Opinion Research Repurchases Interests of LLR Equity Partners
29 Juillet 2005 - 11:57PM
PR Newswire (US)
Opinion Research Repurchases Interests of LLR Equity Partners
PRINCETON, N.J., July 29 /PRNewswire-FirstCall/ -- Opinion Research
Corporation (NASDAQ:ORCI), today announced the repurchase of
interests in the Company held by LLR Equity Partners and an
affiliated partnership ("LLR"). The transaction consisted of the
repurchase of 1,176,458 common shares, 740,500 warrants to purchase
common shares, rights to convert the common shares into preferred
shares with an annual dividend obligation of $1.2 million,
anti-dilution rights and warrants as well as other rights, all
purchased by LLR on September 1, 2000. The purchase price for this
transaction was $20 million and is being financed with a
subordinated 6-year term loan with interest of 14% per annum and no
warrants. The repurchase reduces the number of outstanding common
shares, eliminates the $1.2 million dividend obligation as well as
the overhang of a large block of shares and simplifies the
Company's capital structure. The transaction will result in a third
quarter one-time charge to net income available to common
shareholders totaling approximately $9.8 million. About Opinion
Research Corporation Founded in 1938, Opinion Research Corporation
provides health and demographic research for government agencies,
commercial market research, information services, teleservices and
consulting. The Company is a pioneering leader in the science of
market and social research and has built a worldwide
data-collection network. Further information is available at
http://www.opinionresearch.com/. Forward-looking Statements This
release contains, within the meaning of the safe harbor provision
of the Private Securities Litigation Reform Act of 1995,
forward-looking statements that are based on management's beliefs
and assumptions, current expectations, estimates and projections.
Many of the factors that will determine the Company's financial
results are beyond the ability of the Company to control or
predict. These statements are subject to risks and uncertainties,
including general economic conditions, the loss of one or more of
our large clients, the impact of litigation and the impact of a
common stock offering; therefore, actual results may materially
differ. Other important factors and risks that may affect future
results are described in the Company's filings with the Securities
and Exchange Commission, copies of which are available upon request
from the Company. The Company disclaims any obligation to update
any forward-looking statements whether as a result of new
information, future events, or otherwise. DATASOURCE: Opinion
Research Corporation CONTACT: Douglas L. Cox, Executive Vice
President, Chief Financial Officer of Opinion Research Corporation,
+1-609-452-5274 Web site: http://www.opinionresearch.com/
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