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EXHIBIT 99.1
TITAN PRESS RELEASE
TITAN ACQUISITION OF AVERSTAR CLOSES
SAN DIEGO, CA --JUNE 27, 2000 -- The Titan Corporation (NYSE: TTN) today
announced that the previously announced acquisition of AverStar, Inc. has
closed. The closing of the transaction followed a vote by AverStar shareholders
approving the transaction.
A technology rich company with a large intellectual property base, AverStar
provides information technology solutions to a broad and diversified customer
base comprised primarily of the Department of Defense and civilian federal
agencies. Key areas of focus include information assurance, information
operations, and network and information security. In addition to broadening and
strengthening Titan's government-related customer base, the AverStar acquisition
also provides Titan's technology incubator with two new businesses. The first
new business provides network, Internet and information security services and
will target commercial businesses seeking to detect and protect against network
intrusions as well as those seeking to conduct secure electronic communications
and transactions. The second provides web based e-business solutions and
e-business application development services to the financial industry.
Throughout the remainder of the year, Titan will be evaluating the market
opportunities for each of the businesses and the potential for creating
independent commercial business units.
Also today, Titan announced that the acquisition of SenCom, a privately held
information technology services company had also closed.
Headquartered in San Diego, California, The Titan Corporation is a diversified
technology company that creates, builds, and launches technology-based
businesses, offering innovative technical solutions. Three of Titan's four core
businesses develop and deploy communications and information technology
solutions and services. In addition, Titan markets the leading technology for
the electronic pasteurization of food products and is continually identifying
promising technologies suitable for commercialization. The company has 7,200
employees, annualized sales of approximately $800 million and total backlog in
excess of $2.0 billion.
"Safe Harbor" Statement under the Private Securities
Litigation Reform Act of 1995: The statements contained in this release which
are not historical facts, including our outlook on the future performance of our
core businesses and our growth strategies, are forward-looking statements that
are subject to risks and uncertainties that could cause actual results to differ
materially from those set forth in or implied by forward-looking statements.
These risks and uncertainties include the Company's entry into new commercial
businesses, dependence on continued funding of U.S. Department of Defense
programs, government contract procurement and termination risks, risks
associated with acquiring other companies, including integration risks, and
other risks described in the Company's Securities and Exchange Commission
filings.
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MEDIA CONTACT: WIL WILLIAMS, VICE PRESIDENT CORPORATE COMMUNICATIONS
(858) 552-9724 OR [email protected]
INVESTOR RELATIONS CONTACT: ROCHELLE BOLD, VICE PRESIDENT INVESTOR RELATIONS
(858) 552-9400 OR [email protected]
IF YOU WOULD LIKE TO RECEIVE PRESS RELEASES VIA ELECTRONIC MAIL,
PLEASE CONTACT [email protected]
PRESS RELEASES AND OTHER TITAN INFORMATION ARE AVAILABLE ON
THE TITAN CORPORATION'S
WORLD WIDE WEB SITE: http://www.titan.com/
