SAN DIEGO--(BUSINESS WIRE)--Dec. 6, 2005--SYS Technologies (AMEX:SYS), a leading provider of real-time information technology solutions to industrial and U.S. government customers, announced today that it has completed the acquisition of the assets of privately held cVideo, Inc. ("cVideo") of San Diego, in accordance with the previously announced terms.
cVideo is a developer of software-based integrated digital video applications used in video surveillance, integrated security, and loss prevention solutions for industrial and governmental applications. Specific market segments include point-of-sale, central alarm monitoring, and homeland security. The products utilize patented, software-based video compression source code. cVideo's software applications are designed to make video more practical by improving the usability of video and data to impact the customer's bottom line.
It is the goal of SYS Technologies to make the cVideo product line interoperable with our Vigilys command response system for first responders. SYS will provide the video surveillance package as a value-added component to our baseline system.
About SYS Technologies
SYS Technologies (AMEX:SYS) is a leading provider of information and communications systems for the Department of Defense, Homeland Security, and industrial markets. SYS Technologies' expertise is in real-time sensor capture, communications, applications development, integration, and data visualization, which forms the basis of its current success and future growth.
For the Department of Defense (DoD), we provide command and control systems to operational commanders. For the U.S. Department of Homeland Security and various state agencies, we provide real-time safety and security products and services, including sensor networking products and end-to-end solutions. For large industrial customers in the telecommunications, utilities, construction, chemical, and biomedical industries, our products and services are used to intelligently and profitably manage remote assets.
SYS Technologies is headquartered in San Diego at 5050 Murphy Canyon Road, San Diego, CA 92123, and has principal offices in California; Virginia; and Washington, D.C. For additional information, visit the SYS Technologies web site at http://www.systechnologies.com.
About cVideo
cVideo is headquartered in San Diego at 10967 Via Frontera, San Diego, CA 92127. For additional information, visit the cVideo web site at http://www.cVideo.com.
Notice Regarding Forward-Looking Statements
This press release includes "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. All statements other than statements of historical fact included in this press release regarding the Company's strategies, plans, objectives, expectations, and future operating results are forward-looking statements. Although SYS believes that the expectations reflected in such forward-looking statements are reasonable at this time, it can give no assurance that such expectations will prove to have been correct. Actual results could differ materially based upon a number of factors, including, but not limited to, the state of the economy, competition, unanticipated business opportunities, availability of financing, market acceptance, government regulation, dependence on key personnel, limited public markets and liquidity, shares eligible for future sale, continuation and renewal of contracts, and other risks that may apply to the Company, including risks that are disclosed in the Company's Securities and Exchange Commission filings, including its report on Form SB-2 filed on June 23, 2005, Form 10-KSB filed on September 28, 2005, and Form 10-Q filed on November 14, 2005.
CONTACT: SYS Technologies Edward M. Lake, 858-715-5500 Email: [email protected] KEYWORD: CALIFORNIAINDUSTRY KEYWORD: HARDWARE SOFTWARE MERGERS/ACQSOURCE: SYS Technologies
