BUFFALO, N.Y., August 24, 2000 (PRIMEZONE)-- Comptek Research, Inc. (AMEX:CTK) announced today the expiration of Northrop Grumman Corporation's (NYSE:NOC) exchange offer for all of the outstanding shares of Comptek common stock at an exchange ratio of .2799 shares of Northrop Grumman common stock for each share of Comptek . The offer expired at midnight E.D.T. on Wednesday, August 23, 2000.
Prior to the expiration, approximately 5,876,389 shares of Comptek common stock were tendered, exceeding the 66.67 percent required to complete the merger. All shares validly tendered and not properly withdrawn prior to the expiration have been accepted for exchange and will be exchanged for shares of Northrop Grumman common stock and for cash in lieu of fractional shares of Comptek common stock.
Comptek Research, Inc., with offices and subsidiary locations in the United States and Canada, is a domestic and international supplier of technically advanced electronics and data communications systems to government and industry. For its fiscal year ended March 31, 2000, Comptek reported sales of $145 million. Comptek currently has approximately 1,200 employees.
This news release contains forward-looking statements about Comptek's current expectations for future growth and business opportunities based on current business conditions. Forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties include Comptek's dependence on continued funding of U.S. Department of Defense programs and the likelihood that actual future revenues that are realized may differ from those inferred from existing backlog or orders. Other risks and uncertainties are described in Comptek's 1999 Form 10-K Annual Report filed with the Securities and Exchange Commission. -0-