DRS TECHNOLOGIES ACQUIRES WALKABOUT COMPUTERS
Parsippany, NJ, June 27 -- DRS Technologies, Inc. (NYSE: DRS) announced today that it has acquired WalkAbout Computers, Inc. from Scorpion Holdings in a stock purchase transaction. The terms were not disclosed.
WalkAbout Computers was established in 1990 and is headquartered in West Palm Beach, Florida, with sales offices in the U.S. and Europe. Walkabout is a leading designer and manufacturer of industrial rugged tablet computers and docking stations for mobile users operating in harsh environments. It also develops custom solutions for special market needs, and provides aftermarket service and support for an extensive installed base of products. "WalkAbout participates in one of the fastest growing segments of the rugged computer marketplace," said Mark S. Newman, chairman, president and chief executive officer of DRS Technologies. "A leader with strong brand recognition in the rugged tablet PC market, WalkAbout enhances our tactical computer systems business, adding an established industrial customer base, and accelerates our strategy to meet the growing demand for tablet PCs in the military marketplace."WalkAbout produces several lines of rugged, mobile tablet PCs, serving the transportation and distribution, military, public safety, utilities and emergency medical services (EMS), field service and manufacturing industries. Its products are based on the latest advancements in rugged computing technology and allow access in areas where laptops cannot function. Its multifunctional PC tablets provide flexibility, mobility and docking capability, and can be vehicle-mounted, hand-carried as a replacement for clipboards or used with new convertible products as a notebook replacement. WalkAbout’s newest line of PC tablets also is compatible with its legacy products and line of rugged desk, vehicle- and wall-mounted docks, as well as other peripherals.WalkAbout is expected to be accretive to DRS’s earnings and generate approximately $20 million to $25 million in annual revenues in its first twelve months of operation under DRS ownership.DRS financed the acquisition by utilizing existing cash on hand. Ryan, Beck & Co. served as financial advisor to WalkAbout Computers.DRS Technologies, headquartered in Parsippany, New Jersey, provides leading edge products and services to defense, government intelligence and commercial customers. Focused on defense technology, DRS develops and manufactures a broad range of mission critical systems. The company employs 5,700 people worldwide.
For more information about DRS Technologies, please visit the company’s web site at www.drs.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995: This press release contains forward-looking statements, within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, that are based on management's beliefs and assumptions, current expectations, estimates and projections. Such statements, including statements relating to the Company’s expectations for future financial performance, are not considered historical facts and are considered forward-looking statements under the federal securities laws. These statements may contain words such as "believes," "anticipates," "plans," "expects," "intends," "estimates" or similar expressions. These statements are not guarantees of the Company’s future performance and are subject to risks, uncertainties and other important factors that could cause our actual performance or achievements to differ materially from those expressed or implied by these forward-looking statements and include, without limitation, demand and competition for the Company’s products and other risks or uncertainties detailed in the Company’s Securities and Exchange Commission filings. Given these uncertainties, you should not rely on forward-looking statements. Such forward-looking statements speak only as of the date on which they were made, and the Company undertakes no obligations to update any forward-looking statements, whether as a result of new information, future events or otherwise.
### |
