According to a release, the sale also includes the transfer of certain Portamedic branch offices and call centers to APPS.
By selling its underperforming Portamedic businesses,
The transaction provides
The market for
"Management and the Board feel strongly that selling Portamedic will improve shareholder value. The transaction provides the Company with needed capital, as well as allows us to shift the focus from turning around Portamedic to growing our health care related service lines," said
"Our biometric screening services and other assets will allow us to capitalize on the rapidly-growing U.S. health care market. Through our improved capital position and high growth business strategies, we believe we have the potential to profitably grow revenues to
The transaction is expected to close late in the third quarter of 2013 or early in the fourth quarter.
Cantor Fitzgerald & Co. is acting as the financial advisor to
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