HRS Harris Corp.

Harris Announces Completion of the Orkand Corporation Acquisition MELBOURNE, Florida, July 6 /PRNewswire-FirstCall/ -- Harris Corporation (NYSE:HRS) today announced that it has completed the previously announced acquisition of Orkand Corporation for approximately $66 million in cash, subject to post-closing adjustments. Orkand had approximately $80 million in revenue for the 12 months ended in March 2004, and is expected to be immediately accretive to Harris fiscal 2005 earnings. Orkand is a privately held, leading provider of technical services and information technology for U.S. government agencies. Customers include the Department of State, Department of Labor, Department of the Interior, Department of Health and Human Services, Department of Energy, and the U.S. Postal Service. "Orkand adds significant scale to our mission-critical services business and adds several new key customers," said Howard L. Lance, chairman, president and chief executive officer of Harris Corporation. "Additionally, we gain added insight into further business development opportunities with these customers. We can offer them our expertise in designing, integrating, and managing secure communication networks and complex databases, just like we do for the Federal Aviation Administration, the U.S. Census Bureau, and other government customers." Dr. Donald S. Orkand, outgoing president and founder of the Orkand Corporation, stated, "This is a superb strategic move for the Orkand Corporation. The combination of Orkand and Harris considerably expands the array of solutions offered to customers and provides enhanced opportunities for our employees." Harris Corporation is an international communications technology company focused on providing assured communications(TM) products, systems and services for government and commercial customers. The company's operating divisions serve markets for government communications, tactical radio, broadcast, and microwave systems. Harris provides systems and service to customers in more than 150 countries. Additional information about Harris Corporation is available at http://www.harris.com/. Forward-Looking Statement Statements in this press release that are not historical facts are forward-looking statements that reflect management's current expectations, assumptions, and estimates of future performance and economic conditions. Such statements are made in reliance upon the safe harbor provisions of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements in this release include but are not limited to the expected impact of the acquisition on our fiscal 2005 earnings. The Company cautions investors that any forward-looking statements are subject to risks and uncertainties that may cause actual results and future trends to differ materially from those matters expressed in or implied by such forward-looking statements. Further information relating to factors that may impact the Company's results and forward-looking statements are disclosed in the Company's filings with the SEC. Harris disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. DATASOURCE: Harris Corporation CONTACT: Media, Tom Hausman, +1-321-727-9131, or , or Investor Relations, Pamela Padgett, +1-321-727-9383, or , both of Harris Corporation Web site: http://www.harris.com/

Copyright