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Global Railway Industries Ltd. is a diversified rail product company serving the railway industry in North America.

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Message: Bach Simpson Sale Closes

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NorthLion

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Bach Simpson Sale Closes

posted on Aug 20, 10 10:56AM (Log in to use the IP Check tool) ^[?]

Global Railway Closes Sale of Bach Simpson Corporation

Lachine, Quebec – August 20, 2010 - Global Railway Industries Ltd., - (GBI:TSX): Global Railway Industries Ltd., www.globalrailway.com, ("Global" or the “Company”), today announced the closing of the sale of the business and substantially all of the assets and liabilities of Bach Simpson Corporation (“Bach”) to Wabtec Corporation (NYSE: WAB) for approximately $13.0 million.

Approximately 15% of the purchase price for Bach is being held in escrow for potential indemnification claims. After deducting the escrowed amount, working capital adjustments, lease termination costs and estimated transaction related costs, Global received cash of approximately $10.0 million on the closing of the sale of Bach.

Approximately $2.4 million of the net proceeds from the transaction were applied to retire the Company’s operating loan facility. The Company is currently in discussions with one of its Lenders, as well as other lenders, regarding the establishment of new credit facilities.

The Company’s Special Committee will continue its mandate to evaluate strategic alternatives for CADRI and Global.

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