The facility has been purchased by Texas-based AIC Ventures.
As per the accounting rules, the profit generated by this sale will not be fully recognized in the quarter in which the transaction occurs, instead the gain will be amortized over the 15-year term of the lease.
Dynatronics president and CEO Kelvyn Cullimore said the sale of this property frees up a large amount of equity and will generate significant resources to reduce debt.
"The transaction will result in paying down approximately $2,750,000 in debt of the company. The balance of the sale proceeds will fund commissions, tax reserves, closing costs and lease deposits," added Cullimore.
AIC Ventures acquisitions managing partner Luis Medina said: "We are pleased to have partnered up with the company to help them achieve their financial objectives, and we look forward to a long and successful relationship with Mr. Cullimore and the rest of the management team."
Dynatronics is involved in manufacturing, marketing and distribution of advanced-technology medical devices, orthopedic soft goods and supplies, treatment tables and rehabilitation equipment for the physical therapy, sports medicine, chiropractic, podiatry, plastic surgery, dermatology and other related medical, cosmetic and aesthetic markets.
