COLORADO SPRINGS, Colo., Dec. 20, 2016 /PRNewswire/ — root9B Holdings, Inc. (OTCQB: RTNBD) (“Company”) today announced the signing of a definitive stock purchase agreement for the sale of its wholly-owned subsidiary Control Engineering, Inc. (“CEI”). Closing of the transaction, which is subject to certain specified terms and conditions, is expected by December 31, 2016.
“The sale of CEI, once consummated, is an incremental yet important step towards our goal of becoming a pure play cybersecurity company,” said Dan Wachtler, President & Chief Operating Officer of root9B Holdings. “Although CEI was a very small part our overall business, we will benefit from the elimination of associated operating expenses and can more fully focus management’s resources on executing our ongoing strategic initiatives. We are confident that each of us will be in a better position to grow our two distinct businesses as independent and separate companies.”
The Company also announced the availability of a Letter to Stockholders from Joseph J. Grano, Jr., Chairman and CEO of root9B Holdings, which may be accessed at the “Investor Relations” section of the Company’s website, www.root9bholdings.com.
Additional information regarding the sale of CEI is available in a Form 8-K filed by the Company with the Securities and Exchange Commission on December 20, 2016.