KEWL - Keweenaw Land Announces Sale of Non-Strategic Properties
IRONWOOD, Mich., Feb. 26, 2019 (GLOBE NEWSWIRE) -- Keweenaw Land Association, Limited (OTC US: KEWL) today announced that the Company recently closed on the sale of two properties totaling approximately 237 acres for a total sale price of approximately $640,000 or $2,700 per acre. The pre-tax net proceeds of approximately $613,000 will be used to reduce debt under the Company’s revolving credit line.
The properties were considered to be non-strategic to the Company’s core operations. As part of maximizing shareholder value the Company is constantly looking to monetize non-strategic properties or properties where the “highest and best use” is commercial or residential development rather than timber harvesting.
The Upper Peninsula of Michigan is one of the most beautiful areas in the United States. Outdoor activities abound year-round including hunting, fishing, boating, golf, snowmobiling, mountain biking and much more. Keweenaw has several development properties, in quiet remote areas often with lakefront views available on its website under “properties”.
Contact: Paula Aijala, Secretary, Keweenaw Land Association, Limited, investors@keweenaw.com
About Keweenaw Land Association, Limited: Keweenaw is a forest products and land management company located in Ironwood, Michigan. Keweenaw has land holdings exceeding 180,000 surface acres and 400,000 acres of mineral rights, located predominantly in the western Upper Peninsula of Michigan and northern Wisconsin. Additional information is available on the Company's website at www.keweenaw.com.
Forward-Looking Statements: This release contains forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties and should not be relied upon as predictions of future events or promises of a given course of action. A number of factors such as changing economic conditions, price fluctuations, land use, environmental and other governmental regulations, and risk of loss from natural disasters, could cause actual results to differ materially from those described in the forward-looking statements. As with any investment, past performance is not a guarantee of future results. The Company is currently not subject to the filing requirements of the Securities Exchange Act of 1934, as amended. The Company is categorized as "not current" under the OTC Pink Sheets.