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CSPi Closes on Sale of Germany OperationsCompany to Focus Increased Time and Resources on Higher-Margin Managed Services Opportunities LOWELL, Mass., July 31, 2018 (GLOBE NEWSWIRE) -- CSPi (NASDAQ:CSPI), a provider of IT managed services, security solutions and packet capture products, today announced that it has closed on the sale of its Germany operations (CSPi GmbH, Technology Solutions) to European IT service provider and media conglomerate Reply (MTA, STAR: REY) for €10.0 million in cash (approximately $11.7 million at current exchange rates). In addition, CSPi has received from Reply €2.3 million (approximately $2.8 million) in cash from the CSPi GmbH’s balance sheet at the time of the closing. Reply has acquired all of the outstanding stock of CSPi GmbH, along with all of its assets and liabilities, including its pension obligation. CSPi will continue to operate its United Kingdom location to serve certain multinational clients. About CSP Inc. Myricom and ARIA are trademarks of CSP Inc. All other brand names, product names or trademarks belong to their respective owners. The Company wishes to take advantage of the “Safe Harbor” provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, the expected closing and timing of the transaction. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks that could affect, prevent, or delay the closing and timing of the transaction and such other risk factors affecting the Company include the ability to satisfy the closing conditions, receipt of regulatory approval, general economic conditions, market factors, competitive factors, and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission. Contact: Gary Levine |