December 17, 2010
Shareholder approval of the terms of the transfer of ownership to the management team is expected by yearend
ST. PAUL, Minn., Dec. 16 -- Instrumental, Inc., a leading provider of high-performance computing (HPC) consulting services, announced today that its board of directors unanimously approved a buyout merger agreement to cash out all of the company's stockholders, with the exception of four of its directors and officers. Pending shareholder approval, the transaction is expected to close on Dec. 31, 2010, or shortly thereafter. There will be no change to the legal structure of the company as a result of the buyout merger transaction, and the company will continue to be known as Instrumental, Inc.
Following the transaction, Instrumental, Inc. will be owned by Henry Newman, Bill Zwicky, Spence Morley and John Bergstrom -- current officers, directors and stockholders of the company. Henry Newman spent 11 years at Cray Research before joining Instrumental in 1992 and has served in senior HPC technology services and management roles since then, most recently as chief technology officer and CEO. Bill Zwicky joined Instrumental in 2004, bringing almost 15 years of experience in high-performance computing to the company. Spence Morley has been a director of Instrumental since 1994 and currently serves as its governance committee chair. John Bergstrom has been a director of Instrumental since 1996 and currently serves as the board chair.
"This merger agreement is, in effect, a management buyout by the individuals who founded Instrumental," said Newman. "The company has a stellar reputation in the industry and we have a very solid and growing project base. As an owner-managed company, this will allow Instrumental to serve its customers even better."
Instrumental, Inc. is a leader in the design, implementation, and integration of high-performance computing, data storage, business continuity, and cloud security solutions for mission-critical, data-intensive environments in the government and commercial sectors. With a client list that ranges from U.S. intelligence and defense agencies to Fortune 1,000 firms, Instrumental, Inc. is dedicated to creating robust, innovative solutions that deliver, protect, and maximize vital information and promote mission achievement and competitive advantage. The company is headquartered in St. Paul, Minn. For more information, visit www.instrumental.com.
Source: Instrumental, Inc.
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