Aetrium Acquires KBS Building Systems
ST. PAUL, Minn., April 3, 2014 (GLOBE NEWSWIRE) -- Aetrium Incorporated
(Nasdaq:ATRM) ("Aetrium" or the "Company") announced today that it has
acquired substantially all of the assets of KBS Building Systems, Inc. and
certain of its affiliated entities. KBS, which is based in South Paris, Maine,
manufactures, sells, and distributes modular housing units for both
residential and commercial use.KBS's website is http://www.kbs-homes.com.
"Aetrium is excited to expand its operations through the acquisition of KBS,
which we believe will generate long-term value for our shareholders," stated
Jeffrey E. Eberwein, Chairman of the Board of Directors of the Company.
Consideration for the acquisition included $5 million in cash, a $5.5 million
six-month promissory note made by a wholly-owned subsidiary of Aetrium, the
assumption and payoff of approximately $1.4 million in debt, and the
assumption of certain other liabilities related to the purchased assets.The
acquisition was financed by $6.5 million in loans ($0.5 million of which is
convertible into Aetrium common stock) from Lone Star Value Investors, LP, an
investment fund managed by Mr. Eberwein.
This press release may contain forward-looking statements made in reliance
upon the safe harbor provisions of Section 27A of the Securities Act of 1933,
as amended, and Section 21E of the Securities Exchange Act of 1934, as
amended. Forward-looking statements include all statements that do not relate
solely to historical or current facts, and can be identified by the use of
words such as "may," "will," "expect," "project," "estimate," "anticipate,"
"plan," "believe," "potential," "should," "continue" or the negative versions
of those words or other comparable words. These forward-looking statements
are not guarantees of future actions or performance. These forward-looking
statements are based on information currently available to us and our current
plans or expectations, and are subject to a number of uncertainties and risks
that could significantly affect current plans, anticipated actions and our
future financial condition and results. Certain of these risks and
uncertainties are described in greater detail in our filings with the
Securities and Exchange Commission. We are under no obligation to (and
expressly disclaim any such obligation to) update or alter our forward-looking
statements, whether as a result of new information, future events or
Aetrium is based in North St. Paul, Minnesota. Its common stock is publicly
traded on the Nasdaq market under the symbol ATRM. More information about
Aetrium is available on the internet at www.Aetrium.com.
CONTACT: Paul Askegaard
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