Interstate Electronics Corporation Acquires Software Technical Systems, Inc. (STS) Military GPS Product Line
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ANAHEIM, CA (July 24, 2001) - Interstate Electronics Corporation, a division of L-3 Communications, announced today that it has entered into a definitive agreement to acquire the assets of Software Technical Systems, Inc. (STS) a subsidiary of SiRF Technology, Inc., headquartered in San Jose, CA. Specific terms of this transaction were not disclosed. STS specializes in the design and development of chipsets, RF cards, and software for next generation SAASM (Selective Availability Anti-Spoofing Module) GPS receivers. STS is currently under contract to support several DoD programs, including the U.S. Air Force Combat Survivor/Evader Locator (CSEL) program. The acquisition complements IEC’s current position as an industry leader in military GPS receivers, GPS digital translators and GPS simulators, and will further expand the division’s technical capabilities. IEC currently supplies advanced, high performance GPS receivers and translators for a number of DoD programs including the U.S. Army’s Excalibur and U.S. Navy's ERGM projectile programs. "STS brings with it a unique suite of knowledge and understanding of GPS technology that will expand IEC’s offerings to the marketplace," said Richard Tierney, President of Interstate Electronics Corporation. "STS technology and products will enhance IEC’s ability to meet the requirements of the GPS military handheld market." 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. Editor Notes: Military GPS satellite signals are encoded and military GPS receivers contain firmware to decode the signals. By meeting the government’s SAASM requirement, IEC’s design protects the security codes in such a manner that they are destroyed if the chipset in the receiver is tampered with or compromised. The SAASM (Selective Availability Anti-Spoofing Module) assembly is a MultiChip Module (MCM) which contains the core logic devices for a P (Y) code GPS receiver. The SAASM along with RF down converter and I/O logic, forms the complete GPS receiver. The small form factor GPS design must survive gun shot acceleration forces exceeding 15,000Gs while maintaining exacting performance requirements including precision timing to within 10 microseconds. 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: |