Andrew Glashow, Titan's president, made the announcement.
The transaction is expected to close within the current fiscal quarter.
"Under the terms of the contract, TTGH
is exercising its option to purchase the
commercial real estate occupied by our Amesbury, MA tech center and oncurrently
reselling that real estate at a significant profit," stated Mr. Glashow
"The completion of this transaction, on which management has been hard at work for a number of months, will allow us to "flip" the option we obtained when we purchased Eastern Manufacturing in February of 2003.
On conclusion, we, in turn, will lease the property back from the new buyer."
With respect to the anticipated profitability of the transaction, Mr. Glashow
went on to say, "Our exercise price is $1.825 million and the purchase price is $2.6 million -- with an expected profit in excess of $700,000 after fees.
Andrew Glashow, the TTGH president noted, "It should be clear that we are positioning Titan as a state-of-the-art Tier 1 facility and the transactions with Textron validate our strength and position in the commercial and military markets.
Mr. Glashow is a senior director and founding partner of Star Associates, LLC, a financial management consulting firm and has been a managing director of Star Associates, LLC since July 1998.
specializes in various areas of high technology, financial services, and transition technology in the consumer products industry.
From 1996 to 1998, Mr. Glashow
owned and operated a corporate finance firm, Glashow Associates
, specializing in the placement of capital for small emerging growth companies.
Andrew graduated from the University of New Hampshire's Whitemore School of Business and Economics with a B.A. in Economics.