SBS Technologies Acquires Assets of InfiniBand(R) Solution Company
SBS Technologies(R) (Nasdaq: SBSE), a leading provider of embedded solutions utilizing the latest technologies, today announced it has completed the acquisition of certain assets of Essential Communications, a division of publicly held Intrusion Inc. (Nasdaq: INTZ) of Richardson, TX. Founded in 1992, Essential develops and is currently delivering early stage InfiniBand products. SBS will utilize Essential's InfiniBand product expertise and industry relationships to build on its current InfiniBand efforts in the enterprise server and storage markets. The market for InfiniBand products is expected to grow significantly over the next few years. According to IDC, the number of InfiniBand dedicated server ports is expected to grow from nearly 14.7 thousand ports in 2002 to more than 7.7 million ports in 2005. Essential is one of only a handful of early-to-market companies to introduce InfiniBand solutions. "Essential brings products and knowledge that will further advance SBS' development of next generation technologies and complement SBS' existing portfolio of products," said Grahame Rance, Chairman and CEO of SBS Technologies, Inc. "This strategic acquisition positions SBS to become a market leader in the high speed connectivity products arena and allows us to meet the performance needs of our customers." The purchase price for the acquired assets was $1.0 million, paid in cash at closing. The asset acquisition is expected to result in accretion in CY2002. This business will operate under and become part of SBS' Commercial Group. According to Dave Greig, President of the SBS' Commercial Group, "In connection with the Essential asset acquisition, SBS will hire certain core employees, including a talented team of hardware and software engineers." Essential's operations will be integrated into SBS' facilities in Albuquerque, New Mexico. The transaction was negotiated by SBS' internal mergers and acquisitions team. "This asset acquisition is in line with SBS' investment criteria to expand our technology offerings, broaden our customer base and further develop our software expertise," states Rod Yates, head of Mergers & Acquisitions. About SBS Technologies SBS Technologies, Inc., (Nasdaq: SBSE) founded in 1986, designs and builds open architecture embedded computer products that enable original equipment manufacturers to serve the commercial, communication and government markets. SBS products are integrated into a variety of applications including communication networking, medical imaging, industrial automation, and military systems. The portfolio includes an extensive line of CPU boards, computer interconnections, avionics, telemetry, and fully integrated systems and enclosures. Headquartered in Carlsbad, California, SBS has locations in Massachusetts, Minnesota, New Mexico, North Carolina, Wisconsin, and Germany. More information on SBS is available at www.sbs.com. Statements in this press release regarding SBS Technologies, Inc. and its business that are not historical facts are "forward-looking statements," including explicit statements regarding product availability and applications, and implicit suggestions regarding the market potential of our business and expectations of future orders. These forward-looking statements involve risks and uncertainties and their accuracy cannot be guaranteed. For information about risks and uncertainties that could affect the accuracy of the forward-looking statements, please refer to SBS Technologies' filings with the SEC, including SBS' Annual Report on Form 10-K. CONTACT: Liz Laats, Media Relations, +1-760-602-2575, firstname.lastname@example.org of SBS Technologies, Inc.