Spectrum Control Acquires EMF Systems, Inc.
Further Expands Spectrum's Rapidly Growing Microwave Business
FAIRVIEW, Pa., Jan. 29 /PRNewswire-FirstCall/ -- Spectrum Control, Inc. (Nasdaq: SPEC), a leading designer and manufacturer of electronic control products and systems, announced today that Spectrum Microwave, Inc., its wholly owned subsidiary, has acquired substantially all of the assets and assumed certain liabilities of EMF Systems, Inc. ("EMF"). EMF, based in State College, Pennsylvania, designs and manufactures custom oscillator-based products, including phase locked oscillators and synthesizers. The total purchase price of the acquisition was approximately $2.3 million. Dick Southworth, Spectrum Control's President and Chief Executive Officer, commented, "With this acquisition, we continue to execute our strategic plan of product expansion, particularly in the area of complex assemblies and systems. In addition to a broad line of oscillator components, EMF primarily designs and manufactures integrated microwave assemblies ("IMA"). These sophisticated products are used in numerous military and commercial applications including military radar systems, secured communications, and commercial weather radar. The IMA product offerings included with this acquisition are a natural complement and extension to our current Microwave Components and Systems Business. Our microwave business, which increased annual revenues by 27% last year substantially through organic growth, remains a key focus of our overall business strategy. Based upon current market conditions and customer order rates, we expect EMF product sales to approximate $3 million during the next twelve months. Over the next few months, EMF operations will be relocated and consolidated into our existing facilities in State College, PA," he concluded. Forward-Looking Information This release contains forward-looking statements. These forward-looking statements are within the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. They are based on current expectations and are subject to certain risks, uncertainties and assumptions. Factors that could cause results to differ from the Company's expectations or historical results include the ability of Spectrum Control to successfully integrate the acquired business with its existing operations and other factors generally affecting the Company's businesses. For factors generally affecting Spectrum Control's businesses, please see the Company's Annual Report on Form 10-K and Quarterly Reports on Form 10-Q that have been filed with the Securities and Exchange Commission. The Company undertakes no obligation to publicly update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. About Spectrum Control Spectrum Control is a leading designer and manufacturer of components and systems used to condition, regulate, transmit, receive, or govern electronic performance. The Company's largest markets are military/aerospace and telecommunications equipment, with applications in secure communications, smart weapons and munitions, missile defense systems, avionic upgrades, wireless base stations, broadband switching equipment, and global positioning systems. Automotive represents an emerging market for the Company's products, with significant applications in DC motors, telematics, and electronic safety controls. Other markets for the Company's products include medical instrumentation, industrial equipment, computers, and storage devices. For more information about Spectrum Control and its products, please visit the Company's website at www.spectrumcontrol.com.
SOURCE Spectrum Control, Inc.
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