On-Site Sourcing Announce Sale of Offset Printing Division
Press release from the issuing company
ALEXANDRIA, Va.--Oct. 8, 2003-- On-Site Sourcing, Inc., announced today it has completed the sale of its offset printing operation located in Gaithersburg, MD. The division was sold for total consideration of $1.425 million with an effective date of September 30, 2003. Under the terms of the sale, the company received $925,000 in cash proceeds on closing and $500,000 in the form of a five-year note receivable.
Directly attributable to the sale, the Company expects to record a charge, in the Third Quarter ending September 30, 2003, of approximately $760,000, of which $560,000 represents a non-cash charge related to the write-off of certain equipment.
Christopher Weiler, President and CEO, commented, "As part of our strategic evaluation of our business, we have concluded that offset printing is no longer part of our long-term focus. The sale of our unprofitable printing division will allow the Company to focus on growing its profitable core operations of imaging and electronic file processing services, reduce debt on our balance sheet and enhance future profitability."
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