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FLIGHT LANDATA, INC. TO BE ACQUIRED BY KEYWNORTH ANDOVER, MA, July 28, 2011 –- Flight Landata, Inc. (FLD) is pleased to announce that it has entered into a definitive agreement to be acquired by KEYW Corporation (NASDAQ: KEYW)
FLD, (HTTP://www.flightlandata.com) founded in 1991 and headquartered in North Andover, MA, provides agile airborne Intelligence Surveillance and Reconnaissance (ISR) solutions and turnkey solutions for Micro Terrain Intelligence (MTI). FLD specializes in the collection, processing, and productization of precise georeferenced imagery and support of actionable intelligence in highly austere and agile threat environments.
"Joining the KEYW group meets and exceeds all of our key goals," stated Jeffrey Smith, President and CEO of Flight Landata. "Our shareholders realize a real return on their hard work and perseverance, the company's growth prospects improve significantly and, most importantly, our companies' combined capabilities, experience and financial resources will directly benefit our vital government customers."
FLD combines its agility in complex operational environments with technology leadership in high resolution electro-optical, long-wave infrared and hyperspectral imaging and products. It effectively exploits cyberspace as a domain for collecting, processing, and supporting actionable imagery intelligence to the Warfighter. The incorporation of FLD expands KEYW's Quick Response Solutions to include imagery and micro terrain intelligence capabilities and solutions. Significant opportunities for growth include expanded collection operations, as well as the integration of other ISR and synthetic aperture radar (SAR) capabilities to FLD solutions.
Bruce Blessington, FLD's, Chairman commented "We are confident that KEYW is ideally positioned to take full advantage of the beachhead we've established as a supplier of actionable, airborne imagery intelligence solutions to the Warfighter".
The terms of the definitive agreement provide for the merger of a wholly-owned subsidiary of KEYW with and into FLD for all cash consideration of $30.0 million. The purchase price is subject to post-closing adjustments, including working capital and other adjustments, as of the closing date. FBR Capital Markets & Co. served as exclusive financial adviser to FLD.
About KEYW: KEYW provides agile cyber superiority and cybersecurity solutions, primarily for U.S. Government intelligence and defense customers. We create our solutions by combining our services and expertise with hardware, software, and proprietary technology to meet our customers' requirements. For more information contact KEYW Corporation, 1334 Ashton Road, Hanover, Maryland 21076; Phone 443-270-5300; Fax 443-270-5301; E-mail investor@keywcorp.com, or on the Web at www.keywcorp.com.
CONTACT:
Joyce McMahon
McMahon Communications
(978) 430-8847
joyce@mcmahoncomm.com
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