Exigent news
Monday July 20, 8:03 am Eastern Time
Company Press Release
SOURCE: Exigent International, Inc.
Exigent Signs Letter Of Intent To Purchase Golden Enterprises
MELBOURNE, Fla., July 20 /PRNewswire/ -- Exigent International, Inc. (CHX: XNT - news; OTC Bulletin Board: XGNT - news) announced today that it has signed a letter of intent to acquire the assets of Golden Enterprises, Inc. (GEI), of Melbourne, Florida. The undisclosed price for the acquisition includes a combination of cash, stock, and debt.
The acquisition is subject to a number of conditions, including negotiation and execution of a definitive purchase agreement, and satisfactory completion by Exigent of its due diligence with respect to the transaction. Mr. Don F. Riordan, Jr., CFO of Exigent said, ''GEI should provide additional earnings over the next 12 months. We're very excited about this opportunity and the synergy it represents.''
Golden Enterprises is a privately held corporation, distributing advanced operator service system and call center products to wireline and wireless telecommunications customers, including Regional Bell Operating Companies (RBOCs, or ''Baby Bells''), Inter-Exchange Carriers (IXCs), and cellular service providers.
The mainstay of GEI's patented product line is the Personalized Response System (PRS). Tens of thousands of PRS stations have been sold in recent years to telephone companies and call center operators throughout the U.S. and the world, improving operator efficiency and system throughput. In the United States the PRS is ubiquitous -- the chances are very good that when you call ''information'' the first voice you hear won't be a human operator at all, but Golden's PRS! This equipment does the talking for tens of thousands of directory assistance operators worldwide, every day.
GEI also offers the Call Handler's Integrated Position (CHIP) System. The first installation of this large-scale automatic call handling system is undergoing final acceptance tests with an RBOC. The CHIP System is an evolutionary development of the PRS line, incorporating advanced voice recognition in a highly distributed network environment. Like its parent product, the CHIP System is compatible with all telephone switch platforms.
This ''switch independence'' gives operator service providers the freedom of choice to buy voice-recognition and call-center applications from Golden, rather than their switch vendor -- resulting in tremendous savings for these customers.
B.R. ''Bernie'' Smedley, Chairman and CEO of Exigent said, ''Exigent's proven network development skills will have an immediate impact with Golden's RBOC and IXC customers. Our command and control products form the backbone of the IRIDIUM(R) and NAVSTAR GPS satellite constellations. The same skills that enable us to deploy and manage complex spaceborne network systems like these are perfectly at home in Golden's mission-critical operator service and call- center applications.''
Commenting on the merger, Mr. Walt W. Winter, President and CEO of GEI stated, ''We already have the critical voice recognition applications that operator service providers need today. Exigent's advanced network expertise gives us the rock-solid foundation we'll need to continue to give our customers the quality and reliability they've come to expect from Golden for more than 20 years.''
Exigent International, Inc. (www.xgnt.com) is a holding company capitalizing on emerging high-technology opportunities; specializing in satellite command and control solutions for systems such as IRIDIUM(R) and the NAVSTAR Global Positioning System (GPS). For more information contact: Don Riordan, CFO at (407) 952-7550 or (888) 952-XGNT or FAX (407) 952-7555.
IRIDIUM(R) is a registered trademark and service mark of Iridium LLC
SOURCE: Exigent International, Inc.
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