Netguru (NASDAQ:NGRU)
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From May 2019 to May 2024
netGuru, Inc. (Company) (Nasdaq:NGRU) shareholders
approved the sale of Research Engineers, Inc. (REI) to privately held
Bentley Systems, Inc., the leading provider of software and solutions
for the architecture, engineering, and construction (AEC) market, for
$23.5 million.
Under terms of the sale, which is expected to be completed before
November 30, 2005, Bentley will acquire the worldwide operations of
REI, including the STAAD product line, customer agreements and
relationships, and REI offices in Yorba Linda; Bristol, UK; Kolkata,
India; and other parts of Europe and Asia. STAAD product development
and integration are expected, but Bentley will continue to sell the
stand-alone STAAD product line in conjunction with its integrated
structural solution sets.
netGuru will continue its Web4 collaborative software operations,
information technology, and engineering business process outsourcing
services businesses. netGuru will also retain associated software,
including eReview and ForReview, and associated personnel and
facilities, including the use of certain REI facilities for its
continuing operations.
netGuru Chairman and Chief Executive Amrit Das commented: "The
sale of REI will not only provide needed resources for STAAD's
continued growth but will also allow netGuru to realize substantial
value for this asset and strengthen liquidity with a large cash
position. As a result, the Company's board of directors and management
are evaluating potential uses of proceeds with the objective of
maximizing shareholder value. Based on the board's evaluation and
findings, we will announce the recommendation and proceed with the
Company's future course."
About netGuru
netGuru is an engineering information technology and services
company offering engineering analysis and design software,
collaborative software solutions, and professional and technical
information technology services and support to businesses worldwide.
netGuru serves its global markets and clients through offices located
in the United States, Europe, Asia, and the Middle East, and through
distributors in 40 countries. The Company licenses its engineering
software and solutions to more than 19,000 businesses in 100
countries. For more information please visit www.netguru.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995:
With the exception of historical or factual information, the
matters discussed in this press release, including the close of the
sale of REI, timing of the close, performance under the terms of sale,
post-sale business strategies, use of proceeds, and shareholder value,
are forward looking statements that involve risks and uncertainties.
Actual future results may differ. Factors that could cause or
contribute to such differences in results include, but are not limited
to, ability of the parties to perform under their agreements, demand
for engineering and design software, competition, and other factors
discussed in the "Risk Factors" Section of netGuru's Form 10-KSB for
the fiscal year ended March 31, 2005, and other filings made with the
U.S. Securities and Exchange Commission.