SOUTH WINDSOR, Conn., Dec. 31, 2010 /PRNewswire/ -- Gerber Scientific, Inc. ("the Company") (NYSE :GRB ) today announced that it had closed on the previously announced sale of its ophthalmic lens processing business unit, Gerber Coburn, to Coburn Technologies, Inc. for approximately $19 million, after fees and expenses. The Company said proceeds would be used to reduce its outstanding debt and for general corporate purposes. Results for the ophthalmic lens processing business will now be presented as a discontinued operation in the consolidated financial results for Gerber Scientific. RA Capital Advisors acted as financial advisor to the Company in the transaction.
About Gerber Scientific, Inc.
Gerber Scientific, Inc. (http://www.gerberscientific.com) is a leading international supplier of sophisticated automated manufacturing systems for the sign making, specialty graphics, packaging, apparel and industrial industries. Headquartered in South Windsor, Connecticut, the Company operates through three primary businesses: Gerber Scientific Products, Spandex, and Gerber Technology.
Any statements in this news release not relating to historical matters are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. The forward-looking statements contained in this news release involve risks and uncertainties regarding the Company's expected financial condition, results of operations and cash flows. For information identifying other important economic, political, regulatory, legal, technological, competitive and other uncertainties, readers are referred to the Company's filings with the Securities and Exchange Commission, including but not limited to, the information included in Gerber Scientific's Annual Report on Form 10-K for the fiscal year ended April 30, 2010, which outlines certain important risks regarding the Company's forward-looking statements, as well as information included in subsequently filed Quarterly Reports on Form 10-Q and Current Reports on Form 8-K. These risks include, but are not limited to, delays in the Company's new product development and commercialization, intense competition in markets for each of the Company's operating segments, rapid technological advances, availability and cost of raw materials, adverse economic and credit market conditions, volatility in foreign currency exchange rates and fluctuations in interest rates. Actual future results or events may differ materially from these forward-looking statements. The forward-looking statements contained in this release are made as of the date of this release and the Company expressly disclaims any obligation to update any of these forward-looking statements, except as required by law.
SOURCE Gerber Scientific Inc.