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News

GlobalOptions Group Sheds Its Forensic DNA Division

Global Options Group : 16 August, 2010  (Company News)
Bode Technology Group goes to LSR Acquisition as GlobalOptions Group releases cash through the sale of its Forensic DNA technology subsidiary
GlobalOptions Group has entered into a definitive agreement to sell the stock of Bode Technology Group, its Forensic DNA Solutions and Products subsidiary and reporting segment to LSR Acquisition for a total consideration of up to $30.5 million.

The total aggregate consideration consists of (i) a $24.5 million fixed portion in cash at closing, (ii) contingent consideration based on 30% of revenues in excess of $27.0 million recognized for a period of one year from the closing, with total contingent consideration not to exceed $5.5 million, and (iii) $0.5 million in the event that the buyer makes a certain tax election. LSR Acquisition is a privately-held company based in New York that will operate three business segments: Security and Intelligence, Identity Solutions, and Situational Awareness. The transaction, which is subject to shareholder approval, is expected to close in the fourth quarter.

Selling the Forensic DNA Solutions and Products unit, known as Bode Technology Group completes the process of unlocking value at GlobalOptions Group and caps the evaluation of strategic and financial alternatives that we have been conducting for the past several months in order to maximize shareholder value," said Dr Harvey Schiller, Chairman and CEO of GlobalOptions Group. "As previously stated, subject to satisfaction of and compliance with existing contractual and banking obligations, and appropriate reserves, we currently intend to return the net proceeds from the sales of the SafirRosetti, Preparedness Services and Fraud and Special Investigations divisions and now the Forensic DNA Solutions and Products unit to our stockholders."

On behalf of LSR Acquisition, Bart Schwartz stated, "We are delighted to enter into a definitive agreement with GlobalOptions Group to acquire Bode Technology Group as we build out our client centric businesses. Bode met or exceeded all of our criteria including being excellent in what they do, providing a profitable platform for growth, possessing a capable and experienced staff and enjoying established and trusted relationships with significant clients."

Needham & Company served as financial advisor to GlobalOptions Group on this transaction.
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