Cryptek Technologies provides customers with a variety of 'ultra' secure hardware and network solutions including TEMPEST, Military rugged and secure network access under the SST, ION, EMCON company names. These industry leading offerings are sold to governments and other international organisations that require the highest possible level of security in the areas of TEMPEST, rugged Military electronics, identity validation, network access management, network intrusion prevention, and secure encrypted fax, computers and telephones. As a global business with operations in the United States, Canada and the UK, Cryptek counts some of the world's largest military, government and intelligence agencies as customers.
As part of API Technologies Corp. these businesses will operate as the newly formed API Cryptek Inc. with Mr. William Anderson serving as president of API Cryptek. As CEO of Cryptek from 2005-2008 Mr. Anderson was instrumental in growing Cryptek into a leader in its industry, generating in excess of $30 million in annual revenue. In his role Mr. Anderson will report directly to Stephen Pudles, CEO of API and expects no disruption in business operations.
Management considers this acquisition highly synergistic as 80-90% of both company's revenues are derived from government and military customers and there are tremendous opportunities to cross market API's broad networking and communications product offerings. This is regarded as the initial transaction in a larger strategic plan to position API as a leading global military supplier and customer solutions technology company.
This acquisition moves API Nanotechnology upstream as a top-tier designer and manufacturer of systems and subsystems for some of the world's largest companies and government agencies. As a significantly larger company, API will continue to pursue complimentary acquisitions and accelerate internal product development.
Stephen B. Pudles, Chief Executive Officer of API Technologies Corp., said, "This is a tremendous acquisition for API's customers, shareholders and employees. As part of API we believe Cryptek Companies will quickly generate growth and as a larger company API Technologies Corp will be in a strong position to support internal product development in a variety of new areas."
William Anderson, President of API Cryptek Inc., said, "I am extremely excited about the opportunity to lead API Cryptek through a new phase of growth with the support of a strong parent company like API Technologies Corp. I believe this is a very powerful combination and decidedly positive for our employees and customers."
API Technologies Corp., through its wholly owned subsidiaries API Cryptek Inc., EMCON Emanation Control Ltd., Ion Network Solutions, Secure Systems & Technologies Ltd, API Electronics Inc., National Hybrid Inc., Filtran Group, TM Systems, Keytronics and API Nanofabrication Corporation, is engaged in the manufacture of electronic systems and components for the defence and communications industries.
API Technologies Corp. is also developing a leadership position in the R&D and manufacture of nanotechnology and MEMS products. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, L-3 Communications, Rockwell Collins, Raytheon, ITT and numerous other top technology-based firms around the world, API regularly ships products to clients in more than 34 countries.
API Technologies Corp. owns state-of-the-art manufacturing and technology centres in New York, New Jersey, Virginia, Gloucester, UK and Ontario, Canada. API Technologies Corp trades on the OTC Bulletin Board under the symbol APIA. For further information, please visit the company website at www.apinanotronics.com and also at www.cryptek.com.
Established in 2002 as the product of two synergistic organisations, Secure Computer Systems Ltd and Secure Systems Production Ltd, SST operates to ISO 9001 standards. Its comprehensive service set includes a dedicated engineering and test division, matched by consultancy and training facilities, majoring on COMSEC and EMSEC requirements.
SST's emphasis is on providing state of the art solutions from concept to deployment, with its design and development facilities backed up by a specialist service organisation. Combined with dynamic Service Partner Agreements, SST maintains full service coverage across the European and NATO theatres.
SST's success is substantially based on its long-standing ability to deliver a complete end-to-end service. This is achieved by working in partnership with its customers, major prime contractors and global IT product leaders – identifying and adapting current technologies, and creating individual solutions that meet a project's stringent requirements for data security.
A critical element of SST's philosophy involves managing obsolescence effectively, ensuring that customers receive lifetime product support. SST employs a high percentage of skilled staff comprising Subject Matter Experts, highly qualified consultant engineers, designers and expert technicians, operating from a purpose-built facility on the outskirts of Gloucester .
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, which are more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits, our ability to protect our intellectual property, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the effect of growth on our infrastructure and the effect of competition in the electronic components, nano-optics and nanotechnology industries. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations.