FOR IMMEDIATE RELEASE
Micronetics to Acquire Microwave Concepts, Inc.
In making the announcement, Richard Kalin, President of Micronetics, stated "The acquisition of Micro-Con is another example of our strong commitment to expand our Defense Electronics Group. We are pleased to announce that Tony Pospishil, a founder of Micro-Con, will join Micronetics as Vice President and General Manager of Micro-Con. He will continue to lead Micro-Con and develop innovative products in support of customer requirements."
David Robbins, Senior Vice President of Micronetics' Defense Electronics Group, stated "We have been working with Micro-Con for over a year. They have proven to be excellent partners in delivering high quality subassemblies for some of our most strategic jobs. Bringing Tony and his team on board dramatically increases Micronetics' capability to deliver leading edge integrated sub-assembly solutions for our customers. This is consistent with our goal of continuing to expand our Defense Electronics Group by building up our capability to manufacture and design these complex integrated subassemblies."
Micronetics, operating through its Defense Electronics Group, designs and manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Operating through its Test Solutions, Noise Products and VCO Products Groups, Micronetics designs and manufactures test equipment and components that are utilized in or test the strength, durability and integrity of communication signals in communications equipment. Micronetics serves a diverse customer base, including Aerosat, Alcatel, BAE Systems, Boeing, EADS, Ericsson, Honeywell, L-3 Communications, Lockheed Martin, Motorola, NEC, Northrop Grumman, Raytheon, Southwest Research, Teradyne, Tektronix and Thales. Micronetics also operates through its wholly-owned subsidiaries, Microwave & Video Systems, Inc. and Enon Microwave, Inc.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to the success of the products into which the Company's products are integrated, internal projections as to the demand for certain types of equipment, competitive products and pricing, the success of new product development efforts, the timely release for production and the delivery of products under existing contracts, access to financial resources, future economic conditions generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report for its fiscal year ended March 31, 2002.
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