TESSCO Acquires Wireless Training Provider.Acquisition Advances TESSCO's Goal of Becoming The Total Source of Wireless Education ProgramsHUNT VALLEY, Md. -- TESSCO Technologies Incorporated (Nasdaq: TESS TESS Trademark Electronic Search System (US Patent and Trademark Office) TESS Texas Excavation Safety System TESS The Exponential Security System (RFC 1824) TESS Toxic Exposure Surveillance System ), a value-added val·ue-add·ed adj. Of or relating to the estimated value that is added to a product or material at each stage of its manufacture or distribution: supplier of the product solutions needed to build, operate, and use wireless systems, today announced the acquisition of NetForce Solutions, Inc., a provider of technical and sales training solutions to the wireless, telecommunications Communicating information, including data, text, pictures, voice and video over long distance. See communications. , and networking industries. The purchase includes substantially all non-cash business assets for an initial cash payment and additional contingent cash earn-out Earn-out Refers to an additional payment in a merger or acquisition that is not part of the original acquisition cost, which is based on the acquired company's future earnings relative to a level determined by the merger agreement. payments over a four-year period. NetForce will be integrated into the TESSCO Training Business Unit which also includes the recently acquired GigaWave Technologies' business. Today, the two NetForce founders, seven trainers, and numerous training contractors, produce and deliver more than 50 courses and numerous customized programs. As a result, TESSCO's ability to provide for the significant increase in demand for technical and sales training solutions in wireless and telecommunications will be greatly enhanced. TESSCO's comprehensive training offerings include standard and custom courses delivered through hands-on, instructor-led training in areas such as: test equipment, fiber optics fiber optics, transmission of digitized messages or information by light pulses along hair-thin glass fibers. Each fiber is surrounded by a cladding having a high index of refractance so that the light is internally reflected and travels the length of the fiber , IP-based services, WLAN See wireless LAN. WLAN - wireless local area network , broadband broadband Term describing the radiation from a source that produces a broad, continuous spectrum of frequencies (contrasted with a laser, which produces a single frequency or very narrow range of frequencies). , retail sales, and next-generation wireless. TESSCO Chairman, 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. Robert B. Barnhill, commented, "We are pleased to have NetForce's experienced founders and capable educators as part of the TESSCO team and we think that there is a great opportunity to significantly scale the business as a combined entity. Education and training have become increasingly important to our customers as they strive to improve their speed to market, productivity and quality. The acquisition of NetForce is another step towards becoming Your Total Source for learning, and we expect NetForce to contribute positive earnings and cash flows this fiscal year." NetForce's unaudited revenues for calendar 2006 were less than 1% of TESSCO's total revenue. About TESSCO TESSCO Technologies Incorporated is a value-added supplier of the product solutions needed to design, build, run, maintain and use wireless systems. TESSCO is committed to delivering, fast and complete, the product needs of wireless system operators, program managers, contractors, resellers, and self-maintained utility, transportation, enterprise and government organizations. As Your Total Source([R]) supplier of mobile and fixed-wireless network infrastructure products, mobile devices and accessories, and installation, test and maintenance equipment and supplies, TESSCO assures customers of on-time availability, while streamlining their supply chain process and lowering inventories and total costs. To learn more, please visit TESSCO.com. About NetForce Solutions Founded in October 2000, NetForce Solutions, Inc. is a privately held Virginia Virginia, state, United States Virginia, state of the south-central United States. It is bordered by the Atlantic Ocean (E), North Carolina and Tennessee (S), Kentucky and West Virginia (W), and Maryland and the District of Columbia (N and NE). corporation. NetForce is a complete training and consulting company Noun 1. consulting company - a firm of experts providing professional advice to an organization for a fee consulting firm business firm, firm, house - the members of a business organization that owns or operates one or more establishments; "he worked for a focused in the telecommunications and networking industries. NetForce partners with their customers by building strong relationships, and providing them with custom solutions, and follow-up follow-up, n the process of monitoring the progress of a patient after a period of active treatment. follow-up subsequent. follow-up plan support that helps ensure success. To learn more, please visit www.netforcesolutions.com. About GigaWave Technologies GigaWave Technologies, a division of TESSCO, is the leading provider of innovative training services and curriculum development for the dynamic Wireless Local Area Network (WLAN) industry. Services include hands-on, instructor-led training and curriculum development. GigaWave has the expertise to thoroughly train IT professionals who need to know how to design, install and secure WLAN technologies. Forward-Looking Statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. This press release may contain "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act as amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. . These forward-looking statements may generally be identified by the use of the words "may," "will," "expects," "anticipates," "believes," "estimates," and similar expressions, and involve a number of risks and uncertainties. For a variety of reasons, actual results may differ materially from those described in or contemplated by any such forward-looking statement. Consequently, the reader is cautioned to consider all forward-looking statements in light of the risks to which they are subject. Without limiting the foregoing, the statements in this press release regarding TESSCO acquiring the business assets of NetForce, TESSCO's ability to benefit from the acquisition and the acquired business and relationship assets, and any implication as to possible contributions to TESSCO's revenues resulting from the acquisition are "forward-looking statements" within the meaning of Section 21E of the Securities Exchange Act as amended. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the forward-looking statement as a result of a number of factors, including the risks that any expected benefits from the acquisition may not be realized, as well as all other risks to which our business and operating results are generally subject. We are not able to identify or control all circumstances CIRCUMSTANCES, evidence. The particulars which accompany a fact. 2. The facts proved are either possible or impossible, ordinary and probable, or extraordinary and improbable, recent or ancient; they may have happened near us, or afar off; they are public or that could occur in the future that may adversely affect our business and operating results. Included among the risks that could lead to a materially adverse impact on our business or operating results are the termination or non-renewal of limited duration agreements or arrangements with our vendors and affinity partners which are typically terminable ter·mi·na·ble adj. 1. Possible to terminate: terminable activities; terminable employees. 2. Terminating after a designated date: a terminable annuity. by either party upon several months notice; loss of significant customers or relationships, including affinity relationships; loss of customers either directly or indirectly as a result of consolidation among large wireless service carriers and others within the wireless communications wireless communications System using radio-frequency, infrared, microwave, or other types of electromagnetic or acoustic waves in place of wires, cables, or fibre optics to transmit signals or data. industry; the strength of the customers', vendors' and affinity partners' business; economic conditions that may impact customers' ability to fund purchase of our products and services; our dependence on a relatively small number of suppliers and vendors, which could hamper our ability to maintain appropriate inventory levels and meet customer demand; failure of our information technology system or distribution system; technology changes in the wireless communications industry, which could lead to significant inventory obsolescence ob·so·les·cent adj. 1. Being in the process of passing out of use or usefulness; becoming obsolete. 2. Biology Gradually disappearing; imperfectly or only slightly developed. and/or our inability to offer key products that our customers demand; third-party freight carrier interruption INTERRUPTION. The effect of some act or circumstance which stops the course of a prescription or act of limitation's. 2. Interruption of the use of a thing is natural or civil. ; increased competition from competitors, including manufacturers or national and regional distributors of the products we sell and the absence of significant barriers to entry which could result in pricing and other pressures on profitability and market share; the possibility that, for unforeseen reasons, we may be delayed in entering into or performing, or may fail to enter into or perform, anticipated contracts or may otherwise be delayed in realizing or fail to realize anticipated revenues or anticipated savings; and inability to protect certain intellectual property, including systems and technologies on which we rely. TESSCO does not undertake any obligation to update forward-looking or other statements in this release. |
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