ORLANDO, FL & AUSTIN, TX, May 01, 2023 (GLOBE NEWSWIRE) -- DeCurtis Corporation (“DeCurtis” or the Company”), the leading provider of location and proximity enabled solutions in complex environments, has entered into an agreement with Invictus Global Management, its largest prepetition secured lender, on a sale transaction that will strengthen its financial position, obtain debtor-in-possession financing, address outstanding intellectual property-related claims, and best align the Company for future growth. This “stalking horse” bid will be subject to higher or otherwise better offers. As part of the agreement, and after evaluating a range of strategic alternatives to maximize value for all stakeholders, the Company today announced that it has initiated voluntary Chapter 11 proceedings in the U.S. Bankruptcy Court for the District of Delaware.
DeCurtis will continue to operate and serve its customers in the U.S. and globally without interruption. The Company has ample liquidity to support its day-to-day operations, a portfolio of high-value location and proximity enabled products, and a demonstrated ability to bring those solutions to market. In addition to facilitating the sales process, Chapter 11 provides an appropriate forum for bringing closure to the intellectual property-related claims that the Company has been defending at an unsustainable cost, allowing the Company to move forward and reach its full potential. DeCurtis will continue to invest in and execute across its core areas of growth, and the Company’s commitment to its mission, customers, partners and team members will not change.
“Today’s announcement is a significant milestone, and I am pleased by the support we’ve received from our lenders and other stakeholders demonstrating their confidence in the Company’s business plan and long-term strategy,” said Derek Fournier, President and Chief Executive Officer. “DeCurtis remains committed to providing market-leading solutions to our clients throughout the restructuring process and beyond. We will continue to place the needs of our customers first. I am thankful for everyone on our team who works tirelessly to deliver top-tier services to our global client base, and I would also like to express my gratitude to our valued clients with whom we are honored to partner.”
Fournier added, “we will work tirelessly to complete this restructuring and look forward to emerging from this process better positioned to continue creating products that advance health, safety and security, operational enhancement, and experience evolution for our customers.”
The Company has filed a series of customary motions to maintain business-as-usual operations on all fronts and uphold its commitments to its stakeholders, including team members, customers, suppliers, and business partners, during the process. Approval of these routine “first day” motions, which the Company expects to receive in short order, will help facilitate a smooth transition into the process.
DeCurtis’s legal advisor in connection with the restructuring are the law firms of Cooley LLP and Potter Anderson & Corroon LLP, Groombridge, Wu, Baughman & Stone LLP. Province, LLC has been retained as financial advisor to provide interim management resources and restructuring advisory services., Omni Agent Solutions has been retained as claims and noticing agent for the Company.
About DeCurtis Corporation
DeCurtis Corporation is the premier provider of location and proximity enabled solutions in complex indoor environments with a focus on health, safety and security, operational enhancement and experience evolution. Creator of Mobile Assembly Suite (MAS™), the DeCurtis Experience Platform '(DXP™), and DeCurtis Shield™, DeCurtis Corporation is the leader in providing transformational experience technology based on decades of deep industry knowledge in the cruise space that is applicable to other sectors. With a vast range of experience working with some of the world’s best, most-recognized brands, DeCurtis Corporation transforms the guest experience to be safer, secure and more efficient through the creative application of the latest technology. For more information on DeCurtis Corporation, please visit www.decurtis.com.
CAUTIONARY STATEMENT REGARDING FORWARD-LOOKING STATEMENTS
This press release contains forward-looking statements within the meaning of the federal securities laws, which are based on management’s current expectations, estimates and projections. Forward looking statements also include statements regarding the Company’s plans with respect to the Chapter 11 proceedings, the Company’s plan to continue its operations while it works to complete the proposed reorganization, the Company’s proposed debtor-in-possession financing, and other statements regarding the Company’s proposed reorganization, strategy, future operations, performance and prospects. These forward-looking statements are subject to risks and uncertainties that could cause the Company’s actual results to differ materially from the expectations expressed in the Company’s forward-looking statements. These risks, uncertainties and events also include, but are not limited to, the following: the Company’s ability to obtain timely approval of the Bankruptcy Court with respect to motions filed in the Chapter 11 proceedings; objections to the DIP financing or other pleadings filed that could protract the Chapter 11 proceedings; the Bankruptcy Court’s rulings in the Chapter 11 proceedings, including the approvals of the terms and conditions of the DIP financing, and the outcome of the Chapter 11 proceedings generally; the Company’s ability to comply with the restrictions imposed by the terms and conditions of the DIP financing, including the Company’s ability to obtain additional financing secured by the Company’s assets and the Company’s ability to obtain a timely sale of all of its assets or approval of a plan of reorganization; the length of time that the Company will operate under Chapter 11 protection and the continued availability of operating capital during the pendency of the Chapter 11 proceedings; the Company’s ability to continue to operate their business during the pendency of the Chapter 11 proceedings; employee attrition and the Company’s ability to retain senior management and other key personnel due to the distractions and uncertainties; the effectiveness of the overall restructuring activities pursuant to the Chapter 11 proceedings and any additional strategies the Company may employ to address its liquidity and capital resources; the actions and decisions of creditors and other third parties that have an interest in the Chapter 11 proceedings; risks associated with third parties seeking and obtaining authority to terminate or shorten the Company’s exclusivity period to propose and confirm one or more plans of reorganization, for the appointment of a Chapter 11 trustee or to convert the Chapter 11 proceeding to a Chapter 7 proceeding; increased legal and other professional costs necessary to execute the Company’s restructuring; the Company’s ability to maintain relationships with suppliers, customers, employees and other third parties and regulatory authorities as a result of the Chapter 11 proceedings; the effects and length of the novel coronavirus pandemic; and the other factors listed in the Company’s filings with the Securities and Exchange Commission. Except as may be required by law, the Company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date on which the statements were made or to reflect the occurrence of unanticipated events.
