ST. JOHN'S, NL, June 3, 2011 /CNW/ - Rutter Inc. (TSX: RUT) today
announced it has closed the sale of its Consulting Engineering business
to Meridian Engineering Inc. The cash proceeds of $800,000 have been
applied against outstanding Term A debt.
In commenting on the sale, Fraser Edison, President and CEO of Rutter
Inc., noted "the principals of Meridian are former employees of our
Consulting Engineering business and all remaining employees of the
business have been offered and accepted employment with this new
company. We wish them all continued success as they move forward."
Mr. Edison added "with this and the sale of the VDR business that closed
last week, we have completed two significant steps in refocusing the
organization and addressing debt maturing in August 2011. We continue
to work to establish a stronger market presence with our radar
products, and are looking for opportunities to expand our outsource
manufacturing capabilities and market presence in Canada."
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.. 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