Butler International, Inc. (fka BUTLQ)

[ArtieB]

http://www.butler.com/about/news.asp

Butler Completes Sale of Assets to Butler America
July 10, 2009

For Immediate Release:
CONTACT: Ronald Uyematsu
954-761-2201

Ft Lauderdale, FL . . . Butler International, Inc. (BUTL.PK), a leading provider of Engineering Support and TechOutsourcing services, announced today that it has completed its previously announced sale of substantially all of its non-publishing assets to Butler America LLC.

Butler International was granted bankruptcy court approval on July 1, 2009 to proceed with the sale, and closed the transaction on July 7, 2009 for consideration of approximately $26.2 million in cash, plus the assumption of certain liabilities. Proceeds from the sale were sufficient to pay off the debt owed to General Electric Capital Corporation.

Ronald Uyematsu, CEO and President of Butler International stated "Butler America represents a new opportunity for the business, which has a 60+ year history of providing quality services. This sale provides the financial strength to enable the historical business to grow and expand its services."

Also, see this post for latest Pacer filing: http://investorshub.advfn.com/boards/read_msg.aspx?message_id=56169101