ATLANTA, May 12, 2005 (PRIMEZONE) -- Market Pulse News Alert for this AM, Stocks to Watch are: Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC), Elan Corp. PLC (NYSE:ELN), Sun Microsystems Inc. (Nasdaq:SUNW), and Red Hat Inc. (Nasdaq:RHAT).
Investors need to be watching Spectrum Sciences & Software Holdings Corp. (OTCBB: SPSC) this AM! SPSC is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services to a broad range of government customers. The Spectrum Holdings' family includes Spectrum Sciences & Software, Inc., M&M Engineering, and Coast Engine and Equipment Company (CEECO). SPSC just had big news out in a press release before today's opening bell regarding its acquisition! This could be huge news for investors!
Spectrum Sciences & Software Holdings Corp. (OTCBB:SPSC) announced today completion of the acquisition of Horne Engineering Services, Inc. Under terms of the acquisition/merger agreement, Spectrum Holdings has acquired all of the issued and outstanding shares of Horne Engineering, and the top management of Horne Engineering are assuming leadership positions in Spectrum Holdings.
Darryl K. Horne, who will be Spectrum Holdings' newly appointed President and Chief Executive Officer, stated, "Spectrum Holdings and Horne Engineering have shared the same objective -- to build a best-in-class technology and technical engineering solutions company. By joining forces, we have reached a new level. All of our customers, investors, employees, and other stakeholders will benefit from this merger. We now have in place a solid platform for managed, sustainable growth. It is built on our core values, technical competencies, strategic alliances, performance culture, commitment to customer satisfaction, strong balance sheet, and strategy to be a formidable player in the technical solutions arena."
Mr. Horne pointed out that Spectrum Holdings has "an enviable financial picture that provides a solid base from which to grow":
-- Spectrum Holdings' projected revenues for 2005 are
approximately $100 million, compared with 2004 revenues of
$11 million.
-- Upon conclusion of the Horne acquisition Spectrum Holdings
will still have an extremely strong cash and cash equivalents
position of more than $9.5 million.
-- Spectrum Holdings only current debt is an approximate
$2 million loan on a recently acquired manufacturing facility.
-- Spectrum Holdings' Board of Directors on April 22, 2005,
authorized the repurchase of up to two million shares of its
common stock because it believes that the stock, at recently
traded prices, and does not reflect the underlying long-term
value of the company.
The addition of Horne Engineering completes the initial phase of Spectrum Holdings' growth-through-acquisition strategy. Spectrum Holdings completed the acquisitions of M&M Engineering and Coast Engine and Equipment Company (CEECO) in February 2005, and it has controlled Spectrum Sciences & Software, Inc. (SSSI) since April 2003. The combination of Horne Engineering, M&M Engineering, CEECO, and SSSI creates immediate synergistic growth opportunities by expanding Spectrum's markets and by offering a greater diversity of products to all of its current customers. Spectrum intends to execute a rapid but carefully planned integration to ensure that each entity will benefit from the strengths of the others.
Spectrum Holdings' Board of Directors believes that Horne Engineering has the management team, infrastructure, technical expertise, and strategic focus essential to becoming a growing provider of technology and technical engineering solutions. The Board views this as another positive step for Spectrum Sciences & Software Holdings Corp. The complete merger agreement will be available as an exhibit to the Report on Form 8-K to be filed by Spectrum with the Securities and Exchange Commission. The agreement is also available on our website at www.spectrumholdingscorp.com/sec_filings.asp.
About Spectrum Sciences & Software Holdings Corp (www.spectrumholdingscorp.com)
Spectrum Sciences & Software Holdings Corp. is a growth-oriented, customer-focused company that provides an integrated suite of manufacturing, technology, and technical engineering services. The company currently has more than 350 employees within its family of subsidiaries. In addition to Horne Engineering (http://www.horne.com/), the Spectrum Holdings' family includes Spectrum Sciences & Software, Inc. (http://www.specsci.com), M&M Engineering (http://mmeng.net), and Coast Engine and Equipment Company (CEECO).
Stocks acting well as of late include: Elan Corp. PLC (NYSE:ELN), Sun Microsystems Inc. (Nasdaq:SUNW), and Red Hat Inc. (Nasdaq:RHAT).
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