CGI Holding Corporation Announces Sale of Subsidiary.Business Editors HILLSIDE, Ill.--(BUSINESS WIRE)--Sept. 6, 2002 CGI CGI in full Common Gateway Interface. Specification by which a Web server passes data between itself and an application program. Typically, a Web user will make a request of the Web server, which in turn passes the request to a CGI application program. Holding Corporation (OTCBB OTCBB See OTC Bulletin Board (OTCBB). : CGIH.OB) ("CGIH" or the "Company") today announced the sale of the stock of one of the Company's subsidiaries, Safe Environment Corp. of Indiana ("SECO SECO Secoisolariciresinol SECO State Energy Conservation Office SECO Sociedad Española de Cirugía de la Obesidad SECO Sumter Electric Cooperative, Inc. (Florida) SECO Secrétariat d'Etat al'Economie SECO Sustainer Engine Cut-Off "), and of the Company's interest in Acadian Builders, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control . ("Acadian"), to a company controlled by the management of SECO. SECO is an environmental remediation Generally, remediation means providing a remedy, so environmental remediation deals with the removal of pollution or contaminants from environmental media such as soil, groundwater, sediment, or surface water for the general protection of human health and the environment or from a and demolition contractor; Acadian is the owner of a housing development in Missouri. The financial terms of the transaction were not disclosed. Gerard M. Jacobs, the Company's CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. stated, "This divestiture will eliminate a great deal of debt from the Company's consolidated balance sheet consolidated balance sheet A balance sheet in which assets and liabilities of a parent company and its controlled subsidiaries are combined, thereby presenting balance sheet items for the parent and its subsidiaries as if they were a single firm. , and will eliminate the Company's exposure to a lower-margin, somewhat cyclical environmental remediation industry. With this divestiture completed, we expect to focus upon the growth of our remaining, profitable Websourced subsidiary, and upon the potential for selected accretive acquisitions of certain technology-advantaged companies." CGIH, based in Hillside, Illinois Hillside is a village in Cook County, Illinois, United States. The population was 8,155 at the 2000 census. One notable landmark in Hillside is the Mount Carmel Cemetery. On the grounds of the cemetery are the graves of a number of organized crime figures, such as Al Capone. , currently has one subsidiary, Websourced, Inc., Morrisville, North Carolina Morrisville is a town in Wake County, North Carolina, USA. The population was 5,208 at the 2000 census. A Special Census was conducted by the United States Census Bureau in March 2004, when the population was enumerated at 11,915. , a leader in search engine ranking Search engine ranking is a measure of the online promotional success of a web page or website. Most search engines default to ten organic or natural listings per page. Many include sponsor links before or to the right of the results. services (www.keywordranking.com). Statements made in this press release that express the Company's or management's intentions, plans, beliefs, expectations or predictions of future events, are forward-looking statements. The words "believe", "expect" , "intend", "estimate", "anticipate", "will" and similar expressions are intended to further identify such forward-looking statements, although not all forward-looking statements contain these identifying words. Those statements are based on many assumptions and are subject to many known and unknown risks, uncertainties and other factors that could cause the Company' s actual activities, results or performance to differ materially from those anticipated or projected in such forward-looking statements. Other factors that could cause the Company's actual activities, results or performance to differ materially include risks and uncertainties relating to: historical losses; balance sheet weaknesses; payment obligations; capital needs; acquisitions financing, terms and conditions; integration of acquired businesses; managing growth; availability of skilled labor and key personnel; weak general economic and business conditions; competition; lack of brand awareness; client expectations; dependence upon the internet as a means for commerce; governmental regulation or taxation; inability to protect intellectual property; illiquidity of the Company's stock; insider control; no dividends; and other factors and risks discussed in the Company' s filings with the Securities and Exchange Commission. The Company cannot guarantee future results, levels of activity, performance or achievements and investors should not place undue reliance on the Company's forward-looking statements. The forward-looking statements contained herein represent the judgment of the Company as of the date of this press release, and the Company expressly disclaims any intent, obligation or undertaking to update or revise such forward-looking statements to reflect any change in the Company's expectations with regard thereto or any change in events, conditions or circumstances on which any such statements are based. Source: Trianglepr.com - Promoting your company to the press |
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