Brightpoint Announces Sale of France Operations.PLAINFIELD, Ind. -- Brightpoint, Inc. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :CELL) (the "Company") announced today that it has completed its plan to sell its France Operations. The sale was made to an entity formed by the former Managing Director of Brightpoint France SARL SARL South African Radio League SARL Société Anonyme à Responsabilité Limitée (French: limited liability company) SARL Salem Animal Rescue League (Salem, NH) SARL Sociedade Anónima de Responsabilidade Limitada for a purchase price of approximately EUR EUR In currencies, this is the abbreviation for the Euro. Notes: The currency market, also known as the Foreign Exchange market, is the largest financial market in the world, with a daily average volume of over US $1 trillion. 1, 400,000, with EUR 100,000 payable on or before January 31, 2006 and approximately EUR 1,300,000 payable in three annual installments from the date of closing. In connection with the sale of its France operations, the Company was released from a corporate guaranty As a verb, to agree to be responsible for the payment of another's debt or the performance of another's duty, liability, or obligation if that person does not perform as he or she is legally obligated to do; to assume the responsibility of a guarantor; to warrant. which it had previously provided to Natexis Banques Populaires ("Natexis") to support a loan that Natexis made to Brightpoint France SARL; the Natexis loan will be outstanding and will be available to Brightpoint France SARL after closing. As a result of the sale of its France operations, the Company expects to record an additional non-cash loss on disposal of approximately $2,200,000 in Discontinued Operations Discontinued operations Divisions of a business that have been sold or written off and that no longer are maintained by the business. during the fourth quarter of 2005. The Company's previously announced (October 28, 2005) purchase and sale agreement entered into with Initiative ET Finance Investissement expired by its own terms. Brightpoint is one of the world's largest distributors of mobile phones. Brightpoint supports the global wireless telecommunications and data industry, providing quickly deployed, flexible and cost effective solutions. Brightpoint's innovative services include distribution, channel management, fulfillment, eBusiness solutions and other outsourced services that integrate seamlessly with its customers. Additional information about Brightpoint can be found on its website at www.brightpoint.com or by calling its toll-free Information and Investor Relations Investor relations The process by which the corporation communicates with its investors. line at 877-IIR-CELL (877-447-2355). Certain information in this press release may contain forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. regarding future events or the future performance of the Company. These statements are only predictions and actual events or results may differ materially. Please refer to the documents the Company files, from time to time, with the Securities and Exchange Commission; specifically, the Company's most recent Form 10-K/A and Form 10-Q Form 10-Q See 10-Q. and the cautionary statements contained in Exhibit 99.1 thereto. These documents contain and identify important risk factors that could cause the actual results to differ materially from those contained in or implied by these forward-looking statements. These risk factors include, without limitation, the failure of the purchaser to pay the Company the deferred purchase price. The words "believe," "expect," "anticipate," "intend," and "plan" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on any of these forward-looking statements, which speak only as of the date that such statement was made. We undertake no obligation to update any forward-looking statement. |
|
||||||||||||||||

Printer friendly
Cite/link
Email
Feedback
Reader Opinion