News Release
An Update to Horne International's Agreement
to Acquire Amata, Inc.
Fairfax, VA — July 25, 2008 — Horne International, Inc. (OTCBB: HNIN) announced today that it is continuing to pursue its acquisition of Amata, Inc. The Stock Purchase Agreement (SPA) entered into on January 23, 2008 between Horne and Amata requires Amata to fulfill certain closing conditions, including the collection of certain receivables from Pacific Texas Partners (PTP), Amata's largest customer. As of today, Amata has not fulfilled certain closing conditions, including the receipt of the PTP receivables.
Under the SPA, any party not in breach of the SPA has the right, beginning June 30, 2008, to terminate the SPA. As of today, that right has not been exercised. If Amata's closing conditions cannot be met or satisfactorily resolved, Horne may elect to terminate the SPA. Horne's Board of Directors and management are aggressively working to conclude matters with respect to the SPA promptly and in a manner that protects the interests of Horne's stockholders. Regardless of the decision whether to terminate the SPA, Horne is pursuing recovery of loans advanced to Amata.
While Horne International cannot predict the outcome of its ongoing discussions with Amata, the company wants to communicate the current status of the SPA and that it is attempting to reach a swift conclusion to this matter.
About Horne International, Inc.
Horne International provides engineering services for a sustainable infrastructure, with an emphasis on security, energy, and the environment. The company is a trusted partner for its customers in the defense, environment and energy, homeland security and transportation sectors. For more information, please visit www.horne.com.
Forward-Looking Statements
This news release contains forward-looking statements as defined by the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements concerning plans, objectives, goals, strategies, future events or performance and underlying assumptions and other statements, which are other than statements of historical facts. These statements are subject to uncertainties and risks including, but not limited to, substantial uncertainty with respect to Amata's ability to fulfill its closing conditions under the Stock Purchase Agreement between Horne and Amata, substantial uncertainty with respect to the receipt by Amata of amounts owed by Pacific Texas Partners, substantial uncertainty regarding the commencement of work by Amata under contracts with PTP, substantial uncertainty with respect to Amata's ability to continue as a going concern or to repay amounts owed to creditors, including Horne International, and other risks set forth in documents filed by Horne International from time to time with the Securities and Exchange Commission. All such forward-looking statements, whether written or oral, and whether made by, or on behalf of, Horne International, are expressly qualified by these cautionary statements and any other cautionary statements which may accompany the forward-looking statements. In addition, the company disclaims any obligation to update any forward-looking statements to reflect events or circumstances after the date hereof.
