Global ePoint's Acquisition Candidate Astrophysics Builds Custom Mobile X-Ray Unit for Saudi Arabia
Thirteen Unit X-Ray Detection Systems Reorder Includes Specialty Vehicle Designed to Protect Traveling Dignitaries
CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--July 19, 2005--Global ePoint, Inc. (NASDAQ: GEPT - News), a leading manufacturer of security technologies for the aviation, law enforcement, industrial and commercial markets, today announced that Astrophysics, a leading developer and manufacturer of x-ray scanning security systems, has received an order for thirteen baggage screening x-ray machines from Saudi Arabia. Global ePoint recently entered into a non-binding letter of intent to acquire Astrophysics in a transaction scheduled to close in the third quarter.
The Saudi Arabian order includes 12 conventional x-ray detection units to be used for baggage and parcel inspections and one custom mobile application. The specific units ordered include four XIS-100E systems designed to screen large size items, eight XIS-7858 for smaller items and one customized model XIS-VAN mobile x-ray vehicle, which was designed to protect traveling dignitaries and similar mobile applications.
The custom mobile x-ray vehicle features an Xray detection system installed in the cargo compartment of a Ford van. Both the mobile unit and the 12 stationary units were custom-made to operate using the Arabic language.
“This reorder destined for Saudi Arabia is extremely encouraging,” said Francois Zayek, President and CTO of Astrophysics, Inc. “It represents a substantial penetration into the rapidly expanding Middle Eastern market.”
Astrophysics delivers turnkey x-ray inspection systems to customers worldwide for use at airports, government buildings, customs, banks, courthouses, hospitals, prisons and many other locations. Astrophysics' technology teams have developed leading proprietary products in baggage and cargo inspection. For more information please see "www.astrophysicsinc.com.
Global ePoint designs, manufactures and markets security products and systems for the aviation, military, law enforcement and industrial markets. Its contract manufacturing abilities not only provide a cost-advantage in the production of leading security technology products but also a steady stream of reliable revenue to help fund its expansion in to high growth, high technology markets related to security. Its vertical integration allows it to maintain superior operating efficiencies and to provide cost-advantaged products. For more information please see www.globalepoint.com.
Subject to the completion of definitive agreements to acquire Astrophysics, the Global ePoint intends to file with the Securities and Exchange Commission a proxy statement, and other relevant documents in connection with the proposed acquisition. Investors and security holders are advised to read the proxy statement regarding the proposed acquisition, if and when available, because it will contain important information. Investors and security holders may obtain a free copy of the proxy statement, if and when available, and other documents filed by the company at the Securities and Exchange Commission's web site at www.sec.gov. The proxy statement and such other documents may be obtained, if and when available, from the company by directing such request to Global ePoint, Inc. 339 S. Cheryl Lane, City of Industry, California 91789, Attention: Investor Relations. A description of any interests that any of Global ePoint's directors and executive officers have in the proposed acquisition is included in a Current Report on Form 8-K filed with the SEC on June 3, 2005 and will be available in the proxy statement.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that Astrophysics transaction may not be completed in 2005, or at all; risks related to the inability to obtain, or meet conditions to the consummation of the transaction, including approval by stockholders of Global ePoint; risks related to any uncertainty surrounding the transaction, and the costs related to the transaction; risks related to the integration of Global ePoint's recently acquired operations; market acceptance of Global ePoint's products; delays in the introduction of new products; production and/or quality control problems; further approvals of regulatory authorities and the denial, suspension or revocation of certifications and licenses by governmental authorities; and Global ePoint's ability to obtain capital as and when needed. For a discussion of these and other factors which may cause actual events or results to differ from those projected, please refer to the Company's most recent annual report on Form 10-KSB and quarterly reports on Form 10-QSB, as well as other subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.
Global ePoint, Inc.
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