Alanco Technologies Inc. is considering strategic alternatives for all of its businesses except its StarTrak Systems unit, which provides wireless monitoring and asset management products. The company completed the sale of its Alanco/TSI Prism Inc. subsidiary, which provides inmate tracking technology, on Aug. 17 for about $2 million. Said Chairman and CEO Robert R. Kauffman: “With the successful completion of our asset divestiture strategy, we can now focus on achieving the full potential of our StarTrak business, which is on pace for projected (sales) growth of 35 percent to over $20 million in FY2011.”
Oilsands Quest Inc.’s board of directors started the process to review strategic alternatives. The Calgary, Canada-based company will consider financing opportunities, asset divestitures, joint ventures, a corporate sale, a merger or other business combination. It hired TD Securities Inc. as financial adviser to help with the process. Oilsands Quest decided to consider options because of the capital it needs to develop its oil sands assets in Saskatchewan and Alberta. The company said the review was also prompted by recent expressions of interest received from third parties.
Ameristar Casinos Inc.’s board will review the potential sale of the Las Vegas-based company as it evaluates other strategic alternatives to enhance stockholder value. It brought both Lazard and Bank of America Merrill Lynch on board as financial advisers to help with the process. Ameristar operates eight casinos in seven markets including Missouri and the Denver metropolitan area. In the second quarter, Ameristar posted a loss of $24.9 million on revenue of $293 million. It generated net income of $14.3 million on revenue of $308.9 million a year earlier.
Healthcare Trust of America Inc. has hired JP Morgan as lead strategic adviser to help the Scottsdale, Ariz.-based company explore options, such as the assessment of liquidity alternatives. The REIT previously disclosed plans to complete a liquidity event by September 2013. JP Morgan also agreed to serve as joint lead arranger and joint bookrunner for a $200 million unsecured revolving credit facility. JPMorgan Chase Bank NA committed $75 million to the new facility. Healthcare Trust of America’s portfolio totals about 8.7 million square feet. It includes 184 medical office buildings, six hospitals, nine skilled nursing and assisted living facilities and four other office buildings.