Essex Corporation Grants Adaptive Optics Associates Employees Stock Options

Oct 20, 2006, 01:00 ET from Essex Corporation

    COLUMBIA, Md., Oct. 20 /PRNewswire-FirstCall/ -- Essex Corporation
 (Nasdaq:   KEYW) announces that in connection with its acquisition of
 Adaptive Optics Associates, Inc. (AOA), it has granted options to purchase
 up to 131,650 shares of Essex common stock to AOA employees.
     "An important part of the culture at Essex is that every employee is
 also a shareholder," commented Leonard Moodispaw, CEO and President of
 Essex Corporation. "I believe that every employee should share in the
 rewards of the Company's success as a stakeholder, and that this
 participation stimulates employee and shareholder interests to converge."
     These grants include the grant of an option to purchase up to 7,500
 shares of Essex common stock to Jeff Yorsz, who became an Essex Vice
 President and General Manager of AOA as part of Essex's acquisition of AOA.
 The options have an exercise price of $18.85 per share, vest over a period
 of five years at 20% per year (beginning on the first anniversary of their
 grant date) and may be exercised for a period of 7 years from their grant
 date. These options are "inducement grants" to new employees in connection
 with Essex's acquisition of AOA that qualify under the "inducement grant
 exception" to the shareholder approval requirements of NASD Marketplace
 Rule 4350.
     About Essex: Essex provides advanced signal, image, information
 processing, information assurance and cyber-security solutions, primarily
 for U.S. Government intelligence and defense customers, as well as for
 commercial customers. We create our solutions by combining our services and
 expertise with hardware, software, and proprietary and patented technology
 to meet our customers' requirements. For more information contact Essex
 Corporation, 6708 Alexander Bell Drive, Columbia MD 21046; Phone
 301.939.7000; Fax 301.953.7880; E-mail info@essexcorp.com, or on the Web at
 www.essexcorp.com.
     About Adaptive Optics Associates: AOA, a subsidiary of Essex
 Corporation, designs, develops and manufactures a wide variety of standard
 and custom electro-optic and opto-mechanical products. AOA has steadily
 expanded its engineering and manufacturing capabilities to provide its
 customers with the highest quality products, systems and services. AOA has
 an extensive history of selling to government, scientific and industrial
 customers. More information is available on the Web at www.aoainc.com.
     This press release contains "forward-looking statements" within the
 meaning of the United States Private Securities Litigation Reform Act of
 1995. These statements are based on management's current expectations and
 are subject to risks, uncertainty and changes in circumstances, which may
 cause actual results, performance or achievements to differ materially from
 anticipated results, performance or achievements. All statements contained
 herein that are not clearly historical in nature are forward looking.
 Economic, business, competitive and/or regulatory factors affecting Essex's
 businesses are examples of factors, among others, that could cause actual
 results to differ materially from those described in the forward-looking
 statements. More detailed information about these and other factors that
 could cause actual results to differ materially from those described in the
 forward-looking statements is set forth in Essex's Annual Report on Form
 10-K for the fiscal year ended December 31, 2005. Essex is under no
 obligation to (and expressly disclaims any such obligation to) update or
 alter its forward- looking statements whether as a result of new
 information, future events or otherwise.
     Contact: Leonard E. Moodispaw
                Chairman, CEO & President
                301.939.7000
 
 

SOURCE Essex Corporation
    COLUMBIA, Md., Oct. 20 /PRNewswire-FirstCall/ -- Essex Corporation
 (Nasdaq:   KEYW) announces that in connection with its acquisition of
 Adaptive Optics Associates, Inc. (AOA), it has granted options to purchase
 up to 131,650 shares of Essex common stock to AOA employees.
     "An important part of the culture at Essex is that every employee is
 also a shareholder," commented Leonard Moodispaw, CEO and President of
 Essex Corporation. "I believe that every employee should share in the
 rewards of the Company's success as a stakeholder, and that this
 participation stimulates employee and shareholder interests to converge."
     These grants include the grant of an option to purchase up to 7,500
 shares of Essex common stock to Jeff Yorsz, who became an Essex Vice
 President and General Manager of AOA as part of Essex's acquisition of AOA.
 The options have an exercise price of $18.85 per share, vest over a period
 of five years at 20% per year (beginning on the first anniversary of their
 grant date) and may be exercised for a period of 7 years from their grant
 date. These options are "inducement grants" to new employees in connection
 with Essex's acquisition of AOA that qualify under the "inducement grant
 exception" to the shareholder approval requirements of NASD Marketplace
 Rule 4350.
     About Essex: Essex provides advanced signal, image, information
 processing, information assurance and cyber-security solutions, primarily
 for U.S. Government intelligence and defense customers, as well as for
 commercial customers. We create our solutions by combining our services and
 expertise with hardware, software, and proprietary and patented technology
 to meet our customers' requirements. For more information contact Essex
 Corporation, 6708 Alexander Bell Drive, Columbia MD 21046; Phone
 301.939.7000; Fax 301.953.7880; E-mail info@essexcorp.com, or on the Web at
 www.essexcorp.com.
     About Adaptive Optics Associates: AOA, a subsidiary of Essex
 Corporation, designs, develops and manufactures a wide variety of standard
 and custom electro-optic and opto-mechanical products. AOA has steadily
 expanded its engineering and manufacturing capabilities to provide its
 customers with the highest quality products, systems and services. AOA has
 an extensive history of selling to government, scientific and industrial
 customers. More information is available on the Web at www.aoainc.com.
     This press release contains "forward-looking statements" within the
 meaning of the United States Private Securities Litigation Reform Act of
 1995. These statements are based on management's current expectations and
 are subject to risks, uncertainty and changes in circumstances, which may
 cause actual results, performance or achievements to differ materially from
 anticipated results, performance or achievements. All statements contained
 herein that are not clearly historical in nature are forward looking.
 Economic, business, competitive and/or regulatory factors affecting Essex's
 businesses are examples of factors, among others, that could cause actual
 results to differ materially from those described in the forward-looking
 statements. More detailed information about these and other factors that
 could cause actual results to differ materially from those described in the
 forward-looking statements is set forth in Essex's Annual Report on Form
 10-K for the fiscal year ended December 31, 2005. Essex is under no
 obligation to (and expressly disclaims any such obligation to) update or
 alter its forward- looking statements whether as a result of new
 information, future events or otherwise.
     Contact: Leonard E. Moodispaw
                Chairman, CEO & President
                301.939.7000
 
 SOURCE Essex Corporation