ST. JOHN'S, NL, Feb. 24 /CNW/ - Rutter Inc. (TSX: RUT) today announced
its intention to dispose of its remaining consulting engineering
operations, based in Clarenville, Newfoundland and Labrador, and that
it has reached a tentative agreement with a buyer, subject to certain
conditions including the buyer obtaining financing to complete the
The cash purchase price of $800,000 plus a working capital adjustment is
due upon closing of the transaction.
Fraser Edison, President and CEO of Rutter Inc., says "after selling the
Controls & Automation business in 2009, we have spent considerable time
and effort in reviewing our place in the engineering marketplace and
have concluded that selling the business at this time is appropriate.
The consulting engineering operation is a relatively small piece of
Rutter's total business with annual revenues of approximately
$2,000,000. This sale will allow the Company to further streamline
operations and place more emphasis on the technology and Electronic
Manufacturing Services (EMS) operations."
About Rutter Inc. - Rutter is an enterprise focused on providing innovative technologies
and engineering solutions. Rutter's global network supplies
technologies to improve efficiency and safety in the marine, defense,
transportation, oil and gas sectors from its headquarters in the
Province of Newfoundland and Labrador. Multidisciplinary consulting
engineering services including civil, structural and construction
management services are provided to a diverse client base which
includes all levels of government and the oil and gas and industrial
sectors. For more information go to: http://www.rutter.ca
This press release may contain forward-looking statements that involve
risks and uncertainties. These statements reflect current expectations
and are subject to a number of risks and uncertainties including but
not limited to, change in technology and general market conditions. Due
to the many risks and uncertainties, Rutter Inc. cannot assure that
forward-looking statements that may be contained in this press release
will be realized.
The TSX has not reviewed and does not accept responsibility for the
adequacy or accuracy of this release.
SOURCE RUTTER INC.
For further information:
Please direct inquiries to:
President and CEO
Tel: 1 709 576 6666