CalAmp Announces Definitive Agreement to Sell the TelAlert Software Business Unit to MIR3, Inc.
August 09 2007 - 9:00AM
Business Wire
CalAmp Corp. (NASDAQ:CAMP), a leading provider of wireless
products, systems and services, today announced that it has entered
into a definitive agreement to sell its TelAlert software business
unit to privately-held MIR3, Inc. MIR3 is a technology leader in
enterprise notification solutions for global enterprises. Total
consideration for the transaction, comprised of cash, a note and
preferred stock in MIR3, is valued at approximately $10 million.
The transaction, which is subject to obtaining customary consents
and approvals, is expected to be completed shortly. �The sale of
TelAlert allows CalAmp to concentrate on our core Satellite and
Wireless Datacom businesses,� commented Fred Sturm, President and
Chief Executive Officer of CalAmp. �This transaction will benefit
both CalAmp and MIR3, along with TelAlert customers and employees.
MIR3�s focus and long-term commitment to serving the notification
industry, coupled with the strength of the complementary product
offerings, should result in a competitive advantage and significant
growth opportunities for MIR3's combined operation. Furthermore,
with our new equity stake in MIR3, CalAmp can participate in the
expected future success of the urgent notification business.�
TelAlert is an industry leader in wireless notification services,
providing enterprise customers with the communications
infrastructure to meet critical business needs. Thousands of
companies, including 80 of the Fortune 100 U.S. companies and a
growing number of global companies in Europe, Asia and Latin
America, have deployed TelAlert's software solutions. �The
acquisition provides both TelAlert and MIR3 customers with a clear
and comprehensive solution for high-speed, scalable enterprise
notification for improved business performance,� said Amir
Moussavian, MIR3 president and CEO. �This is a strategic step in
MIR3�s vision to become the global notification platform of choice
for all business applications within the enterprise � most notably
IT, business continuity, supply chain management and call centers.
Our existing partners will benefit with greater global reach. The
combination of MIR3 and TelAlert creates the industry's only
enterprise-grade intelligent notification platform that includes
unparalleled application integration, unequalled protocol support
and the latest in web-services technologies, all delivered either
in hosted or on-premises installations.� About CalAmp Corp. CalAmp
is a leading provider of wireless communications products that
enable anytime/anywhere access to critical information, data and
entertainment content. With comprehensive capabilities ranging from
product design and development through volume production, CalAmp
delivers cost-effective high quality solutions to a broad array of
customers and end markets. CalAmp is a supplier of Direct Broadcast
Satellite (DBS) outdoor customer premise equipment to the U.S.
satellite television market. The Company also provides wireless
data communication solutions for the telemetry and asset tracking
markets, private wireless networks, public safety communications
and critical infrastructure and process control applications. For
additional information, please visit the Company�s website at
www.calamp.com. About MIR3, Inc. MIR3 provides automated
Intelligent Notification (IN) solutions for global and
enterprise-wide communications and business continuity. MIR3�s
inEnterprise�, inAlertCenter�, inTechCenter�, inGovAlert�,
inCampusAlert�, inLocalAlert� and inWebServices� are built on a
geo-dispersed, scalable telephony and application server platform
that directs the global dissemination of time-urgent information to
and from any communications device across any communication medium.
Its customers include the world�s top petroleum, soft-drink
bottling, and consumer goods companies, IAC Interactive (which
operates TicketMaster and Match.com), Belkin Worldwide�, US Air
Force, Homeland Security�s National Medical Response Teams, The
American Red Cross, LA County Department of Health, and the County
of Orange, California, which has 1.4 million recipients loaded in
their MIR3 Intelligent Notification system. For more information
visit www.mir3.com or contact 858-724-1248 or pr@mir3.com.
Forward-Looking Statement Statements in this press release that are
not historical in nature are forward-looking statements, which
involve known and unknown risks and uncertainties. Words such as
"may," "will," "expect," "intend," "plan," "believe," "seek,"
"could," "estimate," "judgment," "targeting," "should,"
"anticipate," "goal" and variations of these words and similar
expressions, are intended to identify forward-looking statements.
Actual results could differ materially from those implied by such
forward-looking statements due to a variety of factors, including
general and industry economic conditions, product demand, increased
competition, competitive pricing and continued pricing declines in
the DBS market, the timing of customer approvals of new product
designs, operating costs, the Company's ability to efficiently and
cost-effectively integrate its acquired businesses, the Company's
ability to obtain a waiver from the lenders under its bank credit
agreement of the event of default under the credit agreement, the
Company's ability to successfully requalify with respect to the
sale of newer generation products to one of its key DBS customers,
the risk that the ultimate cost of resolving a product performance
issue with that DBS customer may exceed the amount of reserves
established for that purpose, and other risks or uncertainties that
are described in the Company's fiscal 2007 Annual Report on Form
10-K filed on May 17, 2007 with the Securities and Exchange
Commission. Although the Company believes the expectations
reflected in such forward-looking statements are based upon
reasonable assumptions, it can give no assurance that its
expectations will be attained. The Company undertakes no obligation
to update or revise any forward-looking statements, whether as a
result of new information, future events or otherwise.
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