ETI

Has Merged With

PROVIDED A FAIRNESS OPINION TO GLOBAL RESOURCES INTERNATIONAL, INC. IN CONNECTION WITH THIS TRANSACTION

Background

• Global Resources International (GRI) was a privately-held company with $53.2 million in revenue engaged in the design, development, manufacture, marketing and distribution of products for the healthcare and industrial markets.

• Eastern Technologies, Inc. (ETI) was a privately-held company with $22.6 million in revenue engaged in the manufacturing of radiological protective clothing, processing services, and logistical support to the nuclear industry.

• Seeking to leverage their collective manufacturing capabilities, the founders of GRI and ETI hired AE to facilitate a merger between the companies.

Background

• AE independently analyzed and valued GRI and ETI to provide an equity allocation in the consolidated entity that would be agreeable to both parties.

• Prior to the merger, AE successfully negotiated the buyout of a non-operating partner of GRI.

• AE advised the founders of GRI and ETI on how to structure the deal in a tax efficient manner.

• AE issued an opinion as to the fairness of the transaction from a financial point of view to the shareholders of GRI, one of which was a $31.0 billion publicly-traded corporation.