ERBA Diagnostics Enters Agreement to Sell Former Facilities for $23M

ERBA Diagnostics, Inc. (NYSE MKT:

) announced that its wholly-owned subsidiary – Diamedix Corporation – has entered into a purchase and sale agreement to sell its former facilities located in Miami, Florida, for $23 million. ERBA Diagnostics intends to use the net proceeds from the sale of the property for potential facilities purchases, potential strategic acquisitions and for general working capital. "Due to our consolidation of operations and manufacturing to our leased facilities in Miami Lakes, Florida, we executed this purchase and sale agreement in an effort to redeploy the value of this vacant asset," said Mohan Gopalkrishnan, chief executive officer of ERBA Diagnostics.  "We believe the most effective, and tax-efficient, use of the net proceeds from the sale of the property will be a combination of reinvesting in facilities to accommodate our anticipated growth as well as applying a portion of it toward potential strategic acquisitions and the balance toward working capital." The real properties, and the total of approximately 52,000 square feet of buildings located on the properties, are located at 2140, 2150 and 2160 North Miami Avenue, 2115, 2141 and 2155 North Miami Avenue, and 38 NW 22nd Street, in