REVENUE GROWTH EXPECTED FOR HIGH POWER AMPLIFIER GROUP
Lancaster, PA, October 16, 2000 – Herley Industries, Inc. (NASDAQ: HRLY), announced today that it has completed the acquisition of American Microwave Technology (AMT) for cash. AMT develops and designs custom high power radio frequency (RF) and microwave products for medical resonance imaging (MRI-used for medical diagnosis) and nuclear magnetic resonance (NMR-used for human genome research) systems.
“We are very excited about AMT’s future growth prospects. The synergies of this acquisition with our Power Amplifier Systems operation in New York will make Herley a significant company in the high power amplifier field”, said John M. Kelley, Senior Vice President of Herley.
Kelley continued, “With Herley providing additional marketing and engineering resources, AMT will now begin to aggressively pursue additional opportunities in the medical markets. These additional resources are expected to drive AMT’s revenue growth in excess of its previous goal of 15% in 2001″.
“The combined resources of AMT and Herley Power Amplifier Systems will strengthen Herley’s position as a leader in high power amplifier technology. We have strong engineering capabilities and will leverage our expertise and expand our presence in the defense, commercial wireless and medical and scientific high power amplifier markets”, said Kelley.
“Within the next five months we will move production to our Lancaster, PA facility, lowering overhead and creating cost efficiencies. AMT will continue to have an engineering and marketing presence in Southern California”, said Kelley.
Herley Industries, Inc. is a global leader in the design, development and manufacture of complex microwave solutions for the commercial wireless and defense industries. Based in Lancaster, PA, Herley has five manufacturing facilities and approximately 600 employees worldwide. Additional information about the company can be found on the Internet at www.herley.com
DecisionPoint is a global leader in M&A advisory services for middle-market technology companies in the services, software, and communication sectors. For additional information on DecisionPoint, visit www.DecisionPointINT.com.
For further information, contact: Doug Ellis, Managing Partner; (704) 916-9070; DEllis@DecisionPointINT.com.