Exela Technologies Confirms Receipt of Acquisition Proposal
July 13 2022 - 9:15AM
Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA,
XELAP) today confirmed that it has received a preliminary,
non-binding proposal (the “Proposal”) to acquire an approximately
$200 million revenue business unit of Exela, subject to certain
conditions, including due diligence. The Company is in active
discussions with several counter-parties about additional
acquisition proposals.
On June 6, 2022 the Company announced its strategic
plans initiating the sale process for several standalone assets, as
part of a broader mandate to maximize shareholder value, including
further reduction, exchange of debt, lowering its overall annual
interest expense and/or repurchasing common stock. The Company
is evaluating the Proposal as well as other strategic alternatives
which may enhance shareholder value.
Consistent with its fiduciary duties and in
consultation with its financial and legal advisors, Exela’s Board
of Directors will carefully review the Proposal. There can be no
assurances that any definitive agreement will be executed or that a
transaction will be approved or consummated. The Company does not
undertake any obligation to provide updates with respect to this or
any other transaction, except as required under applicable law.
For more Exela news, commentary, and industry
perspectives,
visit: https://investors.exelatech.com/
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The information posted on the Company's website and/or via its
social media accounts may be deemed material to investors.
Accordingly, investors, media and others interested in the Company
should monitor the Company's website and its social media accounts
in addition to the Company's press releases, SEC filings
and public conference calls and webcasts.
About Exela Technologies
Exela Technologies is a business process automation (BPA)
leader, leveraging a global footprint and proprietary technology to
provide digital transformation solutions enhancing quality,
productivity, and end-user experience. With decades of experience
operating mission-critical processes, Exela serves a
growing roster of more than 4,000 customers throughout 50
countries, including 60% of the Fortune® 100. Utilizing
foundational technologies spanning information management, workflow
automation, and integrated communications, Exela’s software and
services include multi-industry, departmental solution suites
addressing finance and accounting, human capital management, and
legal management, as well as industry-specific solutions for
banking, healthcare, insurance, and the public sector. Through
cloud-enabled platforms, built on a configurable stack of
automation modules, and approximately 17,000 employees operating in
23 countries, Exela rapidly deploys integrated technology
and operations as an end-to-end digital journey partner.
Forward-Looking Statements
Certain statements included in this press release are not
historical facts but are forward-looking statements for purposes of
the safe harbor provisions under The Private Securities Litigation
Reform Act of 1995. Forward-looking statements generally are
accompanied by words such as "may", "should", "would", "plan",
"intend", "anticipate", "believe", "estimate", "predict",
"potential", "seem", "seek", "continue", "future", "will",
"expect", "outlook" or other similar words, phrases or expressions.
These forward-looking statements include statements regarding our
industry, future events, estimated or anticipated future results
and benefits, future opportunities for Exela, and other
statements that are not historical facts. These statements are
based on the current expectations of Exela management and
are not predictions of actual performance. These statements are
subject to a number of risks and uncertainties, including without
limitation those discussed under the heading "Risk Factors"
in Exela's Annual Report and other securities filings. In
addition, forward-looking statements
provide Exela's expectations, plans or forecasts of
future events and views as of the date of this
communication. Exela anticipates that subsequent events
and developments will cause Exela's assessments to
change. These forward-looking statements should not be relied upon
as representing Exela's assessments as of any date
subsequent to the date of this press release.
Investor and/or Media Contacts:
Vincent KondaveetiE: vincent.kondaveeti@exelatech.com
Mary Beth BenjaminE: IR@exelatech.com
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