Gerber Scientific, Inc. Completes Sale of ND Graphics Business Unit
01 October 2009 - 10:00PM
PR Newswire (US)
SOUTH WINDSOR, Conn., Oct. 1 /PRNewswire-FirstCall/ -- Gerber
Scientific, Inc. ("the Company") (NYSE:GRB) today announced that it
has completed the sale of substantially all the assets and
liabilities of ND Graphics, a business unit of Gerber Scientific
Products, to a group of investors led by the President of ND
Graphics. While financial terms of the transaction were not
disclosed, the Company said that the proceeds from the sale will be
used to reduce its outstanding debt. "ND Graphics is Canada's
leading distributor in the sign making, specialty graphics and
imaging markets, and, as such, will continue to provide
distribution services for Gerber Scientific Products in Canada. At
the same time, the proceeds from this transaction, which represents
another of the potential non-core asset sales that we have been
reviewing, will provide us with additional flexibility under our
senior credit facility," said Gerber Scientific, Inc. President and
CEO, Marc Giles. "ND Graphics is excited to continue its long
standing relationship with Gerber Scientific Products in the
distribution of its market leading cut graphics, thermal and UV
printing solutions," said ND Graphics, Inc. President and CEO, Mark
West. About Gerber Scientific, Inc. Gerber Scientific, Inc.
(http://www.gerberscientific.com/) is a leading international
supplier of sophisticated automated manufacturing systems for the
sign making, specialty graphics and packaging, apparel and flexible
materials, and ophthalmic lens processing industries. Headquartered
in South Windsor, Connecticut, the Company operates through four
primary businesses: Gerber Scientific Products, Spandex, Gerber
Technology and Gerber Coburn. Cautionary Note Concerning Factors
That May Affect Future Results This news release contains
"forward-looking statements" within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities
Exchange Act of 1934. Statements contained in this news release
regarding the Company's closing of the ND Graphics transaction are
forward-looking statements that involve risks and uncertainties.
For information identifying other important economic, political,
regulatory, legal, technological, competitive and other
uncertainties, readers are referred to the Company's filings with
the Securities and Exchange Commission, including but not limited
to, the information included in Gerber Scientific's Annual Report
on Form 10-K for the fiscal year ended April 30, 2009 under the
headings "Business," "Risk Factors" and "Management's Discussion
and Analysis of Financial Condition and Results of Operations -
Cautionary Note Concerning Factors That May Influence Future
Results," as well as information included in subsequently filed
Quarterly Reports on Form 10-Q and Current Reports on Form 8-K,
which outline certain important risks regarding the Company's
forward-looking statements. Actual future results or events may
differ materially from these forward-looking statements. The
Company expressly disclaims any obligation to update any of these
forward-looking statements, except as required by law. DATASOURCE:
Gerber Scientific Inc. CONTACT: Michael R. Elia, Exec. VP &
CFO, +1-860-644-1551, or Melodye Demastus, Investor Relations,
+1-614-771-8810, , both for Gerber Scientific; or Mark West,
+1-416-736-3232, for ND Graphics Web Site:
http://www.gerberscientific.com/
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