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  • Friday, April 19, 2024

GTSI Sells Interest in Eyak Technologies for $20M to Spend on Growth Areas; Sterling Phillips Comments

 

Sterling Phillips, GTSI

GTSI Corp. (NASDAQ: GTSI) has sold its 37 percent ownership interest in Eyak Technology to that company for $20 million cash.

GTSI entered a settlement and redemption agreement on Aug. 19, 2011 to sell its interest in EyakTek and settle pending arbitration proceedings and litigation with the firm.

“Our board of directors believed the timing was right for GTSI to liquidate this investment based on the terms of the settlement, said Sterling Phillips, GTSI’s president and CEO.

“As a result of this settlement, we will have the opportunity to redeploy this capital by investing in more critical areas of the business. We believe this decision is in the best interest of GTSI and its shareholders and will contribute to our alignment for growth.”

Recent growth activity:

August 16: GTSI Acquires IT Professional Services Firm; Sterling Phillips Comments

August 5: GTSI Wins $159M Army Mobile Biometrics Contract; Sterling Phillip Comments

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