Radyne Completes Acquisition of AeroAstroAugust 2, 2007
Acquisition enables Radyne to extend its space and communication services to a wider community.
PHOENIX, AZ (PRIME NEWSWIRE) -- Radyne Corporation (Nasdaq:RADN) announced today that it had completed its acquisition of AeroAstro, Inc. Radyne paid $17.25 million in cash, 81,699 shares of stock and assumed approximately $250,000 in debt at the closing. AeroAstro will continue to operate as a Radyne subsidiary from its Ashburn, VA offices.
AeroAstro designs and builds small and microsatellites and related technologies. AeroAstro's experience spans a range of capabilities—from ultra-low-cost R&D programs using commercial components, to high-reliability programs using space-qualified components. In addition to spacecraft equipment, AeroAstro developed and operates the Sensor Enabled Notification System (SENS), which provides cost effective satellite based low data rate communications and asset tracking throughout the United States, North America, Europe, Australia, the Middle East, Asia, and South America.
"We look forward to working with AeroAstro's management team to accelerate their success in the microsateliite industry," said Myron Wagner, Radyne's CEO. "We believe that AeroAstro is facing a number of exciting opportunities to provide our shareholders with a superior return on their investment."
"This merger is an important step in achieving our mission of making space and communications services available and important to a greatly expanded community," commented Rick Fleeter, founder and CEO of AeroAstro. "AeroAstro remains focused on combining the best technologies and systems engineering approaches to provide dramatically lower cost space systems, space and communications services, and components to government and commercial customers."
About Radyne Corporation
Radyne Corporation designs, manufactures, sells, integrates and installs products, systems and software used for the transmission and reception of data and video over satellite, troposcatter, microwave and cable communication networks. The company, through its Tiernan subsidiary, is a supplier of HDTV and SDTV encoding and transmission equipment. The Xicom Technology subsidiary is a producer of high power amplifiers for communications applications. Radyne is headquartered in Phoenix, AZ, has manufacturing facilities in Phoenix, AZ, San Diego, CA, and Santa Clara, CA and sales offices in Singapore, Beijing, Jakarta and the U.K. The company also has sales and/or service centers in Sao Paulo, Bangalore, Shanghai and Moscow. For more information, visit our Web site.
AeroAstro, founded in 1988, is a leader in innovative microsatellite systems, components, and advanced communications technologies. AeroAstro was the prime contractor for STPSat-1 responsible for spacecraft design and fabrication, integration of all experiments, space vehicle testing, launch integration support, launch and early orbit operations support, and post-launch mission operations support. Additional information is available at AeroAstro's Web sites: www.aeroastro.com and www.sensservice.com.
Malcolm Persen, Chief Financial Officer
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