FACT Corporation Commences Spin-off of Wholly Owned Subsidiary; Net Proceeds to Reduce Debt and Fund Growth Initiatives
The company announced that it has commenced the process of spinning off its indirect wholly-owned subsidiary, FACT Products Inc.
"This is another step forward in carrying out our 2004 corporate mandate to monetize all of our non-core assets," said Jacqueline Danforth, CEO of FACT Corporation. "In line with this corporate directive we are divesting our inactive subsidiary, FACT Products. We intend to apply all net proceeds received to debt reduction and working capital for our rapidly-growing nutrition solutions business."
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