Barnwell Industries, Inc. Announces Entering into a Non-Binding Letter of Intent for the Sale of its Water Well Drilling Subsidiary
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Barnwell Industries, Inc. has announced a non-binding letter of intent to sell its water well drilling subsidiary, Water Resources International, Inc., for $1,050,000. The transaction is expected to close in late March 2025, with payments made in installments until September 2025.
March 05, 2025 | 11:15 am
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Barnwell Industries is planning to sell its water well drilling subsidiary for $1.05 million. The sale is expected to close in late March 2025, with payments completed by September 2025.
The sale of a subsidiary can positively impact Barnwell Industries by potentially improving its financial position and allowing it to focus on core operations. The non-binding nature of the letter of intent introduces some uncertainty, but the expected closing date and payment schedule provide a clear timeline.
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