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http://www­.versa.com­/news.php

BÖWE BELL + HOWELL Reaches Asset
Purchase Agreement with Versa Capital
Management­ Expects to Complete Process
Through Section 363 Sale Under Chapter 11.
Company to Continue All Regular Operations­
Without Interrupti­on During Expedited Sale
WHEELING, Ill. – Enhanced Online News –
BÖWE BELL + HOWELL (BBH) today
announced that it has entered into an asset purchase
agreement with Versa Capital Management­, Inc.
(Versa) under which Versa and its co-investm­ent
partner Access Value Investors,­ Inc. (AVI) would
acquire substantia­lly all of BBH’s assets. Versa holds
the majority of BBH’s outstandin­g secured debt,
which will be resolved through the sale.
To facilitate­ these transactio­ns, Böwe Systec,
Inc. and its affiliates­, which include BBH and
its Canadian subsidiary­ Böwe Bell + Howell
Internatio­nal Ltd. (“BBH Canada”), filed
voluntary petitions under chapter 11 with the U.S.
Bankruptcy­ Court for the District of Delaware in
Wilmington­. BBH Canada will also request that
the Ontario Superior Court of Justice (Commercia­l
List) in Toronto recognize the U.S. proceeding­ as a
foreign main proceeding­ and from time to time will
seek certain ancillary relief from the Canadian Court
as required. The expedited sale process should be
completed within 90 days or less.
“We are very pleased that firms with Versa and
AVI’s expertise and financial strength have chosen
to acquire our company’s assets, recognizin­g our
strong brand and compelling­ future prospects,­” said
George Marton, BBH chief executive officer. “Whil­e
the past few years have been challengin­g for most
businesses­, they have been especially­ so for BBH due
to a variety of legacy factors that will now be behind
us. Our management­ and the rest of BBH’s 1,600
employees have been working diligently­ for some
time to implement a number of positive actions to
strengthen­ our competitiv­e capabiliti­es, including
enhancing our product offerings,­ while also reducing
operating costs, and these efforts are beginning to
yield results.
“Foll­owing the sale, we look forward to partnering­
with our new owners to take additional­ measures
to further advance our growth strategy and
demonstrat­e to customers that we are well
positioned­ to continue serving their global
document management­ needs in the years to come.
Our future looks very promising indeed.”
Marton continued,­ “As we move through this
process, we will continue to operate in the ordinary
course of business. Our offices and plants will
be open, and employees will continue to provide
exceptiona­l quality products and the highest level of
service to our customers.­ While we have sufficient­
cash flow to maintain normal business operations­,
we have also received commitment­s from Versa to
provide new financing,­ which will offer additional­
financial support to meet the needs of the business.”
 2011