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| REMEC Announces Letter of Intent to Acquire Paradigm |
SAN DIEGO--(BUSINESS WIRE)--Oct. 31, 2003--REMEC Inc. (Nasdaq: REMC) announced today that it has signed a letter of intent to acquire Paradigm Wireless Systems Inc. in a stock-for-stock merger. Paradigm is privately held and is currently the largest private domestic merchant supplier of RF power amplifiers to the telecommunications infrastructure industry. The transaction is subject to satisfaction of customary conditions and is expected to close early in November. Ron Ragland, chairman and chief executive officer of REMEC said, "We have known and admired Ki Nam as an industry innovator and leader for ten years, as he contributed to the success of the power amplifier industry. Paradigm is a very constructive fit with REMEC, strengthening our product line and providing cycle time and low cost design skills. Ki will manage Business Development for our Commercial operations with a specific emphasis on Korea and Asia." Ki Nam, Paradigm's CEO, stated, "The industry has clearly moved to requiring mobile infrastructure suppliers to possess the broad technology to provide the OEM's with an optimized, integrated base station solution. I believe that REMEC is best of class, and both Paradigm and I are excited to contribute to REMEC's future success." About REMEC REMEC provides design and manufacture of microwave and millimeter wave subsystems used in the transmission of voice, video and data traffic over wireless communications networks and provides advanced microwave subsystem solutions for defense and space electronics applications. REMEC is located at 3790 Via de la Valle, Del Mar, CA 92014. For more information, visit the company's Web site at http://www.remec.com or call (858) 505-3713. Statements in this press release that are not historical 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 our filings with the Securities and Exchange Commission. REMEC is a registered trademark of REMEC Inc. Other brand or product names are registered trademarks or trademarks of their respective holders. (C) REMEC Inc., 2003. All rights reserved.
CONTACT: SOURCE: REMEC |