STANDSTILL AGREEMENTStandstill Agreement • February 26th, 1998 • Government Technology Services Inc • Wholesale-computers & peripheral equipment & software • Virginia
Contract Type FiledFebruary 26th, 1998 Company Industry Jurisdiction
DATED AS OFAsset Purchase Agreement • February 26th, 1998 • Government Technology Services Inc • Wholesale-computers & peripheral equipment & software • Delaware
Contract Type FiledFebruary 26th, 1998 Company Industry Jurisdiction
Exhibit 99.1Definitive Agreement • February 26th, 1998 • Government Technology Services Inc • Wholesale-computers & peripheral equipment & software
Contract Type FiledFebruary 26th, 1998 Company IndustryCHANTILLY, VA (February 12, 1998) - Government Technology Services, Inc. (GTSI) (Nasdaq:GTSI) and BTG, Inc. (Nasdaq:BTGI) today announced that they signed the definitive agreement for and completed the sale to GTSI of substantially all of the BTG division assets responsible for reselling computer hardware, software, and systems to the Federal Government. Under the terms of the sale, GTSI provided 15,375 shares of a new series of preferred stock, designated Series C 8% cumulative redeemable preferred stock and $8 million in cash to BTG. The preferred stock is nonvoting except for the right to elect one member of the GTSI board. Under the terms of the sale, BTG also has the right to nominate a second director subject to GTSI's consent.