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Exhibit 99.1
FOR IMMEDIATE RELEASE
CONTACT:
Richard Soloway, President Stephen D. Axelrod, CFA
Kevin S. Buchel, Senior VP Denise Ford (media)
NAPCO Security Systems, Inc. Wolfe Axelrod Weinberger Assoc. LLC
(516) 842-9400 ext. 120 (212) 370-4500, (212) 370-4505 fax
http://www.wolfeaxelrod.com
NAPCO SECURITY SYSTEMS, INC. ANNOUNCES THE ACQUISITION OF CONTINENTAL
INSTRUMENTS LLC, A DEVELOPER AND MARKETER OF PC BASED ACCESS CONTROL SYSTEMS
AND SOFTWARE
Acquisition Expected to Add Over $5 Million to Yearly Revenues and be Accretive
to Per Share Results -
Amityville, NY - July 28, 2000 -- Napco Security Systems Inc. (Nasdaq: NSSC)
today announced the acquisition of Continental Instruments LLC - a move that
further strengthens Napco's comprehensive security product lines.
Continental Instruments, a long-established privately held company, is located
in Edgewood, NY. Continental develops and markets industry leading Access
Control and Security Management Systems and products to the commercial and
industrial marketplaces. Yearly revenue exceeds $5 million and it is
anticipated that the acquisition will be accretive to Napco's per share
results. Specific terms of the agreement were not disclosed.
Richard Soloway, Napco's President and CEO said, "This acquisition underscores
Napco's commitment to its customers and shareholders by offering enhanced
growth opportunities through new product introductions and strategic
acquisitions. We believe that Napco and its employees, customers and
shareholders will benefit from the increased research and development and
diversification into new markets that Continental offers us. Continental is
the perfect addition to our broad range of electronic security systems and will
help us advance our leadership position in providing cutting-edge electronic
security technology and solutions to our customers."
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Mr. Soloway added, "The access control segment of the security industry is a
multi-billion dollar market and is probably the fastest growing segment in the
security industry. The Continental acquisition is part of our strategy to
further diversify Napco within the $20 billion-dollar worldwide security
industry. The Continental product line should create synergies with all
aspects of the Napco Security Group especially our Alarm Lock subsidiary.
Continental will operate as a division within the Napco Security Group."
John Banks, President of Continental said, "We are delighted to be part of the
Napco group and believe it will enhance our opportunity for long-term growth.
Being part of the Napco group provides Continental with increased distribution,
market penetration and strengthens the research and development capabilities of
both companies. Napco's proven commitment to research and development, as well
as its global distribution capabilities, fit perfectly with Continental's
strategic positioning of our new line of Enterprise Class Security Solutions."
The new team of Napco and Continental will strengthen our ability to support
our growing network of dealers and system integrators with quality customer
service and innovative security systems and products."
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Napco Security Systems, Inc. is one of the world's leading manufacturers of
technologically advanced electronic security equipment including burglary and
fire alarm systems, access control products and security hardware. The
Company's products, including those of Alarm Lock Systems, Inc., feature some
of the most popular and best-selling control panels, sensors and locking
devices. They are used in residential, commercial, institutional and
industrial applications.
Napco security products have earned a reputation for technical excellence,
reliability and innovation, poising the Company for continued revenue growth in
the rapidly expanding electronic security market -- a market that has increased
at a rate of approximately 7% annually since 1991 and now exceeds $20 billion.
For more information on Napco and Continental, please visit the company's web
sites at: www.napcosecurity.com www.cicaccess.com
This press release contains forward-looking statements that involve numerous
risks and uncertainties. Actual results, performance or achievements could
differ materially from those anticipated in such forward looking statements as
a result of certain factors, including those set forth in the Company's filings
with the Securities and Exchange Commission.
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