ICx Technologies Acquires Bio Detection Leader S3I
Acquisition further cements ICx Technologies’ leadership position in bio-sensing by adding IBAC sensor platform and industry expert to group
WASHINGTON (May 29, 2008) - ICx Technologies (NASDAQ:ICXT), a developer of advanced sensor technologies for homeland security, force protection and commercial applications, announced today the acquisition of Reisterstown, Md.-based S3I, LLC, a technology leader specializing in biological threat detection. The company will be part of ICx BioSystems.
S3I adds the IBAC sensor (Instantaneous Bioaerosol Analyzer and Collector) to ICx's highly sophisticated biological-detection product line. IBAC is the tried and trusted market leader in performance and false-alarm rate. When coupled with ICx's BioXCTM or AirSentinel® product families, the resulting integrated solution will give military, first responder and commercial customers' fast, actionable information in the field and in protected facilities.
"Both ICx and S3I share the vision of protecting people and critical infrastructure from potentially devastating biological attacks," said David Silcott, president of S3I. "The technological, cultural, and sales synergies with ICx made this an easy decision for us, and we have already been working together on several projects. We have spent substantial amounts of our own funds and government research dollars to bring S3I to this stage," he continued, "and we believe ICx offers the best platform for a broad commercial roll out."
"We are excited to have Dr. Silcott and his team join ICx," said Colin Cumming, president of ICx Detection. "David is a highly respected expert on bio-threat detection, particularly associated with critical infrastructure and force protection. S3I's sensors are state-of-the-art systems, and are an excellent complement to our existing product line. S3I sensors together with our advanced bio samplers and rapid identification tools will provide us with one of the broadest and most compelling technology platforms in this huge emerging market."
ICx acquires the business of S3I for approximately $5.3 million, with the potential for additional earn-out payments tied to business performance.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company’s advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.
The statements in this release by Earl R. Lewis, and the other statements in this release about the award described above, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the ability to manufacture and deliver the systems referenced in this release, changes in demand for the Company's products, product mix, the timing of deliveries under the award discussed above, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of export licenses for international shipments, the continuing eligibility of the Company to act as a federal contractor, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.
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Media Contacts
Angel Bennett
FLIR, Systems, Inc.
2800 Crystal Drive, Suite 330
Arlington, VA 22202
angel.bennett@flir.com