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LONDON, UK / ACCESSWIRE / October 26, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for Volt Information Sciences, Inc. (NYSE: VISI), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=VISI. The Company announced on October 24, 2017, that it has entered into a definitive agreement to sell its quality assurance testing business to Keyword's International Limited. The quality assurance testing business is basically a part of Volt's Technology Outsourcing Services and Solutions segment and is commonly known as VMC in the industry. This business primarily provides production development, QA testing, and customer support to companies in the video gaming and mobile industries. For immediate access to our complimentary reports, including today's coverage, register for free now at:

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Discover more of our free reports coverage from other companies within the Staffing & Outsourcing Services industry. Pro-TD has currently selected Robert Half International Inc. (NYSE: RHI) for due-diligence and potential coverage as the Company reported on October 24, 2017, its financial results for Q3 which ended on September 30, 2017. Tune in to our site to register for a free membership, and be among the early birds that get our report on Robert Half Intl. when we publish it.

At Pro-TD, we make it our mission to bring you news that matter about the stock you follow. Today, our research desk covers a blog story on VISI; also brushing on RHI. Go directly to your stock of interest and access today's free coverage at:

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Sale Terms and Conditions

  • As per Stock Purchase Agreement, Volt Information Sciences would receive $66.4 million in cash for its quality assurance testing business. However, this amount is subject to customary working capital adjustments.

  • Nevertheless, the sale does not cover the call center services unit of Volt Information Sciences' Technology Outsourcing Services and Solutions segment, which Volt Information Sciences will continue to own and operate.

  • It is important to note that upon closing, Volt Information Sciences' current financing agreement with PNC Bank would require a $25 million paydown of the outstanding debt.

  • No particular time has been mentioned about the closure, but it is expected soon.

Deal to Create Long-term Value for Shareholders

Michael Dean, President and Chief Executive Officer at Volt Information Sciences shared his views about the sale agreement. He shared that non-core assets constitute around 5% of Volt Information Sciences' global revenue. Disposition of these assets would help in making Volt Information Sciences a pure-play staffing Company. In other words, the transaction would help Volt Information Sciences' streamline its operational focus within its core staffing business, where the Company is best positioned to create long-term shareholder value.

Volt Information Sciences' staffing services comprise workforce solutions that include providing contingent workers, personnel recruitment services, and managed services programs supporting primarily professional administration, technical, information technology, light-industrial, and engineering positions. He strongly believes that the quality assurance testing business would continue to thrive under Keywords' management.

Besides, Michael also stated that the anticipated cash proceeds from the sale would considerably strengthen Volt Information Sciences' balance sheet. Likewise, it would also boost the Company's liquidity position.

Legal Advisors

Milbank, Tweed, Hadley & McCloy LLP served as the legal advisor to Volt Information Sciences for this transaction.

Third Quarter Fiscal 2017 Results

Volt Information Sciences declared financial results on September 12, 2017, for the quarter ended July 31, 2017. The Company reported revenues of $289.92 million in Q3 2017, down from $330.63 in Q3 2016. The gross margin decreased to $45.72 million in Q3 2017 from $48.53 million in the same period last year. Likewise, the net loss widened from $4.61 in Q3 2016 to $5.52 million in Q3 2017.

About Volt Information Sciences, Inc.

Volt Information Sciences is a global provider of staffing services (traditional time and materials-based as well as project-based) and managed service programs. The Company's staffing services consists of workforce solutions that include providing contingent workers, personnel recruitment services, and managed services programs supporting primarily professional administration, technical, information technology, light-industrial and engineering positions.

Volt Information Sciences services global industries including aerospace, automotive, banking and finance, consumer electronics, information technology, insurance, life sciences, manufacturing, media and entertainment, pharmaceutical, software, telecommunications, transportation, and utilities.

Last Close Stock Review

On Wednesday, October 25, 2017, the stock closed the trading session at $3.40, declining 4.23% from its previous closing price of $3.55. A total volume of 656.82 thousand shares have exchanged hands, which was higher than the 3-month average volume of 124.82 thousand shares. Volt Information Sciences' stock price surged 11.48% in the last one month. The stock currently has a market cap of $72.52 million.

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