Symmetry Technologies Inc (SMMR)

[sandtrap246]

From Note 7

On May 25, 2017, an offer was made to the Company to purchase the real property at 919 State Highway 46 Boerne, Texas, in Kendall County, Texas, along with the personal property and equipment (collectively, the “Property”), to be used for the production of pre-cooked, smoked meat products by the Company.

The Board of Directors believed this offer was in the best interests of the Company and its shareholders, and on August 9, 2017, the Board approved the sale of the Property. On August 14, 2017, the transaction closed and the funds received, $350,000, were used to pay in full the amount remaining in financing on the Property. As a result, the financial statements of the Company for the period ended September 30, 2017, show no remaining outstanding balance owed on said financing and adjustments to the Balance Sheet of the Financial Statements were made for the period ended September 30, 2017 and December 31, 2017 to account for the sale of the Property and the reduction of debt connected to it.

The Company is currently in negotiation to enter into an unrelated line of business through the acquisition of a private company with ongoing operations. Finalization of said business combination is anticipated to close on or before March 31, 2018.