Performance Technologies Acquires a Part of Intel Corporation's Communications Platform Division.Business/Technology Editors ROCHESTER, N.Y.--(BUSINESS WIRE)--Sept. 12, 2002 Acquisition will significantly expand the company's product offering and target market Performance Technologies, Inc. (Nasdaq: PTIX) today announced an agreement with Intel Corporation to acquire a portion of its embedded Communications Platform Division located in San Luis Obispo, California San Luis Obispo (IPA: [sæn 'luɪs ə'bɪspoʊ]; Spanish for St. Louis, the Bishop) is a city in California, located roughly midway between San Francisco and Los Angeles on the Central Coast. , in a sale-of-stock transaction. The acquisition makes the San Luis Obispo San Luis Obispo (săn l  `ĭs ōbĭs`pō), city (1990 pop. 41,958), seat of San Luis Obispo co., S Calif., near San Luis Obispo Bay; inc. 1856. operation a fully owned operating unit operating unitA type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon of Performance Technologies and more than doubles the company's total available market in the embedded systems space through the addition of system and computing products. "This acquisition provides us with a highly complementary product line that has virtually no overlap with our existing products and a significant number of mutual customers," said Donald Turrell, president and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Performance Technologies. "In a time when equipment manufacturers and integrators are looking to establish strategic relationships with fewer vendors, this acquisition is key as it allows us to immediately offer a broader range of products to our customers." Completion of the transaction is expected on or before October 1, 2002, for an aggregate cash consideration of approximately $3.8 million. As an additional part of the agreement, Intel will license certain PICMG An industry consortium that develops specifications for backplanes and interconnects for electronic equipment in the industrial and telecom fields. It was founded in 1994 as the PCI Industrial Computer Manufacturers Group, hence the acronym. (R) 2.16-based products from Performance Technologies. Upon completion of the transaction, the new unit of Performance Technologies will continue to operate in its San Luis Obispo facility, and products will be branded under the Ziatech name. The Ziatech line of CompactPCI(R), PICMG 2.16 and STD (Subscriber Trunk Dialing) Long distance dialing outside of the U.S. that does not require operator intervention. STD prefix codes are required and billing is based on call units, which are a fixed amount of money in the currency of that country. 32-based processor modules and system platforms will become an important extension to the Performance Technologies product family that management believes can contribute to the future growth and expansion of the company. The combined products will allow Performance Technologies to serve a wider set of embedded applications in the data communications, telecommunications, military, industrial automation, transportation and medical markets. Future developments will take advantage of the skills of both companies to create packet-based products for use in emerging IP-based embedded systems and networks. "Ziatech has a strong reputation as an innovative company in the open standards OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and business, being the original developers of the CompactPCI specification," said Reg Cable, vice president of marketing for Performance Technologies. "Performance Technologies is the original developer of the recent PICMG 2.16 specification. The combination of these two capabilities will provide a strong market presence, allowing us to aggressively address a broad variety of embedded system applications." As part of this transaction, Performance Technologies will participate in the Intel Applied Computing Platform Provider (ACPP ACPP Applied Computing Platform Provider ACPP Australian College of Pharmacy Practice ACPP Africa Conflict Prevention Pool ACPP Arise Citizens' Policy Project (Montgomery, Alabama) ACPP Access Control Point Program ) program. The ACPP program consists of third-party module and software vendors who have established a significant presence in embedded and communications market segments. A conference call will be held on Monday, September 16, 2002, at 10:00 a.m. EDT EDT abbr. Eastern Daylight Time EDT Eastern Daylight Time EDT n abbr (US) (= Eastern Daylight Time) → hora de verano de Nueva York EDT to discuss the details of this announcement. All interested institutional investors can participate by dialing (888) 423-7081. The conference call will be available for all other investors simultaneously at (888) 701-8678. The conference ID number is 5683024. A digital recording will be available two hours after the completion of the conference call from September 16 to September 18, 2002. To access Encore, U.S./Canada participants should dial (800) 642-1687, and international/local participants should dial (706) 645-9291 and enter the conference ID 5683024. A live Webcast of the conference call will be available on the Performance Technologies Web site at www.pt.com. The Webcast will be archived to the site within two hours after the completion of the call. About Performance Technologies, Inc. Performance Technologies (NASDAQ:PTIX) is a global supplier of innovative, packet-based communications and networking equipment. With core competencies in embedded IP/Ethernet, wide area networking and SS7/IP interworking (standard) interworking - Systems or components, possibly from different origins, working together to perform some task. Interworking depends crucially on standards to define the interfaces between the components. , we offer both hardware and software solutions vital to existing and emerging networks. Our proven products for embedded switching, network access and SS7 network replacement offer cost-saving benefits and time-to-market advantages to companies developing telecom, enterprise and military applications. Performance Technologies is headquartered in Rochester, New York This article is about the city of Rochester in Monroe County. For the town in Ulster County, see Rochester, Ulster County, New York. Rochester, once known as The Flour City, and more recently as The Flower City or . Additional engineering facilities are located in San Diego, California “San Diego” redirects here. For other uses, see San Diego (disambiguation). San Diego is a coastal Southern California city located in the southwestern corner of the continental United States. As of 2006, the city has a population of 1,256,951. , and Ottawa, Canada. For more information about Performance Technologies, visit www.pt.com. Forward-Looking Statements The Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995 provides a "safe harbor" for certain forward-looking statements. This press release contains forward-looking statements which reflect the Company's current views with respect to future events and financial performance, within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934 and is subject to the safe harbor provisions of those Sections. These forward-looking statements are subject to certain risks and uncertainties and the Company's actual results could differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, among other factors, general business and economic conditions, rapid or unexpected changes in technologies, cancellation or delay of customer orders including those relating to design wins, changes in the product or customer mix of sales, delays in new product development, customer acceptance of new products and customer delays in qualification of products. These statements should be read in conjunction with the audited Consolidated Financial Statements Consolidated Financial Statements The combined financial statements of a parent company and its subsidiaries. Notes: Because consolidated financial statements present an aggregated look at the financial position of a parent and its subsidiaries, they enable you to gauge , the Notes thereto, and Management's Discussion and Analysis Management's discussion and analysis (MD&A) A report from management to shareholders that accompanies the firm's financial statements in the annual report. It explains the period's financial results and enables management to discuss topics that may not be apparent in the financial of Financial Condition and Results of Operations of the Company as of December 31, 2001, as reported in its Annual Report on Form 10-K and other documents as filed with the Securities and Exchange Commission. Note to Editors: Brand or product names are registered trademarks or trademarks of their respective holders. |
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