Volt Information Sciences Completes Previously Announced Sale of VMC
30 Oktober 2017 - 2:00PM
Business Wire
Volt Information Sciences, Inc. (NYSE-AMERICAN:VISI), an
international provider of staffing services and managed service
programs, today announced that it has completed the sale of its
quality assurance testing business, a part of its Technology
Outsourcing Services and Solutions segment, for $66.4 million in
cash to Keywords International Limited. The business, known in the
industry as VMC, provides production development, QA testing and
customer support to companies primarily in the video gaming and
mobile industries. Volt previously announced on October 24, 2017
that it had entered into a definitive agreement to sell the
business.
“We are very pleased to close this value-creating deal. The sale
of VMC, which represented approximately 5% of Volt’s global
revenues, generated roughly $64 million in cash, or the equivalent
of $3 per share, net of taxes and transaction-related expenses.
This transaction further enhances our balance sheet liquidity and
financial flexibility and allowed us to utilize some of our
significant tax loss carryforwards. With this divestiture, Volt is
now a more focused, pure-play staffing company,” said Michael Dean,
President and CEO.
Information concerning the completion of this transaction was
filed by Volt today with the Securities and Exchange Commission and
can be obtained at www.sec.gov or the ‘Investors’ section of Volt’s
website at www.volt.com.
Milbank, Tweed, Hadley & McCloy LLP acted as legal advisor
to Volt in connection with the transaction.
About Volt Information Sciences, Inc.
Volt Information Sciences, Inc. is a global provider of staffing
services (traditional time and materials-based as well as
project-based) and managed service programs. Our staffing services
consists of workforce solutions that include providing contingent
workers, personnel recruitment services, and managed services
programs supporting primarily professional administration,
technical, information technology, light-industrial and engineering
positions. Our managed service programs consist of managing the
procurement and on-boarding of contingent workers from multiple
providers. Our complementary businesses offer customized talent,
technology and consulting solutions to a diverse client base. Volt
services global industries including aerospace, automotive, banking
and finance, consumer electronics, information technology,
insurance, life sciences, manufacturing, media and entertainment,
pharmaceutical, software, telecommunications, transportation, and
utilities. For more information, visit www.volt.com.
Forward-Looking Statements
This press release contains forward-looking statements that are
subject to a number of known and unknown risks, including, among
others, general economic, competitive and other business
conditions, the degree and timing of customer utilization and rate
of renewals of contracts with the Company, and the degree of
success of business improvement initiatives that could cause actual
results, performance and achievements to differ materially from
those described or implied in the forward-looking statements.
Information concerning certain of these and other factors that
could cause actual results to differ materially from those in the
forward-looking statements are contained in company reports filed
with the Securities and Exchange Commission. Copies of the
Company’s latest Annual Report on Form 10-K and subsequent
Quarterly Reports on Form 10-Q, as filed with the Securities and
Exchange Commission, are available without charge upon request to
Volt Information Sciences, Inc., 1133 Avenue of the Americas, New
York, New York 10036, Attention: Shareholder Relations,
212-704-7921. These and other SEC filings by the Company are also
available to the public over the Internet at the SEC’s website at
http://www.sec.gov and at the Company’s website at
http://www.volt.com in the Investors section. The Company
undertakes no obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20171030005248/en/
Investor Contacts:Volt Information Sciences,
Inc.voltinvest@volt.comorAddo Investor RelationsLasse Glassen,
424-238-6249lglassen@addoir.com
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