BAE SYSTEMS TO PURCHASE ADVANCED POWER TECHNOLOGIES, INC

February 17, 2003

  http://www.baesystems.com/...


BAE SYSTEMS North America has reached a definitive agreement with Advanced Power Technologies, Inc. (APTI), to purchase the corporation for $27 million in cash. 

APTI, a private company with headquarters in Washington, D.C., focuses on intelligence, surveillance, reconnaissance exploitation and information processing for defence, civil and commercial uses. APTI's core competencies include radio frequency (RF) and optical engineering, communications and networking, signal and data exploitation and knowledge creation. 

Other disciplines include microwave engineering; antenna design and development; optical sensors, plasma and shock physics; advanced ordnance systems; non-destructive testing; signal and image processing; and digital control systems, including industrial-based process controls. 

The 17-year-old company also has facilities in Virginia, Maryland and Alaska. APTI employs more than 100 people and had 2002 revenues of approximately $26 million. 

Mark Ronald, president and chief executive officer, BAE SYSTEMS North America said, "APTI's demonstrated performance, growth and high quality technical workforce align well with BAE SYSTEMS growth strategy in network centric warfare and information operations.

APTI's strengths and core competencies are important elements within the Command, Control, Communications, Computers, Intelligence, Surveillance and Reconnaissance (C4ISR) market." 

Closing of the transaction is expected to occur within 45 days and is subject to completion of certain regulatory reviews and approvals.

About BAE SYSTEMS:

BAE SYSTEMS is a systems company, innovating for a safer world. BAE SYSTEMS employs nearly 100,000 people including joint ventures, and has annual sales of around $19 billion. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE SYSTEMS designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, guided weapon systems and a range of other defence products.

BAE SYSTEMS is dedicated to making the intelligent connections needed to deliver innovative solutions.

BAE SYSTEMS North America is a high-technology U.S. company employing more than 22,000 Americans who live and work in some 30 states and the District of Columbia. The company is dedicated to solving its customers' needs with both highly innovative and leading-edge solutions across the defence electronics, systems, information technology and services arenas. 

www.na.baesystems.com 

Issued by: BAE SYSTEMS, Farnborough, Hampshire GU14 6YU, UK

Tel: +44 (0) 1252 384605  Fax: +44 (0) 1252 383947 www.baesystems.com

Ref: 036/2003

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