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| WTS > SEC Filings for WTS > Form 8-K/A on 20-Oct-2009 | All Recent SEC Filings |
20-Oct-2009
Costs Associated with Exit or Disposal Activities
On September 25, 2009, the Registrant reported that it had committed to a plan to dispose of the Registrant's investment in Changsha by means of a sale of Changsha. Due to the uncertainty of the potential sale price for Changsha, the Registrant at the time was not able to make a good faith determination of whether it would recognize a gain or a loss on the disposal of Changsha or make a good faith estimate of the amount of any such gain or loss.
The Registrant currently estimates that it will incur a loss of approximately $7.3 million in connection with the sale of Changsha. This loss will be recorded in discontinued operations for the Registrant's third fiscal quarter ended September 27, 2009.
This Current Report on Form 8-K includes forward-looking statements on the amount of the expected loss to be incurred in connection with the Changsha disposition. Important factors could cause actual results to differ materially from these forward-looking statements. These factors include, but are not limited to: the success of the investment bank in finding an appropriate buyer for Changsha, market conditions in China, Chinese governmental regulations, economic and financial conditions generally, the availability of willing buyers, foreign exchange rate fluctuations and other risks and uncertainties discussed under the heading "Item 1A. Risk Factors" in the Registrant's Annual Report on Form 10-K for the year ended December 31, 2008 filed with the Securities and Exchange Commission and other reports the Registrant files from time to time with the Securities and Exchange Commission.
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