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CSP Inc. Acquires Modcomp/Cerplex L.P.
BILLERICA, Mass., Aug. 11 /PRNewswire/ -- CSP Inc. (Nasdaq: CSPI) announced today that it has signed a Definitive Agreement to acquire Ft. Lauderdale, Florida based, Modcomp/Cerplex L.P. (MODCOMP) from the Cerplex Group, Inc. for approximately $8.5 million in cash for purchase of the Company's assets and subsidiaries. MODCOMP, Inc., will continue to be headquartered in Ft. Lauderdale and will operate as a wholly-owned subsidiary of CSP Inc. Founded in 1970, MODCOMP sells high performance, real-time computer systems, application software and services for mission-critical applications in government/aerospace, telecommunications and industrial automation. MODCOMP systems operate in exceptionally critical and demanding applications, where reliability and real-time performance are essential. These range from tracking and receiving data from deep space probes, to supervisory control of electrical distribution networks for power companies. MODCOMP also offers Electronic Commerce solutions designed to integrate proprietary and legacy systems to web-based technology, enabling companies to access their transaction-based systems over the Internet or a corporate Intranet. In addition, MODCOMP's worldwide service organization provides total support for installation, maintenance, training, project management, application software and network integration services. In 1996, MODCOMP had $36.7 million in Sales with $2.5 million of Net Income. John P. Clary will continue as President and CEO of MODCOMP. Referring to the merger of MODCOMP and CSP Inc., Mr. Clary said, "All of us at MODCOMP are excited out the potential created by the merger. The availability of CSPI's new digital signal processing technology will accelerate our growth into new markets." CSPI recently introduced the 2640 MultiComputer, a new high-performance, high-density multi-processor for its highly Scaleable Multicomputing product line. The 2640 multicomputer combines Myrinet gigabit network technology with the IBM/Motorola Power PC to provide unparalleled price performance for high performance computing solutions. This acquisition is in line with CSP Inc.'s merger and acquisition strategy to leverage its strong balance sheet to add new businesses and product lines to accelerate growth in revenue and profitability. "MODCOMP, along with our recent acquisition of Signal Analytics, gives us the critical mass we need to achieve more aggressive revenue and profit goals for the next several years", said Alex Lupinetti, President and CEO of CSP Inc. "In particular, MODCOMP's worldwide distribution channel, and extensive integration services will help us further penetrate the worldwide market for high-performance computing solutions." CSP Inc. was founded in 1968 with specific strengths in digital signal processing and the design and manufacture of high-performance multiprocessing systems for real-time applications in defense and commercial markets. CSP Inc. also serves the industrial bar-code reading market with its Lightening line of over the belt readers. In addition, CSP Inc. has recently established Scanalytics, Inc. a wholly-owned subsidiary, focused on scientific imaging software and systems. CSP Inc. is a public company with stock traded OTC via Nasdaq. To learn more about CSP Inc. and Scanalytics Inc. consult: http://www.cspi.com or http://www.scanalytics.com To learn more about MODCOMP consult: http://www.modcomp.com Statements contained in this press release that are not historical facts are forward-looking statements as that term is defined in the Private Securities Litigation Reform Act of 1995. All forward-looking statements are subject to risks and uncertainties which could cause actual results to differ from those projected. Such risks and uncertainties are discussed more fully in the company's latest annual report on Form 10-K filed with the Securities and Exchange Commission. SOURCE CSP Inc. 08/11/97 CONTACT: Gary W. Levine of CSP Inc., 508-663-7598 or Manfred R. Appel of MODCOMP, 954-977-1610
E-Mail Webmaster | Legal | Copyright © 2001 MODCOMP, Inc. | Rendered Sept. 28, 2001
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Alex Lupinetti, President and
CEO of CSP, Inc. (left) and John Clary, President
and CEO of MODCOMP, Inc. (right) 
is a subsidiary of
