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GTEC Changes Name to Sotera Defense Solutions

GTEC has announced a branding change that will see the firm become known as Sotera Defense Solutions. Originating in Greek mythology, the word “Sotera” is derived from Soter the spirit of safety, preservation and deliverance from harm. “We are very proud to unveil our new name and brand, Sotera, and …

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GTEC Completes Tender Offer

GTEC (Nasdaq: GTEC) issued a statement reporting the completion of the tender offer for its common stock by Ares Management LLC for $24.25 per share. According to the firm, “on March 3, 2011, GTEC announced that it had entered into a definitive merger agreement with Sentinel Acquisition Corporation, an affiliate …

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GLOBAL Founder Damian Perl Comments on GTEC Sale

GLOBAL, the former owner of and largest shareholder in GTEC (NASDAQ: GTEC), indicated it would use the proceeds from the planned sale of GTEC to pursue other opportunities in the market. Ares and GTEC have a deal in place that would see the investment group acquire the firm for an …

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GTEC Reaches Sale Agreement with Ares Management Affiliate for $315 Million; CEO John Hillen Comments

GTEC (NASDAQ: GTEC) reached an agreement to be acquired via cash tender offer by an affiliate of Ares Management, in a deal totaling approximately $315 million. “We are extremely excited about what this new relationship will bring to our customers and employees, and the return this represents for our shareholders, …

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GTEC Sees Growth in 2010; CEO John Hillen Comments

GTEC (NASDAQ: GTEC) rolled out its full year and fourth quarter 2010 financial results According to the firm, “Revenue for the full year 2010 was $232.7 million, which reflects over 9% revenue growth compared to $212.8 million in 2009.  Revenue for the fourth quarter 2010 was $82.2 million, which reflects …

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GTEC’s John Hillen, Joe Cormier to Present at Cowen Aerospace & Defense Conference

GTEC (Nasdaq: GTEC) is set to take part in the 32nd Annual Aerospace/Defense Conference on Feb. 9, 2011, at the Intercontinental Hotel in New York. The firm released the following in a statement: “John Hillen, president & CEO and Joe Cormier, CFO, will review the company’s financial performance and growth …

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GTEC Raises Guidance; CEO John Hillen Comments

GTEC (NASDAQ: GTEC) revised its fourth quarter 2010 guidance upward and provided initial full year 2011 guidance. “In the second half of 2010 we gained substantial momentum from significant new contract awards and the completion of two significant acquisitions, ” CEO John Hillen said. “Combined, these elements provide heightened visibility …

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GTEC Cooks Up Field Kitchens Deal with Marine Corps; John Hillen Comments

GTEC (Nasdaq: GTEC) claimed a $48 million contract to provide Expeditionary Field Kitchens to the United States Marine Corps. The contract contains a five-year period of performance. According to the firm, the kitchens are “designed to provide deployed warfighters with the advantage of daily, fresh meals, the EFK is a …

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GTEC Wraps Up Signature Government Solutions Purchase

GTEC (NASDAQ: GTEC) has finalized its planned $52.5 million purchase of Signature Government Solutions, LLC (SGS). According to the firm, “GTEC funded the acquisition with its $100 million revolving credit facility. The deal is expected to be immediately accretive to GTEC’s diluted earnings per share.” “We welcome SGS to the …

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