SOURCE: BUTLER INTERNATIONAL, INC.

March 10, 2008 10:01 ET

Butler International Completes Sale of Montvale, NJ Office Building

Proceeds Reduce Company Debt by 17%

FORT LAUDERDALE, FL--(Marketwire - March 10, 2008) - Butler International, Inc. (PINKSHEETS: BUTL) announced today that it has successfully closed the sale of its Montvale, NJ office building. Subject to final adjustments of transaction fees, the sale of the building for approximately book value, will result in a debt reduction of about $10 million from $58.3 million at December 31, 2007 to $48.3 million on a pro forma basis. Additionally, Butler has retained rights to approximately six acres of undeveloped land, for which the company is actively pursuing sale options.

"We remain firmly focused on our ongoing commitment to strengthen our balance sheet. This sale, which significantly reduces our Company debt, is a continuation of the Company's efforts to provide Butler with greater flexibility to reinforce our business proposition and drive future growth," commented Edward M. Kopko, Chairman and Chief Executive Officer of Butler International, Inc.

About Butler International

Butler International, Inc. is a leading provider of TechOutsourcing services, helping customers worldwide increase performance and savings. Butler's global services model provides clients with onsite, offsite, or offshore service delivery options customized appropriately to their unique objectives. During its 62-year history of providing services, Butler has served many prestigious companies through its industry groups which include aircraft/aerospace, federal/defense, communications, consumer and manufacturing and more. If you would like to find out more about Butler's value-added global services, visit us on the web at http://www.butler.com.

Information contained in this press release, other than historical information, may be considered forward-looking in nature as such it is based upon certain assumptions and is subject to various risks and uncertainties, which may not be controllable by the Company. To the extent that these assumptions prove to be incorrect, or should any of these risks or uncertainties materialize, the actual results may vary materially from those that were anticipated.

Mindpower for a Changing World(SM)

World Headquarters
New River Center
200 E. Las Olas Blvd.
Ft. Lauderdale, FL 33301
www.butler.com

Contact Information

  • CONTACT:
    Mark Koscinski
    201-476-5421