APA
ENTERPRISES, INC. REPORTS ELIMINATION OF LEASE OBLIGATIONS
MINNEAPOLIS,
MN, November 1, 2007 -- APA Enterprises, Inc. (NASDAQ: APAT) announced
that on October 30, 2007, APA Enterprises closed on the purchase of the property
in Blaine, Minnesota that it leased from Jain-Olson Properties. This location
had previously served as the Company’s headquarters. Immediately
following the transaction, the Company sold the property to a third
party.
These
transactions have eliminated the lease obligations of the Company related
to
this location. As a result, approximately $300,000 of accrued
obligations related to this lease in conjunction with the discontinuation
of the
Optronics segment during the fiscal quarter ended June 30, 2007 will be taken
into income during the three months ending December 31, 2007.
Earlier
in the month, the Company successfully entered into a lease agreement for
its
Aberdeen, South Dakota facility which allows the tenant first opportunity
to
purchase the building over the upcoming three year period.
Forward-looking
statements contained herein are made pursuant to the safe harbor provisions
of
the Private Litigation Reform Act of 1995. These statements are based upon
the
Company's current expectations and judgments about future developments in
the
Company's business. Certain important factors could have a material impact
on
the Company's performance, including, without limitation, delays in or increased
costs of production, delays in or lower than anticipated revenues of the
Company's new products, the Company's ability to sell such products at a
profitable price, the Company's ability to fund operations, and other factors
discussed from time to time in the Company's filings with the Securities
and
Exchange Commission. Readers are cautioned not to place undue reliance on
forward-looking statements. The Company undertakes no obligation to update
such
statements to reflect actual events.
APA
Enterprises, Inc., consists of APA Cables and Networks Inc., a wholly owned
subsidiary. APACN designs, manufactures and markets a variety of fiber optic
and
copper components to the data communication and telecommunication
industries. Additional information about APA Enterprises is available
at http://www.apaenterprises.com.
APA
Enterprises, Inc. Contact Information:
Cheri
Beranek Podzimek
President
and CEO
investor-relations@apaenterprises.com
763-476-6866
