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Stock Market & Financial Investment News

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August 6, 2014
09:16 EDTBPHXBluePhoenix, ATERAS announce merger
BluePhoenix and Sophisticated Business Systems, or ATERAS, announced entry into a definitive merger agreement pursuant to which Ateras and a wholly-owned subsidiary of BluePhoenix would merge. The agreement is an all-stock transaction in which BluePhoenix will issue approximately 6.2M shares to ATERAS shareholders in exchange for 100% of ATERAS' shares. The merger agreement between BluePhoenix and ATERAS is subject to shareholder approval, regulatory review and other material customary conditions and is expected to close during Q4 between the parties. On a pro-forma basis the revenue for the combined entities in 2013 would have been $14.3M. ATERAS' Operating Loss in 2013 was nearly break-even at ($264K). Operational efficiencies and savings are anticipated to be realized through the merger as the new combined entity continues to progress towards break-even cash flow.
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