Timekeeper for the World’s Timekeepers
SAN JOSE, Calif. — Aug. 1, 2005 — Symmetricom, Inc. (NASDAQ: SYMM), a worldwide leader in precise time and frequency products and services, today announced that it has closed its acquisition of Agilent’s Frequency and Time Standards product line. Under the terms of the transaction, Symmetricom paid approximately $8.0 million in cash.
Agilent’s Frequency and Time Standards flagship product is the 5071A Primary Frequency Standard, the world’s highest-performing commercial cesium standard available for timekeeping. These cesium clocks are used primarily by official time authorities and metrology institutes throughout the world. The U.S. government also uses these precision timing instruments for satellite communication ground stations and precision navigation.
“This historic product line, which serves as ‘the timekeeper for the world’s timekeepers,’ compliments our offering of precise time and frequency products. Our cesium products now meet an even wider range of mission-critical timing needs, from those of our newest customers in the metrology and calibration markets to telecommunications network synchronization,” said Thomas Steipp, chief executive officer of Symmetricom. “We are working closely with Agilent customers, many of whom have existing relationships with Symmetricom, toward a seamless transition.”
All 16 Agilent employees supporting the product line have agreed to join Symmetricom. Manufacturing will move to the company’s San Jose, Calif. facilities after it has been properly outfitted.
For additional information please visit http://www.symmttm.com/pr_lp/5071A/
Safe Harbor Statement
This press release contains forward-looking information 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, and is subject to the safe harbor created by those sections. These forward-looking statements include statements concerning our transition of Agilent's customers and manufacturing. Symmetricom's actual ability to do these things could differ materially from those suggested in these forward-looking statements. Factors that could cause the transition to differ materially from what is suggested by such forward-looking statements include: our ability to integrate the new product line, including our ability to retain qualified personnel and duplicate the manufacturing process, reduced rates of demand for telecommunication products or test and measurement products, our customers' ability and need to upgrade existing equipment, our ability to negotiate contracts with our customers, our ability to maintain gross margins, timing of orders, cancellation or delay of customer orders, loss of customers, difficulties in manufacturing products to specification or customer volume requirements, challenges in integrating businesses, customer acceptance of new products, geopolitical risks such as terrorist acts and the risk factors listed from time to time in Symmetricom's reports filed with the Securities and Exchange Commission, including the report on Form 10-K for the year ended June 30, 2004, and subsequent Form 10-Q and Form 8-K filings.
