Point.360 Announces Receipt of $1.6 Million From Sale Of Building

Point.360

, a leading provider of integrated media management services, today announced the receipt of $1.6 million from the sale of real estate. Haig S. Bagerdjian, the Company's Chairman, President and Chief Executive Officer said: "The sale of our excess Hollywood real estate yielded net cash of $1.6 million after transaction expenses and payoff of the related $2.9 million mortgage. The proceeds, together with approximately $0.3 million of future annual cash savings from debt service, property taxes and maintenance costs related to the property will be used for working capital and to support business expansion opportunities."