedCell\n{\n BORDER-BOTTOM: #000000 1px solid\n}\nTD.cnwDoubleUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px double\n}\nTD.cnwBoldUnderlinedCell\n{\n BORDER-BOTTOM: #000000 3px solid\n}\n#ReleaseContent TABLE.cnwBorderedTable TD\n{\n BORDER-RIGHT: black 1px solid;\n PADDING-RIGHT: 2px;\n BORDER-TOP: black 1px solid;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n BORDER-LEFT: black 1px solid;\n PADDING-TOP: 2px;\n BORDER-BOTTOM: black 1px solid;\n BORDER-COLLAPSE: collapse\n}\n#ReleaseContent TABLE TD\n{\n PADDING-RIGHT: 2px;\n PADDING-LEFT: 2px;\n PADDING-BOTTOM: 2px;\n PADDING-TOP: 2px\n}\n\n\nThe Company has realigned its strategic direction to focus on the marketing\nand distribution of bathroom vanity products and kitchen cabinets\n\n\nMONTREAL, March 31 /CNW Telbec/ - Komet Manufacturers Inc., "Komet"\n (TSXV: AQD), today announced the sale of all of its manufacturing\n equipment to a specialized kitchen manufacturer for $350,000. The sale\n agreement was signed on March 15 and is conditional on the latter\n securing $350,000 in financing before May 1, 2011.\n\n\nWhen filing Komet's financial statements for December 31, 2010, senior\n management indicated that the Company had suffered a significant\n reduction in sales following the loss of their biggest client. Despite\n efforts to develop new products (bathroom vanity furniture) and a new\n product line (kitchen cabinets), the Company has not been able to\n compensate for the significant drop in sales.\n\n\nFollowing this drop in sales over last two quarters, Komet carried out a\n review of its strategic direction and made the decision to streamline\n its manufacturing operations in order to remain competitive. To this\n end, the Company will now rely on a manufacturing subcontractor and\n cease all production activities as of Friday, April 29, 2011. The\n subcontracting agreement, which includes the sale of Komet equipment to\n the subcontractor, was signed with the objective of benefiting from the\n expertise of a manufacturing speciali...