Rutter Inc. Responds to Market Speculation
St. John’s, NL, Canada – January 26, 2011/CNW/: Today, Rutter Inc. (TSX: RUT) is issuing a press release regarding recent market speculation in connection with the unusual trading of its shares today. As disclosed in note 1 to Rutter’s financial statements for November 30, 2010, from time to time, Rutter considers or receives inquiries with respect to possible transactions, including the acquisition or disposition of assets, the sale or issuance of shares, or other potential business combinations.
As noted in note 10 to Rutter’s financial statements for November 30, 2010, the Company has entered into an agreement to sell its mechanical and electrical business. Rutter does not consider this transaction to be material, as the mechanical and electrical business accounts for only a small portion of its revenues. Rutter has not at this time reached any other binding agreement with respect to any other proposed transaction. No assurance can be given that any such proposal will be acted upon, or that it will result in a binding agreement, or even if such agreement is reached, that such transaction will be completed. Rutter’s policy is to announce only material transactions when it reaches a binding agreement on the same.
Rutter’s policy is not to otherwise comment on rumors and accordingly Rutter does not intend to comment further on this or other speculation.
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, mechanical and electrical engineering as well as environmental 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 see www.rutter.ca
For further information please contact:
Karen Snook, Chief Financial Officer, Rutter Inc. 1 709 576 6666
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.