Chesapeake Utilities Corporation announced today that it has sold its BravePoint, Inc.subsidiary, a provider of advanced information technology services and solutions, to Progress Software Corporation for approximately $12 million in cash, which represents approximately 0.63 times BravePoint's 2013 revenues.  BravePoint's expertise and solid reputation in the markets it serves makes Progress an excellent strategic fit for BravePoint's business. 

Chesapeake will initially use the proceeds to retire a portion of its short-term debt, but plans to reinvest all of the proceeds in its regulated and unregulated energy businesses within the next 12 months.  The transaction will have a significant positive impact on 2014 earnings.  It is also expected to have a positive impact on Chesapeake's earnings in the year 2015 and beyond from the successful redeployment of the proceeds.  The redeployment is expected to generate results that exceed the earnings contribution by BravePoint over the last 12 months.

"Chesapeake is committed to continuing the successful execution of its strategic plan by focusing on the growth of its core energy businesses," said Michael P. McMasters, President and Chief Executive Officer of Chesapeake Utilities Corporation.