CTI Signs Letter of Intent to Sell Flexo International, Continues Refinancing Efforts and Plans Facilities Move and Major Cost Savings

Lake Barrington, Illinois--(Newsfile Corp. - December 11, 2019) - CTI Industries Corporation (NASDAQ: CTIB) ("CTI" or the "Company") today announced that the Company has entered into a non-binding letter of intent to sell the capital stock of its Mexican subsidiary, Flexo Universal S.A. de R.L de C.V. ("Flexo"), to investors including management of Flexo. The transaction is subject to the approval of the Company's lender and other financing contingencies. Sale proceeds would be used primarily...

2019-12-11 2:56 PM EST