IRE ACQUIRES GRETAG DATA SYSTEMS AGBALTIMORE, Nov. 6 /PRNewswire/ -- Information Resource Engineering Inc. (IRE) (Nasdaq-NNM: IREG), a leading provider of network encryption systems, today announced the completion of its acquisition of Gretag Data Systems AG of Regensdorf, Switzerland from AT&T International Inc. in a cash and debt transaction valued at approximately $4 million. Gretag Data Systems AG, now operating under the name Gretacoder Data Systems AG, will become a wholly owned subsidiary Wholly Owned Subsidiary
A subsidiary whose parent company owns 100% of its common stock.
In other words, the parent company owns the company outright and there are no minority owners. of IRE. The acquisition will effectively double IRE's revenue base and give the company a major presence in the European market.
Gretacoder, which had sales of about $7 million in 1994, provides communications security systems based on Encryption Technology that protect sensitive information during transmission. Clients such as the Union Bank of Switzerland, the Swiss Government and SWIFT, the worldwide funds transfer network, use Gretacoder's products to protect their sensitive data.
"Gretacoder's impressive customer base, strong brand name recognition and expertise in high speed encryption products will perfectly complement IRE's present capabilities and customers," explained IRE Chairman Anthony A. Caputo. "Gretacoder will be an additional distribution channel for IRE products and will continue to
develop its own strong security products. Our intention is to become the world's leading provider of Encryption Technology products and the acquisition of Gretacoder is another step towards this goal."
Information Resource Engineering, Inc. designs, manufactures and markets Secure Communications Systems, which secure data transmissions on computer networks through the use of Encryption Technology.
Organizations using IRE products include J.P. Morgan & Company, Chase Manhattan, Bankers Trust, and Banc One. IRE systems are installed at a number of major international organizations including Euroclear Operations Centre in Brussels, the Central Bank of Sweden, and the Post Office Savings Bank The Post Office Savings Bank may refer to:
/CONTACT: Roberta Bowersox of Information Resource Engineering, 410-931-7583/
CO: Information Resource Engineering Inc.; Gretag Data Systems AG ST: Maryland IN: CPR Cardiopulmonary Resuscitation (CPR) Definition
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