Rutter Closes Sale of Engineering Business
St. John’s, NL, Canada – 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.
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