Combined Business to Be Aligned Into Products and Solutions Divisions
Key Management Changes Announced
OXNARD, Calif., April 12 /PRNewswire-FirstCall/ -- California Amplifier,
Inc. (Nasdaq: CAMP) announced today that it has completed the merger with
Vytek Corporation. Vytek is a provider of hardware and software solutions and
services that enable wireless and wireline access to information and media
content.
Under the terms of the merger agreement that was announced on December 23,
2003, California Amplifier issued approximately 8.2 million shares of common
stock to acquire Vytek, with a purchase price valuation of approximately
$92 million.
Ira Coron, Chairman of California Amplifier, stated: "The Vytek merger
represents a major step in meeting the long term strategic objectives of
California Amplifier to expand our Company into growth markets with higher
margin potential. The combined company should benefit from an increase in
served available markets, a broadening of the customer base and increased
technology resources. It's a good fit."
California Amplifier's existing Satellite business unit and the legacy
products portion of the existing Wireless Access business unit will be
combined to form the new Products Division. Patrick Hutchins, formerly
California Amplifier's Vice President of Operations, has been appointed
President of the Products Division.
The newly acquired business of Vytek will operate as the California
Amplifier's Solutions Division. Tracy Trent, formerly Chief Operating Officer
of Vytek, has been appointed President of the Solutions Division.
"These appointments bring together the right mix of talent and expertise
and establish a structure that supports our growth as we transition to a new
era," said Fred Sturm, California Amplifier's Chief Executive Officer. "Both
Tracy and Pat are experienced and proven leaders. Each will play a critical
role in expanding California Amplifier's technology, service and product
offerings and positioning the Company to anticipate and address the future
needs of our customers and the markets we serve."
Prior to his role as COO of Vytek, Mr. Trent served as CEO of Stellcom, a
leader in the development and deployment of mobile computing technologies,
services and solutions for enterprises and technology providers. Stellcom was
acquired by Vytek in April 2003. Mr. Trent also served in senior executive
roles from 1993 to 2000 at SAIC where he established and managed several
technology divisions including the Automotive Network Exchange (ANX) and the
Health Solutions organization. Before joining SAIC, Mr. Trent held business
development roles at Digital Equipment Corporation and Sun Microsystems. He
holds a Master's degree in Management of Technology from MIT's Sloan School of
Management.
Mr. Hutchins joined California Amplifier in 2001 and has played a key role
in maintaining and building upon California Amplifier's strong industry
reputation as a world class supplier of RF-based reception and transmission
products. From 1997 until 2001, Mr. Hutchins served in general management
capacities with several units of Chloride Group PLC and Genlyte Thomas LLC,
most recently serving as the President and General Manager of Chloride
Systems, a division of Genlyte Thomas. He holds a Bachelors of Science Degree
in Electrical Engineering from North Carolina State University and a Masters
in Business Administration from the University of North Carolina at
Wilmington.
California Amplifier also announced today that Kris Kelkar has tendered
his resignation as Senior Vice President of Wireless Access Products.
Mr. Kelkar, who joined California Amplifier in 1995, will continue his
relationship with the Company on a consulting basis, exploring and evaluating
additional strategic growth opportunities. Mr. Sturm commented, "Although
Kris has decided to pursue other career interests, I am glad that he has
agreed to continue to be available to help us grow the Company."
California Amplifier's Chief Financial Officer Rick Vitelle will continue
to serve in that capacity with the post-merger company. James Ousley, Vytek's
former President and CEO, is expected to join California Amplifier's Board of
Directors before the end of this month.
About California Amplifier, Inc.
California Amplifier, Inc. designs, produces and markets system and
subsystem products and software applications that enable the delivery of
video, data and voice content via wireline or RF transmission media. The
Company also provides professional consulting and engineering services
associated with these wireline and wireless technologies. These products,
applications and engineering services are marketed to entertainment and
telecommunications service providers, original equipment manufacturers, and
enterprise customers. California Amplifier, Inc. is headquartered in Ventura
County, California. For more information visit: www.calamp.com.
Statements in this press release that are not historical in nature are
forward-looking statements, which involve known and unknown risks and
uncertainties. Actual results could differ materially from those implied by
such forward-looking statements due to a variety of factors, including,
general and industry economic conditions, competition, development factors,
operating costs and other risks and uncertainties that are detailed from time
to time in the Company's filings with the Securities and Exchange Commission.
Although the Company believes the expectations reflected in such forward-
looking statements are based upon reasonable assumptions, it can give no
assurance that its expectations will be attained. The Company undertakes no
obligation to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
For further information please contact: Crocker Coulson, Partner, CCG
Investor Relations, +1-818-789-0100, crocker.coulson@ccgir.com, for California
Amplifier, Inc.; or Rick Vitelle, Chief Financial Officer of California
Amplifier, Inc., +1-805-987-9000, ext. 8344.
SOURCE California Amplifier, Inc.