Energy Mad sells its stake in Chinese joint venture factory for $1.7 mln

Wed, 19 Jun 2013

By Tina Morrison June 19 (BusinessDesk) – Energy Mad, whose shares have dropped 21 percent this year after it failed to meet earnings forecasts, sold its 20 percent stake in its Chinese joint venture factory for $1.7 million. The sale price is in line with the company’s estimate last month. Energy Mad, an energy efficient light bulb innovator, retains its preferential supply, payment and exclusivity terms with the factory as part of the agreement, the Christchurch-based company said in a statement. The sale includes a $400,000 gain from the...

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