Competition
The development, manufacture and sale of precise time and frequency
products is an intensely competitive industry. According to the previously noted
Frost & Sullivan report, there are more than 20 companies offering products in
the GPS timing field. These companies range from separate timing divisions in
very large companies, such as Hewlett-Packard and Motorola, to small stand alone
companies with revenues of less than $1 million annually. Our principal
competitors are Bancomm/Timing (a division of Datum, Inc.), Odetics Telecom (an
Odetics, Inc. division), Trak Systems, Inc. (a Tech-Sym Corporation subsidiary)
and Brandywine Communications, Inc. In addition, more than a dozen companies
produce products that are sold into the time and frequency markets as indirect
competition. These competitors consist primarily of component suppliers or
integrated system suppliers. As we continue to grow, we will likely encounter
these firms as more direct competitors. In general, most of our competitors have
more financial resources than we do, and may be capable of offering more
attractive packages for retaining and recruiting employees.
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