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EXHIBIT 99.1
Somera Acquires MSI Communications -- Strengthens Data Networking and ISP
Support Strategy
SANTA BARBARA, Calif.--Oct. 17, 2000--Somera Communications (Nasdaq:SMRA -
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news), a leading global provider of telecommunications infrastructure equipment
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and support services, announced today that it has acquired MSI Communications,
Inc. (MSI), a privately-held data networking equipment and services company.
Under the terms of the acquisition, Somera will pay approximately $16 million,
comprising $10 million in cash at closing and the balance in stock subject to
certain requirements.
Based in New Jersey, MSI specializes in Internet Protocol (IP) and
data networking solutions to the Internet Service Provider (ISP),
telecommunications carrier, and private network market segments. The business
supplies new and de-installed data networking equipment solutions from
manufacturers like Cisco Systems, Lucent/Ascend, Nortel, and Alcatel/Newbridge.
Other MSI solutions include network integration and maintenance. Founded in
1988, MSI has built a reputation on providing "best of class" solutions and
employs approximately 45 people.
"Our acquisition strategy is to identify companies that give us
access to a broader selection of equipment, enhance our technical capabilities,
and provide a channel to new markets," said Dan Firestone, Chairman and CEO for
Somera Communications. "MSI meets our criteria by expanding our data networking
product availability and expertise, becoming our primary channel to serve ISPs,
Application Service Providers (ASPs), and web hosting and management companies."
"We intend to leverage MSI's existing momentum by offering their current
customer base access to Somera's complete equipment and service solutions.
Additionally, we will utilize MSI's equipment availability and expertise to
further support Somera's traditional carrier customers' data networking
requirements," continued Firestone.
"We are delighted to be joining forces with the clear leader in
telecommunications infrastructure support services," added Vince Addesa, CEO
for MSI. "Somera and MSI share common values and the commitment to offer
service providers with the most comprehensive solutions and value that enable
them to build, expand and maintain their networks faster and more cost-
effectively. The combination of our two companies strengthens our ability to
deliver a broader range of services and the resources to meet the infrastructure
needs of the rapidly expanding data networking, ISP and telecom carrier
segments."
About MSI Communications
MSI provides network solutions to the ISP, telecommunication carrier and private
network market segments. MSI specializes in servicing the entire network at all
levels: WAN, LAN, voice and data, enterprise management, client/server, internet
and intranet. MSI is a worldwide supplier of new, refurbished, and used data
networking equipment and maintains certified reseller partnerships with Cisco
Systems, Nortel Networks, Alcatel/Newbridge, and Lucent/Ascend. MSI also offers
network integration services and e-business infrastructure solutions.
About Somera Communications
As a leading global provider of telecommunications equipment and support
services, Somera configures, engineers, and deploys wireless, wireline and data
networking solutions that enable carriers to build, expand, and maintain their
networks faster and more cost-effectively. Somera is vendor independent and
offers a broad range of infrastructure solutions from over 250 manufacturers.
With Somera OneSource(SM) Services, the company provides a complete suite of
services for Materials Management, Technical Support and Asset Recovery. Founded
in 1995, Somera has grown to more than 200 employees and developed an impressive
base of world-class customers, including the industry leaders from each segment
of the telecommunications market. Somera was recently ranked as the second
"Hottest Growth Company" by BusinessWeek. In the first half of 2000, Somera
reported record revenues of $91.9 million, a 74% increase over the same period
last year. Visit Somera on the web at www.somera.com
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Except for historical and present factual information contained
herein, the matters discussed in this news release, including statements as to
the expected benefits of the acquisition, are "forward-looking statements"
within the meaning of the "safe harbor" provisions of the Private Securities
Litigation Reform Act
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of 1995. These statements are subject to risks and uncertainties that may cause
actual results to differ materially from expected results. Readers are referred
to the documents filed by Somera with the Securities and Exchange Commission,
specifically, Somera's reports filed on Form 10-K and 10-Q, which identify
important risk factors that could cause actual results to differ from those
contained in the forward-looking statements. Copies of Somera's SEC filings may
be obtained by contacting Kelly Delany, Somera Communications, at 1-805-681-
3322, ext. 384.
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Contact:
Somera Communications
Kelly Delany, 805/681-3322, ext. 384
[email protected]
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www.somera.com
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