Sensytech, Inc. Signs Letter of Intent to Purchase Codem Systems, Inc.
BUSINESS WIRE - February 11, 2003 08:30
NEWINGTON, Va., Feb 11, 2003 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ:STST) today announced that Sensytech, Inc. has executed a letter of intent to purchase all of the outstanding shares of common stock of Codem Systems, Inc., which is headquartered in Merrimack, NH.
The transaction, in the form of cash and stock, is expected to close by the end of March 2003.
S. Kent Rockwell, CEO of Sensytech, Inc., stated, "Codem Systems designs and produces hardware and systems compatible with the technical and marketing skills utilized by our Communications Group, which provides engineered solutions to the intelligence community, homeland defense initiatives, and selected international clients. Sensytech has an on-going relationship with Codem where we have been working together to penetrate international markets. The combination of our collaborative efforts should complement the growth and performance of both our businesses, and accelerate market development opportunities domestically and internationally."
In addition, Mr. Rockwell stated, "Our strategy to enhance our global product offerings through both organic growth and acquisitive growth is on track and should result in improved top and bottom line growth this year." |
