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L-3 Communications Acquires BEAMHIT, LLC
(May 17, 2004)--
Business Wire
NEW YORK (BUSINESS WIRE), L-3 Communications (NYSE: LLL) announced today that on May 13, 2004 it acquired substantially all the assets of BEAMHIT, LLC, for $40 million in cash paid at closing, plus potential additional consideration, that is contingent on the post-acquisition financial performance of BEAMHIT, LLC for 2004 to 2007. The acquisition is expected to be slightly accretive to L-3 Communications' results for 2004, and will be part of the L-3 MPRI operating group.
Located in Columbia, Maryland, BEAMHIT, LLC is a leading developer and supplier of laser marksmanship training systems. These systems are in regular use today by all U.S. military services, most federal law enforcement agencies and large numbers of state, local, international police and security organizations.
"BEAMHIT, LLC adds a series of important new products to our expanding role in readiness training and simulation products and services, which already includes training aircrews, navigators, mission operators, gunners and others for virtually any aerial or ground platform," said Frank C. Lanza, chairman and chief executive officer of L-3 Communications. "This growing company has become a leader in small arms marksmanship training after only seven years as a business," continued Mr. Lanza. "It is a good example of how a small entrepreneurial company can set a new standard in defense technology, specifically in small arms positive training."
BEAMHIT, LLC has developed a number of state-of-the-art small arms marksmanship readiness tools enabling users to practice their shooting skills with their own service weapons -- without live fire, having to go to a range, or depleting their ammunition. The training is very realistic, as employing the actual weapon also allows the user to experience the sounds and recoil when it is fired. The laser-based training experience can include weapons from handguns through machine guns, and can be scored for accuracy automatically on a personal computer. This system also works effectively against virtual reality targets in urban warfare as well as security roles.
"We are confident that there is a growing and necessary market in the DoD for simulation and training to assist our forces in maintaining readiness at affordable cost," continued Mr. Lanza. "The DoD is increasingly focused on systems that can save money and time, and that can be networked together and provide positive training. BEAMHIT's portable, scaleable and deployable systems are leaders in the application of this type of technology to small arms."
One of its key products -- the BEAMHIT(TM) Laser Marksmanship Training System (LMTS) sets a new standard in realistic handgun, rifle and machine gun training. The LMTS is a projectile-less modular system allowing soldiers to use their own service weapon and train in any classroom, maintenance bay or other suitable open space as requirements dictate. No special facilities, utilities or support is required. For two consecutive years, it achieved record-setting performance at West Point, demonstrating that training time and ammunition can be saved with this marksmanship system.
BEAMHIT's new Distance Learning Marksmanship Training System will be launched in June at a U.S. Army Reserve location in Rhode Island. Through the use of the Internet, the U.S. Army Reserve can put master instructors online from a single location to help soldiers anywhere in the world successfully meet the high standards of small marksmanship instruction. This system can serve as global link for military forces to enhance and maintain readiness.
Headquartered in New York City, L-3 Communications is a leading provider of Intelligence, Surveillance and Reconnaissance (ISR) systems, secure communications systems, aircraft modernization, training and government services and is a merchant supplier of a broad array of high technology products. Its customers include the Department of Defense, Department of Homeland Security, selected U.S. Government intelligence agencies and aerospace prime contractors.
To learn more about L-3 Communications, please visit the company's web site at www.L-3Com.com.
SAFE HARBOR STATEMENT UNDER THE PRIVATE SECURITIES LITIGATION REFORM ACT OF 1995
Except for historical information contained herein, the matters set forth in this news release are forward-looking statements. The forward-looking statements set forth above involve a number of risks and uncertainties that could cause actual results to differ materially from any such statement, including the risks and uncertainties discussed in the company's Safe Harbor Compliance Statement for Forward-looking Statements included in the company's recent filings, including Forms 10-K and 10-Q, with the Securities and Exchange Commission. The forward-looking statements speak only as of the date made, and the company undertakes no obligation to update these forward-looking statements.
--30--IS/ny*
CONTACT:
L-3 Communications
Cynthia Swain, 212-697-1111
or
Financial Dynamics
Investors:
Eric Boyriven / Olivia Pirovano, 212-850-5600
Media:
Evan Goetz, 212-850-5600
KEYWORD: NEW YORK
INDUSTRY KEYWORD: SOFTWARE GOVERNMENT AEROSPACE/DEFENSE
MERGERS/ACQ
SOURCE: L-3 Communications
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