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Trintech Announces Completion of Sale of Healthcare Division
The purchase price is subject to a working capital adjustment, and an escrow amount of $6 million has been set aside with $2 million to be released after 9 months and the remainder no later than December 31, 2011, subject to the satisfaction of postclosing conditions.
Cyril McGuire, Chairman and Chief Executive Officer said: "Following the sale of our healthcare division, Concuity, to The Advisory Board Company, Trintech has a strengthened balance sheet of over $48 million in cash and is positioned for profitable growth in our Financial GRC business globally."
William Blair & Company acted as Trintech's lead financial advisors in this transaction. Scheef & Stone acted as Trintech's lead legal counsel.
Forward Looking Statements
This news release contains "forward looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Any "forward looking statements" in this press release are subject to certain risks and uncertainties that could cause actual results to differ materially from those stated. "Forward looking statements" in this press release include a statement regarding Trintech's positioning for profitable growth in its Financial GRC business globally.
Factors that could cause or contribute to such differences include Trintech's ability to accurately predict future sales and market trends, accurately predict and meet customer needs and to successfully position itself in the market, ensure the performance of its products and services, and improve the performance of its organization and ensure the long term health of its business. Actual performance may also be affected by other factors more fully discussed in Trintech's Form 20-F for the fiscal year ended January 31, 2009 filed with the US Securities and Exchange Commission (http://www.sec.gov) and subsequent filings with the US Securities and Exchange Commission. Lastly, Trintech assumes no obligation to update these forwardlooking statements.
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