BIRMINGHAM, Ala., July 22, 2009 (GLOBE NEWSWIRE) -- Moore-Handley, Inc. (Pink Sheets:MHCO) and the Bostwick-Braun Company announced today that Moore-Handley has received a letter of interest from Bostwick-Braun, indicating its preliminary interest in pursuing the purchase of certain of Moore-Handley's assets by a new company to be formed by Bostwick-Braun. If the transaction is completed, it is anticipated that the new company will operate as a full-service distributor from Moore-Handley's Pelham, Alabama, warehouse, maintaining the current sales force and operations.
The proposed transaction is subject to several conditions precedent, including completion of Bostwick-Braun's due diligence, the negotiation of final terms of the transaction and execution of a definitive purchase agreement, and the approval of both companies' boards of directors, as well as the completion of appropriate approval procedures in Moore-Handley's bankruptcy case and approval of the transaction by the U.S. Bankruptcy Court for the Northern District of Alabama.