Cubic Makes Final Relocation Plans in U.K.; Move from Merstham to Salfords Will Enhance Efficiency and Support Company's Commitment to European Growth.Business Editors and High-Tech Writers SAN DIEGO--(BUSINESS WIRE)--May 28, 2002 San Diego-based Cubic Corp. (AMEX AMEX See: American Stock Exchange :CUB) is in the final planning and design phases of a facility relocation this fall from Merstham, Surrey, England, to Salfords, Surrey, for Cubic Transportation Systems Ltd. (CTSL CTSL Central Track Store Locator CTSL Common Track Storage Location ), headquarters for the company's European-based mass transit mass transit, public transportation systems designed to move large numbers of passengers. Types and Advantages Mass transit refers to municipal or regional public shared transportation, such as buses, streetcars, and ferries, open to all on a fare collection operation. "With this relocation, we are creating a more efficient U.K. operation," said Ray deKozan, chairman of Cubic Transportation Systems (CTS (1) (Clear To Send) The RS-232 signal sent from the receiving station to the transmitting station that indicates it is ready to accept data. Contrast with RTS. (2) (Common Type System) The data typing used in . ). "Purchasing and refurbishing the Salfords property also demonstrates Cubic's commitment to growing our business in Europe." More than 700 employees currently work at the facility in Merstham, which became Cubic's U.K. headquarters in 1977 after the company entered the U.K. market. Cubic was awarded a Research and Development pilot automatic fare collection contract in 1979. Its success led to the award of a systemwide contract in 1985. This system was completed in 1988. From 1988-1998, Cubic had continuous contracts with London Transport London Transport could mean:
In 1998, London Transport awarded the TranSys consortium the "PRESTIGE" Private Finance Initiative (PFI PFI Pay for Inclusion (web search engines) PFI Private Finance Initiative PFI Private Finance Initiative (UK) PFI Prison Fellowship International PFI Port Fuel Injection (engines) ) contract to provide a new smart card-based ticketing and fare collection system for the London Underground The London Underground is an underground railway system - also known as a rapid transit system - that serves a large part of Greater London, United Kingdom and some neighbouring areas. It is the world's oldest underground system, and is one of the longest in terms of route length. and city buses. As part of the consortium, Cubic is providing all of the system infrastructure and maintenance. Cubic also has contracts with many of the train operating companies The term train operating company (abbreviated to TOC) is used in the United Kingdom to describe the various businesses operating passenger trains on the railway system of mainland Great Britain under the collective National Rail brand. in the U.K. for gates, and ticket office machines. The company is also performing fare collection contracts for the city of Hanau, Germany and Rotterdam in Holland. Both of these have the potential to lead to other PRESTIGE-size contracts in Europe. The new Salfords facility, acquired by Cubic in January 2002, is within a 15-minute walk of the A23, the original London-to-Brighton roadway. It is served by buses and within a five-minute walk of the local train station -- a direct link to London's Victoria Station and Gatwick International Airport. Cubic Transportation Systems, one of Cubic's two major segments, designs and manufactures automatic fare collection systems for public mass transit authorities. The Cubic Defense Applications group, the other major segment, provides instrumented air and ground combat training systems, battle command training, simulations and simulation support for U.S. and allied military forces. The group also produces high technology avionics, data links and communications products for government and commercial customers, and a wide range of technical and logistics services. For more information about Cubic, see the company' web site at www.cubic.com. In addition to historical matters, this release contains forward-looking statements which are made pursuant to the safe harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Securities Litigation An action brought in court to enforce a particular right. The act or process of bringing a lawsuit in and of itself; a judicial contest; any dispute. When a person begins a civil lawsuit, the person enters into a process called litigation. Reform Act of 1995. These forward-looking statements involve predictions of future results. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the company's business and prospects. These include the effects of politics on negotiations and business dealings with government entities, economic conditions in the various countries in which the company does or hopes to do business, competition and technology changes in the defense and transit industries, and other competitive and technological factors. |
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