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EXELA TECHNOLOGIES, INC.

(XELA)
  Report
Real-time Estimate Cboe BZX  -  01:35 2022-11-28 pm EST
0.1790 USD   +2.76%
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Exela Technologies Signs Exclusive Non-Binding Letter of Intent to Create Stand-Alone European XBP Platform

08/29/2022 | 08:31am EST

IRVING, Texas, Aug. 29, 2022 (GLOBE NEWSWIRE) -- Exela Technologies, Inc. (“Exela” or the “Company”) (NASDAQ: XELA, XELAP), a business process automation (“BPA”) leader, announced today that one of its subsidiaries entered into an exclusive non-binding letter of intent (“LOI”) to form a stand-alone publicly listed company of its EMEA business, which has approximately $200 million in annual revenue. The news follows the June 6 announcement in which Exela declared its intention to sell in excess of $200 million of assets.

The equity consideration of Exela’s stake in the proposed transaction is valued at $220 million. The cash to be injected into the EMEA business from the proposed transaction would be used for growth and general corporate purposes by the new, stand-alone Nasdaq listed European business.

Completion of the transaction is subject to the negotiation of a definitive agreement providing for the transaction, satisfaction of the conditions negotiated therein, including regulatory and other approvals. Accordingly, there can be no assurance that a definitive agreement will be entered into or that the proposed transaction will be consummated. Readers are cautioned that those portions of the LOI that describe the proposed transaction, included the consideration to be issued therein, are non-binding. Exela only intends to announce additional details regarding the proposed transaction if and when a definitive agreement is executed.

For more Exela news, commentary, and industry perspectives, visit: https://investors.exelatech.com/

And please follow us on social:

Twitter: https://twitter.com/exelatech

LinkedIn: https://www.linkedin.com/company/exela-technologies

Facebook: https://www.facebook.com/exelatechnologies/

Instagram: https://www.instagram.com/exelatechnologies

The information posted on the Company's website and/or via its social media accounts may be deemed material to investors. Accordingly, investors, media and others interested in the Company should monitor the Company's website and its social media accounts in addition to the Company's press releases, SEC filings and public conference calls and webcasts.

About Exela
Exela Technologies is a business process automation (BPA) leader, leveraging a global footprint and proprietary technology to provide digital transformation solutions enhancing quality, productivity, and end-user experience. With decades of experience operating mission-critical processes, Exela serves a growing roster of more than 4,000 customers throughout 50 countries, including over 60% of the Fortune® 100. Utilizing foundational technologies spanning information management, workflow automation, and integrated communications, Exela’s software and services include multi-industry, departmental solution suites addressing finance and accounting, human capital management, and legal management, as well as industry-specific solutions for banking, healthcare, insurance, and the public sector. Through cloud-enabled platforms, built on a configurable stack of automation modules, and approximately 17,000 employees operating in 21 countries, Exela rapidly deploys integrated technology and operations as an end-to-end digital journey partner.

Forward-Looking Statements

Certain statements included in this press release are not historical facts but are forward-looking statements for purposes of the safe harbor provisions under The Private Securities Litigation Reform Act of 1995. Forward-looking statements generally are accompanied by words such as "may", "should", "would", "plan", "intend", "anticipate", "believe", "estimate", "predict", "potential", "seem", "seek", "continue", "future", "will", "expect", "outlook" or other similar words, phrases or expressions. These forward-looking statements include statements regarding our industry, future events, estimated or anticipated future results and benefits, future opportunities for Exela, and other statements that are not historical facts. These statements are based on the current expectations of Exela management and are not predictions of actual performance. These statements are subject to a number of risks and uncertainties, including without limitation those discussed under the heading "Risk Factors" in Exela's Annual Report and other securities filings. In addition, forward-looking statements provide Exela's expectations, plans or forecasts of future events and views as of the date of this communication. Exela anticipates that subsequent events and developments will cause Exela's assessments to change. These forward-looking statements should not be relied upon as representing Exela's assessments as of any date subsequent to the date of this press release.

Investor and/or Media Contacts:

Vincent Kondaveeti

E: vincent.kondaveeti@exelatech.com

Mary Beth Benjamin

E: IR@exelatech.com


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Source: Exela Technologies, Inc.

2022 GlobeNewswire, Inc., source Press Releases

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Analyst Recommendations on EXELA TECHNOLOGIES, INC.
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Financials (USD)
Sales 2022 1 133 M - -
Net income 2022 -216 M - -
Net Debt 2022 965 M - -
P/E ratio 2022 -0,07x
Yield 2022 -
Capitalization 21,3 M 21,3 M -
EV / Sales 2022 0,87x
EV / Sales 2023 0,84x
Nbr of Employees 16 500
Free-Float 99,7%
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Mean consensus OUTPERFORM
Number of Analysts 2
Last Close Price 0,17 $
Average target price 2,50 $
Spread / Average Target 1 335%
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Managers and Directors
Shrikant Sortur Chief Financial Officer
Parvinder S. Chadha Executive Chairman
Sriram Ramanathan Chief Technology officer
John H. Rexford Independent Director
Martin P. Akins Independent Director
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