| NEW YORK, NY March 26, 2001, L-3 Communications
(NYSE:LLL) announced today that
its Interstate Electronics Corporation (IEC) subsidiary has entered into a
definitive agreement to acquire the Secure Electronics product line from
ATK Integrated Defense Company, a subsidiary of ATK (Alliant Techsystems,
NYSE: ATK), headquartered in Hopkins, MN. ATK Integrated Defense Company
is a designer and developer of SAASM (Selective Availability Anti-Spoofing
Module) GPS receivers for the ground handheld market. Secure Electronics
currently is under contract to support several DOD programs, including the
US Air Force CSEL downed-pilot emergency radio program and the US Army’s
next generation GPS navigator, the LEGGR program. ATK is also a technology
leader in the development of highly secure, tamper resistant coating
processes needed for the next generation SAASM based military GPS
receivers.
The acquisition complements IEC’s current position as an industry leader in GPS receivers, GPS digital translators and GPS simulators, and will further broaden the division’s product line. IEC is currently supplying GPS receiver and translator technology for a number of DoD programs including the US Army’s Excalibur and US Navy's ERGM projectile programs. "Secure Electronics brings with it a unique suite of GPS products that will allow IEC to expand its offerings to the marketplace" said Richard Tierney, President Interstate Electronics Corporation. " IEC will use this technology to expand its product lines and customer base to include SASSM-based GPS receiver chip sets, and military GPS handheld navigation modules." Based in Anaheim CA, Interstate Electronics Corporation, is a wholly owned subsidiary of L-3 Communications, and is a long term supplier of critical test instrumentation and missile tracking systems for the Navy's Fleet Ballistic Missile (FBM) weapons systems, including the Trident submarine. The division is ranked as an industry leader in GPS receiver and translator based products, which are currently in use on multiple aircraft, cruise missiles and precision guided bombs. In addition, IEC produces ruggedized displays for military and industrial applications, and provides secure communications on a quick reaction basis for deployed forces in Eastern Europe. L-3 Communications is a leading supplier of secure communications systems and products, avionics and ocean navigation systems, training systems, microwave components and telemetry, instrumentation, space and wireless products. Its customer base includes the Department of Defense (DoD), U.S. government agencies, aerospace and defense prime contractors, and commercial telecommunications and wireless customers. To learn more about L-3 Communications please visit www.L-3com.com and IEC at www.iechome.com. Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. For more information, contact: |