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TORONTO, ONTARIO--(Marketwire - April 6, 2011) - MagIndustries Corp. ("MagIndustries" or the "Company") (TSX:MAA) is pleased to announce that it has sold forward the balance of its receivable from the Société Nationale d'Electricité ("SNEL") for net proceeds of approximately US$6 million. As announced in the Company's September 15, 2010 press release, the Company's subsidiary MagEnergy Inc. and SNEL, the electric utility of the Democratic Republic of Congo, signed an Accord Transactionnel (the "Accord") which compensated the Company's for expenses incurred towards the refurbishment of SNEL's INGA II hydroelectric facility, principally the recently re-commissioned turbine G23. The Accord was signed in August 2010, and the Company has been receiving net proceeds of approximately $400,000 per month since then for total net proceeds, prior to the sale, of approximately $2.3 million. |
