EYP Strengthens Its Position for Continued Growth

Enters Into Asset Purchase Agreement with Ault Alliance, Inc.

ALBANY, N.Y.–(BUSINESS WIRE)–EYP (“the Company”), an interdisciplinary design firm specializing in the higher education, healthcare, government, and science and technology sectors, announced today that it has reached an agreement through which Ault Alliance, Inc. (“Ault”), would serve as a stalking horse for the purchase of substantially all of its assets of the Company for $67.7 million, plus the assumption of significant liabilities associated with on-going operations as part of a going-concern sale of the Company.

Under the terms of the stalking horse agreement, Ault will retain all EYP’s well-regarded professional staff and acquire substantially all the Company’s assets including all its customer contracts. The agreement allows the Company, under its existing name and brand, to continue its history of growth and fulfill its business strategy for expansion and will provide long-term financial strength to augment its strong operational performance over the last few years.

To achieve its financial objectives and facilitate the sale, EYP and certain affiliates voluntarily filed for protection under Chapter 11 of the U.S. Bankruptcy Code in the United States Bankruptcy Court for the District of Delaware. This process will allow for a prompt sale of the Company, while allowing it to maintain full operations during the sale process. As a result of this process, the Company will be able to address certain non-operating balance sheet liabilities and emerge as a stronger and more competitive force in the marketplace. The Company expects to complete the sale process in the next two months.

This is a positive step forward for the business, as well as for our employees, clients, sub-consultants and vendors, because it allows us to continue delivering memorable designs that enhance people’s lives and communities, while significantly reducing non-operating liabilities and allowing us to achieve our planned growth,” said Interim CEO Kefalari Mason. “EYP remains committed to our staff, to our partnerships with our clients and consultants, and to designing meaningful spaces.”

EYP intends to continue normal operations throughout this process, ensuring its continued ability to deliver projects and engage with clients. To this end, the Company has secured a commitment from Ault for new debtor-in-possession financing to ensure continuity of operations through the sale process. The Company also has filed motions that once approved by the Bankruptcy Court, will allow the business to continue employee wages, medical benefits, and other programs without interruption, and to pay sub-consultants and vendors on a timely basis for all goods and services delivered during the upcoming process.

EYP is a good candidate to use the protections that a Chapter 11 process provides. Our business is as strong as it has ever been and the advantages for the Company are that it allows us to continue doing the work we love while quickly moving through a sale process that further strengthens our financial position, allowing us to shape a future that matches our success over the last few years,” said Mason.

EYP is advised in this transaction by Carl Marks Advisors.

About EYP

EYP is celebrating 50 years as a people-first, interdisciplinary design firm specializing in higher education, healthcare, government, and science & technology. From architecture, planning, and interiors to engineering and building performance, we begin every project by asking, “What’s Possible?”

Striving to create an environment of partnership and trust, we seek to meet your needs and go beyond what’s expected. We’ve built long-term relationships based on listening and bringing intuition and intellect to a creative process focused on uncovering the possible in your project.

Founded in 1972, we’ve steadily grown through new clients, strategic mergers, and acquisitions, expanding our expertise and geographic reach to serve clients better. Our integrated teams offer planning and design, high-performance engineering, environmental graphics, preservation and modernization, interiors and workplace, and rapid response projects to tackle your pressing challenges. http://eypae.com/

Forward-Looking Statements

This release includes forward-looking statements regarding EYP and its subsidiaries and businesses. Such statements are based on the current expectations of the management of each entity. The words “anticipate,” “expect,” “believe,” “may,” “should,” “estimate,” “project,” “outlook,” “forecast” or similar words are used to identify such forward looking information. The forward-looking events and circumstances discussed in this release may not occur and could differ materially as a result of known and unknown risk factors and uncertainties affecting the Company, including risks regarding the architecture and design industry, the economy and other events and factors. No forward-looking statement can be guaranteed. These forward-looking statements speak only as of the date on which they are made and EYP and its subsidiaries undertake no obligation to publicly update or revise any forward-looking statement, whether as a result of new information, future events or otherwise.



Katherine Ollinger

Director of Marketing

EYP, Inc.

T: 202-471-5001

M: 202-489-4346


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