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Modcomp Inc., acquires R2 Technologies - ā€¯Gains Solid Position in Growing Unified Communications Market

Deerfield Beach, FL – September 25, 2008 – Modcomp Systems and Solutions (a subsidiary of CSP Inc.) announced today that it has acquired Miami-based R2 Technologies, an IT Solutions and Managed Services Provider. Modcomp purchased R2 Technologies for $2 million in an all-cash transaction. The Company expects the acquisition to be immediately accretive. R2 Technologies recorded revenues of $7.3 million in the 12 months ended June 2008.

R2 Technologies is an IT solutions and managed services provider that delivers secured and unified networks. The company’s proven expertise in Unified Communications, Security and Advanced Server & Network Technologies guides companies through the process of creating and maintaining the most secure, unified and cost-effective IT environments. R2 Technologies will be operated as a division of MODCOMP’s Florida-based Systems and Solutions Division. "Our acquisition of R2 Technologies is immediately accretive and provides our MODCOMP subsidiary with a highly strategic addition to our cutting edge IT Service and Systems Integration business,” said CSP Chairman, President and CEO Alexander R. Lupinetti. “Through R2 Technologies, we gain a significant presence in the rapidly growing and higher-margin Unified Communications market.”

“With a Silver level Cisco Systems partnership, R2 Technologies provides us with market awareness and a solid reputation in this space,” continued Lupinetti. “We look forward to capitalizing on new opportunities to sell networking, VOIP and security products to R2 Technologies’ customer base as well as to our own.”

About Modcomp, Inc.

Modcomp provides IT systems integration, data acquisition, and process control solutions. Modcomp is a multi-national company with a world-class reputation for supplying innovative solutions to its customers. Modcomp’s philosophy is to offer the best cutting-edge in products, services and support that provides their customers the most from the latest technology to meet their growth requirements.

A subsidiary of CSP Inc. (NASDAQ: CSPI), Modcomp, Inc. is headquartered in Deerfield Beach, FL and has offices in the U.S., U.K., and Germany. For more information about the company and its products and services, phone Modcomp headquarters at (800) 940-1111, email info@modcomp.com, or visit MODCOMP on the Web at http://www.modcomp.com.

About R2 Technologies.

 

R2 Technologies is an IT Solutions and Managed Services Provider that delivers Secured and Unified Networks. We create unique and lasting relationships with our customers through a set of core values that places customer satisfaction as our primary objective. Our proven expertise in Unified Communications, Security and Advanced Server & Network Technologies can guide your company through the process of creating and maintaining the most secure, unified and cost-effective IT environment. Along with our fanatical approach to customer satisfaction, R2 consistently provides its customers with superior and more predictable results, and a faster return-on-investment. For more information about R2 Technologies visit: http://www.r2technologies.com

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Note to Editors: MODCOMP is a registered trademark of Modcomp, Inc. All product and company names mentioned herein may be trademarks and/or registered trademarks of their respective companies.

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