The Dolan Company (NYSE: DM), a leading provider of professional services and business information to the legal, financial and real estate sectors in the United States, today announced that it sold the assets of its NDeX South business to the law firm affiliates of that business and has reached an agreement in principle to sell its NDeX Indiana business to its Indiana law firm affiliate. The NDeX South transaction, which closed yesterday, and the proposed NDeX Indiana transaction together provide for approximate total consideration of $17.5 million, including certain cash at closing, with the majority of payments to come within the next three years. The NDeX Indiana transaction is subject to completion of definitive agreements and satisfaction of any closing conditions in those agreements. Buyers of NDeX South include the law firms Barrett Daffin Frappier Turner & Engel, LLP; Barrett Daffin Frappier Levine & Block, LLP; and Barrett Daffin Frappier Treder & Weiss, LLP. NDeX South has provided back office and support services to these mortgage default law firms and their clients in Texas, California, Georgia and Nevada. The intended buyer of NDeX Indiana is the law firm Feiwell & Hannoy, PC. NDeX Indiana provides back office and support services to this mortgage default law firm and their clients in Indiana. These transactions are consistent with The Dolan Company’s previously announced plan to restructure its National Default Exchange unit, moving towards providing specialized technology services and away from providing a broad range of back office services to mortgage default law firms. The Dolan Company is a leading provider of professional services and business information to the legal, financial and real estate sectors. Its Professional Services Division provides specialized outsourced services to the legal profession through its subsidiaries, NDeX, DiscoverReady and Counsel Press. NDeX is a leading provider of mortgage default processing services in the United States. DiscoverReady provides outsourced discovery management, including document review and data hosting and processing services, to major corporations and law firms. Counsel Press is the largest provider of appellate services in the United States. The company's Business Information Division publishes business journals, court and commercial media and other highly focused information products and services, operates web sites and produces events for targeted legal and professional audiences in each of the 19 geographic markets it serves across the United States.
Statement Regarding Forward Looking InformationThis release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that are not historical or current facts are forward-looking statements. Forward-looking statements are subject to risks, uncertainties and other factors that are difficult to predict and many of which are beyond management’s control. These risks, uncertainties and other factors include, but are not limited to, the risk that the proposed NDeX Indiana transaction described in this release will not be completed on the proposed terms or at all, and those risks, uncertainties and other factors described under “Risk Factors” in Item 1A of our annual report on Form 10-K for the year ended December 31, 2012, filed with the SEC on March 8, 2013, and those described under “Risk Factors” in our Prospectus Supplement filed with the SEC on January 25, 2013. We undertake no obligation to update any forward-looking statements in light of new information or future events.