EXHIBIT 99.1
[GRAPHIC OMITTED]
TECH-SYM CORPORATION
10500 WESTOFFICE DRIVE, SUITE 200
HOUSTON TX 77042-5391
For more information contact:
Robert B. McKeon,
The Veritas Capital Fund, L.P.Telephone
(212) 688-0020
J. Michael Camp
Tech-Sym Corporation
713-785-7790
FOR IMMEDIATE RELEASE
MORGEN-WALKE ASSOCIATES
Investors: Robert P. Jones/
Stephanie Prince
Media Contact: Rob Ingram/
Amy Sikorski
212-850-5600
VERITAS CAPITAL TO ACQUIRE
TECH-SYM CORPORATION FOR $30.00 PER SHARE
Houston, Texas, June 27, 2000: The Veritas Capital Fund, L.P., a New York based
investment firm, agreed today to acquire, through its portfolio company
Integrated Defense Technologies, Inc., the Tech-Sym Corporation (NYSE:TSY) for
$30.00 per share in cash, which represents a total purchase price of
approximately $182 million.
Tech-Sym, headquartered in Houston, Texas, is the parent company of:
o Metric Systems Corporation, a high technology designer and manufacturer of
airborne training systems and shipboard electronics and mechanical systems
for defense applications, located in Fort Walton Beach, Florida;
o TRAK Communications, Inc., a developer and manufacturer of advanced
materials, components and sub-systems for the wireless telecommunications
industry, headquartered in Tampa, Florida, with facilities in Hagerstown,
Maryland, Chatsworth, California, and Dundee, Scotland;
o Continental Electronics Corporation, a designer and manufacturer of radio
frequency transmitters, based in Dallas, Texas; and
o Enterprise Electronics Corporation, the leading manufacturer of weather
information systems based on high-performance Doppler radar, located in
Enterprise, Alabama.
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Tech-Sym also owns a majority interest in CrossLink, Inc., an Internet-centric
information service provider located in Boulder, Colorado. CrossLink has
developed and is completing market trials of cost effective mobile asset
tracking solutions delivered via the Internet and wireless and satellite
communications.
Tech-Sym had sales in 1999 of $178.8 million with 1,620 employees worldwide.
Veritas has advised Tech-Sym that it anticipates that no changes in management
or employment will occur as a result of the acquisition. The transaction is
subject to regulatory approval and Tech-Sym shareholder approval. The
transaction is expected to close in the third quarter.
"To conclude our efforts to increase shareholder value with Veritas Capital is
doubly exciting," said Michael Camp, Chairman and President of Tech-Sym. "First,
we believe the agreement represents an excellent value to our shareholders.
Second, the management team views the agreement as a major opportunity to
collaborate with Veritas and its portfolio companies to accelerate the excellent
progress we've made during the past two years of restructuring."
Robert B. McKeon, President of Veritas said, "We are pleased to be associated
with the Tech-Sym Corporation team and are excited about the opportunity to
acquire this business on behalf of our Fund and its investors. Our plan is to
grow the company through internal development as well as acquisitions, with the
goal of doubling sales in the next two years."
The Veritas Capital Fund, L.P. is a private investment firm based in New York
whose portfolio investments include Integrated Defense Technologies, Inc., (PEI
Electronics, based in Huntsville, Alabama, Sierra Research, based in Buffalo,
New York, Zeta Technologies, based in San Jose, California, and Excalibur
Systems Limited, based in Ontario, Canada), Worthington Precision Metals, Inc.,
based in Mentor, Ohio, Baltimore Marine Industries, Inc., based in Baltimore,
Maryland and Republic Technologies International, Inc., the largest SBQ steel
manufacturer in the U.S., based in Akron, Ohio.
Tech-Sym Corporation is a high technology company that designs, develops and
manufactures electronic systems and components used in diverse markets including
communications, defense systems and weather information systems.
FORWARD-LOOKING STATEMENTS IN THIS RELEASE ARE MADE PURSUANT TO THE SAFE HARBOR
PROVISIONS OF THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995. INVESTORS
ARE CAUTIONED THAT ALL FORWARD-LOOKING STATEMENTS INVOLVE RISKS AND
UNCERTAINTIES, INCLUDING, WITHOUT LIMITATION, RISKS ASSOCIATED WITH THE
UNCERTAINTY OF MARKET ACCEPTANCE OF THE COMPANY'S PRODUCTS, LIMITED NUMBER OF
CUSTOMERS, AS WELL AS RISKS OF DOWNTURNS IN ECONOMIC CONDITIONS GENERALLY, RISKS
ASSOCIATED WITH COMPETITION AND COMPETITIVE PRICING PRESSURES, RISKS ASSOCIATED
WITH THE COMPLETION OF THE MERGER AGREEMENT, AND OTHER RISKS DETAILED IN THE
COMPANY'S FILINGS WITH THE SECURITIES AND EXCHANGE COMMISSION.
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