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PORTLAND, OR, Nov 21, 2005 (MARKET WIRE via COMTEX News Network) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has
entered into a definitive agreement to acquire the stock of
Scientific Materials Corporation, a leading supplier of laser
assemblies, laser components and materials, for $13 million cash. The
transaction is expected to close within the next thirty days.
Based in Bozeman, MT, Scientific Materials was founded in 1989 as a
producer of specialty crystals for use in high-end laser
manufacturing. The company has since expanded into the production of
military grade laser assemblies and high quality laser components
used by a variety of industrial, medical, scientific and military
laser manufacturers.
"SMC has developed a reputation for making some of the highest
quality laser components on the market, and we are delighted that they
have chosen to become a part of FLIR. We are seeing increasing
demand for laser payloads in many of our systems, and the acquisition
of SMC will give us greater control over the development,
manufacturing, and cost of this important subassembly," commented
Earl R. Lewis, President and CEO of FLIR Systems, Inc.
Forward-Looking Statements
The statements in this release, including the expectation that the
acquisition of Scientific Materials Corporation will give FLIR
greater control over the development, manufacturing and cost of lasers
and that under FLIR's ownership SMC will continue to grow and develop
its historical business while also developing and manufacturing
complete laser rangefinders and laser designators, which will be
integrated into a variety of FLIR's product lines, 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 and SMC'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: changes in demand for the Company's
products, product mix, the ability to integrate SMC's operations into
FLIR, the ability of SMC to expand its capabilities into laser
manufacturing, the continued demand for systems with laser
components, the impact of competitive products and pricing, the
Company's continuing compliance with US export control laws and
regulations, the timely receipt of export licenses for international
shipments, 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 continuing eligibility of the Company
to act as a federal contractor, the amount and availability of
appropriated government procurement funds 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.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and
marketing of thermal imaging and stabilized camera systems for a wide
variety of thermography and imaging applications including condition
monitoring, research and development, manufacturing process control,
airborne observation and broadcast, search and rescue, drug
interdiction, surveillance and reconnaissance, navigation safety,
border and maritime patrol, environmental monitoring and ground-based
security. Visit the company's web site at www.FLIR.com.
SOURCE:
Company contact:
Tony Trunzo
FLIR Systems, Inc.
(503) 498-3547
FLIR Systems, Inc.
