LaBarge, Inc. Finalizes Sale of ScadaNET Network(TM) Business
ST. LOUIS, Aug. 7 /PRNewswire-FirstCall/ -- LaBarge, Inc. (Amex: LB) announced today that it has successfully completed the planned sale of the remaining portion of its ScadaNET Network(TM) remote equipment monitoring business. The Company announced in March that it intended to exit the business, which represented less than 1 percent of LaBarge's consolidated revenues. The Company said the sale enables it to concentrate on its growing core contract electronics manufacturing business.
Under the terms of the sale, Network Technologies Group LLC purchased assets and assumed contractual obligations relating to the ScadaNET business. Network Technologies Group LLC is a new company formed by former LaBarge vice president Thomas Hilleary. The cash transaction is valued at approximately the book value of the assets; thus, the impact of the transaction on LaBarge's fiscal 2004 first-quarter results will be insignificant.
LaBarge, Inc. is a broad-based provider of electronics to technology-driven companies in diverse industrial markets. The Company provides its customers with sophisticated electronic products through contract design and manufacturing services. Headquartered in St. Louis, LaBarge has operations in Arkansas, Missouri, Oklahoma and Texas. The Company's Web site address is http://www.labarge.com .
Statements contained in this release relating to LaBarge, Inc. that are not historical facts are forward-looking statements within the meaning of the federal securities laws. Matters subject to forward-looking statements are subject to known and unknown risks and uncertainties, including economic, competitive and other factors that may cause LaBarge or its industry's actual results, levels of activity, performance and achievements to be materially different from any future results, levels of activity, performance or achievements expressed or implied by these forward-looking statements. Important factors that could cause LaBarge's actual results to differ materially from those projected in, or inferred by, forward-looking statements are (but are not necessarily limited to) the following: the impact of increasing competition or deterioration of economic conditions in LaBarge's markets; cutbacks in defense spending by the U.S. Government; loss of one or more large customers; LaBarge's ability to replace completed and expired contracts on a timely basis; the outcome of litigation the Company is party to; increases in the cost of raw materials, labor and other resources necessary to operate LaBarge's business; the availability, amount, type and cost of financing for LaBarge and any changes to that financing; and other factors summarized in our reports filed from time to time with the Securities and Exchange Commission. Given these uncertainties, undue reliance should not be placed on the forward-looking statements. Unless otherwise required by law, LaBarge disclaims any obligation to update any forward-looking statements or to publicly announce any revisions thereto to reflect future events or developments.
SOURCE LaBarge, Inc.
/CONTACT: Colleen Clements of LaBarge, Inc., +1-314-997-0800, ext. 409, email@example.com /
/Web site: http://www.labarge.com /
CO: LaBarge, Inc.; Network Technologies Group LLC ST: Missouri IN: CPR AIR ARO OIL SU: TNM
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