Form 8-K for POINT.360
30-Jun-2014
Completion of Acquisition or Disposition of Assets, Financial Statements and Exhibits
Item 2.01. COMPLETION OF ACQUISITION OR DISPOSITION OF ASSETS.
On June 26, 2014, Point.360 (the "Company") sold land and an 18,000 square foot building in Hollywood, CA (the "Property"), which had been used for storage since its purchase in 2009, to Vine Off, LLC pursuant to a Standard Offer, Agreement and Escrow Instructions for the Purchase of Real Estate dated March 28, 2014. The sales price of the Property was $4.75 million. After selling and expenses and payoff of the related $2.9 million mortgage, the Company realized net cash proceeds of approximately $1.6 million.
