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SMALL BUSINESS
Butler Completes Sale of Assets to Butler America
Market Wire
FT. LAUDERDALE, FL -- (Marketwire) -- 07/09/09 -- Butler International, Inc. (PINKSHEETS: BUTL), a leading provider of Engineering Support and TechOutsourcing
services, announced today that it has completed its previously announced
sale of substantially all of its non-publishing assets to Butler America
LLC.
Butler International was granted bankruptcy court approval on July 1, 2009
to proceed with the sale, and closed the transaction on July 7, 2009 for
consideration of approximately $26.2 million in cash, plus the assumption
of certain liabilities. Proceeds from the sale were sufficient to pay off
the debt owed to General Electric Capital Corporation.
Ronald Uyematsu, CEO and President of Butler International, stated, "Butler
America represents a new opportunity for the business, which has a 60+ year
history of providing quality services. This sale provides the financial
strength to enable the historical business to grow and expand its
services."
About Butler International, Inc.
Butler International, Inc. is a leading provider of Engineering and
Technical Outsourcing services, helping customers worldwide increase
performance and savings. Butler International's global services model
provides clients with onsite, offsite, or offshore service delivery options
customized appropriately to their unique objectives. During its 62-year
history of providing services, Butler International has served many
prestigious companies through its industry groups, which include clients in
the aircraft/aerospace, federal/defense, communications, consumer and
manufacturing and commercial sectors.
Information contained in this press release, other than historical
information, may be considered forward-looking in nature as such it is
based upon certain assumptions and is subject to various risks and
uncertainties, which may not be controllable by Butler International.
Actual results may differ materially from forward-looking statements due to
a number of risks and uncertainties including: developments in the
previously disclosed bankruptcy proceedings, liabilities assumed by Butler
America in the acquisition of Butler International assets may be greater
than anticipated; key personnel may not remain with Butler America
following the closing of the Butler America asset acquisition; the
anticipated synergies from the acquisition of the Butler International
assets may not be achieved; the combined operations may not be successfully
integrated in a timely manner, if at all; and economic conditions impacting
the staffing decisions of Butler America's customers.
Mindpower for a Changing World(SM)
World Headquarters
New River Center, 200 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
CONTACT:
Butler International, Inc
Ronald Uyematsu
954-761-2201
Butler America LLC
Robert Olson
805-880-1930
Butler International, Inc
Ronald Uyematsu
954-761-2201
Butler America LLC
Robert Olson
805-880-1930
MARKET WIRE
2009-07-09 16:57:55
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