SBS ANNOUNCES ACQUISITION OF IWL COMMUNICATIONS, INC.
ALBUQUERQUE, N.M., Oct. 18 /PRNewswire/ -- SBS Engineering, Inc. (NASDAQ: SBSE), a designer and producer of flight simulation systems for major aerospace contractors, the United States Government and foreign governments, today announced the signing of a letter of intent to acquire IWL Communications, Inc. IWL Communications, Inc., founded in 1980 and based in Houston, is a supplier of radio, microwave and satellite communications systems to the petroleum industry worldwide. IWL Communications, Inc. also is a systems integrator of communication products. "IWL will now be able to expand its business base by the addition of real-time computer and control systems provided by SBS," said Ignatius W. Leonards, president and founder of IWL. "We believe we can substantially increase the capabilities of our systems and therefore the value to our customers," Leonards continued. "The addition of IWL Communications, Inc. into the family of SBS Engineering's businesses provides SBS substantial entry into commercial markets and real diversification from our Department of Defense business base," said Andrew C. Cruce, Ph.D., chairman of SBS Engineering, Inc. "We believe there is substantial capability to further develop the telemetry market served by our Berg Systems International, Inc. subsidiary with the addition of IWL Communications, Inc.," Cruce continued. "IWL Communications, Inc. is expected to add approximately $12 million in annual revenues. SBS closed fiscal year 1993 in June with approximately $19 million in revenues," Cruce said. The closing of the acquisition, which is expected to occur before Jan. 1, 1994, is subject to the negotiation of a definitive purchase agreement between the parties. Other terms of the acquisition were not announced. SBS Engineering common stock is traded on NASDAQ under the symbol SBSE and on the Boston Stock Exchange under the symbol SSE. -0- 10/18/93 /CONTACT: Chris Amenson, investor relations, 505-345-5353/ (SBSE)
CO: SBS Engineering Inc.; IWL Communications Inc. ST: New Mexico, Texas IN: CPR TLS SU: TNM
LS-LS -- SD003 -- 3200 10/18/93 09:03 EDT
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|Date:||Oct 18, 1993|
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