Blue Raven Technology, Inc. announced today that it has entered into an agreement to sell substantially all the assets of Blue Raven Technology, Inc. to Leading Ridge Capital Partners, LLC. Blue Raven Technology is one of the leading providers of repair services in North America for consumer and commercial electronics products, including computers, tablets, projectors and embedded systems. Blue Raven Technology provides its customers with a full suite of Reverse Logistics Services.
Leading Ridge Capital Partners is a private investment firm specializing in positioning logistics and distribution companies nationwide for long term growth. The assets acquired from Blue Raven Technology will be deployed within a holding company focusing specifically on providing reverse logistic services. Blue Raven's management and employees will be offered positions within the new company.
In connection with the transaction, Blue Raven Technology voluntarily initiated Chapter 11 proceedings in the U.S. Bankruptcy Court in Massachusetts today and will seek Bankruptcy Court approval of the asset sale to Leading Ridge Capital Partners under Section 363 of the U.S. Bankruptcy Code.
"The company made the voluntary bankruptcy filing in order to facilitate a restructuring of debt and relieve cash flow pressures," says Glen A. Kashgegian, President, Blue Raven Technology. "We anticipate emerging from this process quickly as a stronger, better capitalized and more competitive organization. It is important to emphasize that Blue Raven Technology's customers and operations will not be adversely affected by the bankruptcy process. We believe a transaction with Leading Ridge Capital Partners will be highly strategic to both companies."
Blue Raven Technology is being advised by investment banking firm Business Capital Exchange, Inc and law firm Madoff and Khoury LLP.
About Blue Raven
Blue Raven Technology, Inc., is a leading provider of in and out-of-warranty service parts, depot repair services, and returns management for computers, tablets and projectors on an exclusive and non exclusive basis to electronic retail chains, schools, OEMs, and warranty companies. Blue Raven has more than 25 years experience in servicing electronics products down to the component level; including BGA and SMT repair of motherboards and LCD panel repairs to 60". For more information on Blue Raven, please visit http://www.blueraven.com.
Blue Raven and Blue Raven Technology are trademarks of Blue Raven Technology, Inc. All other products and services mentioned are products of their respective companies.
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