CITY OF INDUSTRY, Calif., August 13, 2003 (PRIMEZONE) -- Global ePoint, Inc. (the "Company") (Nasdaq:GEPT) today announced that its recently acquired Sequent Technologies division ("Sequent") has been selected as the sole source to develop an advanced video recorder for use by the U.S. Air Force aboard a B-1 Bomber. The selection was made by EDO Corporation's (NYSE:EDO) Technical Services Operations unit, which has the contract for the B-1B instrumentation system. The system will use Sequent's advanced video control and retrieval system and will include an avionics package to meet U.S. Air Force specifications. It is anticipated that Sequent's advanced avionics platform will be ready for field trials within approximately five months.
Daniel Pearlson, Sequent Technologies' President, Co-Founder, and Chief Technology Officer commented, "We have been moving forward methodically to deploy our advanced digital video surveillance technology into five major target markets; Law Enforcement, Public Safety, Homeland Security, Military and Industrial Security. This initial contract involving the U.S. Air Force is a significant step towards attaining worldwide acceptance of Sequent's advanced visual telecommunication systems into these target markets. We are also proud that Sequent has been selected as EDO Corporation's 'Vendor of Choice' in connection with this contract."
Mr. Pearlson further commented, "Sequent's RAIDIUS system, including Ranger, Paladin, and ASM Server products, is the first system to enable users to search hundreds of thousands of hours of digital video recordings, even if the user doesn't know the date, time, or location of the record. RAIDIUS enables the user to find and retrieve the exact moment of an event in seconds, based entirely on English language requests. Other aspects of the RAIDUIS system include long-range television-quality video, audio and data transmission, all embedded into a single connection. Sequent's systems transmit video, audio and data telemetry from almost anywhere using virtually any data transmission system such as cellular, satellite, WiFi, local area networks, laser systems, and the Internet. Ships at sea, aircraft in flight, and patrol vehicles can transmit live video to almost anywhere in the world with Sequent's products. We believe Sequent's technology has real-world advantages over traditional digital video systems today, and we look forward to demonstrating its capabilities to our target markets as we progress our marketing efforts."
About Global ePoint
Global ePoint has been in the process of a major transition over the past two years. The Company had been undergoing a series of actions intended to diversify its activities and enable it to move forward with new market opportunities that could better enhance shareholder value. The Company had been engaged in the lottery industry and was one of the largest providers of vending machines for the sale of instant-winner lottery tickets. On June 1, 2001, all of the Company's lottery assets and core business were sold as the first major step in its transition program. On August 8, 2003, in order for the Company to enter into a larger more diversified target market and proceed with the second major step in the Company's transition program, the Company completed a merger with McDigit, Inc. (For more information relating to the merger, see the Company's definitive proxy statement filed July 1, 2003.)
As a result of the merger, the Company now has two main operating divisions. One operating division manufactures customized computers and provides comprehensive solutions for industrial personal computer, commercial personal computer and contract manufacturing markets. This division currently provides approximately 80% of the industrial computers to companies that supply x-ray security equipment for the airline industry. The Company is now also expanding its manufacturing into other markets, such as medical applications. The Company's other operating division, Sequent Technologies, is beginning to establish initial market acceptance of its long-range video, audio and data transmission system, called the "RAIDIUS System," including the "Ranger" and "Paladin" products. Sequent's systems are designed to transmit video, audio and data streams from anywhere using virtually any data transmission system and the Internet. Sequent's ability to network video surveillance systems and provide secure access via existing Internet, cellular and computer interfaces is designed to enhance the potential use of video in Law Enforcement, Public Safety, Commercial Security, Homeland Defense, Airport/Airline, and Military applications.
About EDO
EDO Corporation provides military products and professional services to the United States and allied governments, and their prime defense contractors. EDO focuses on systems and subsystems that are integral to the success of long-term military platforms, such as the B-1B, the F/A-22, the Joint Strike Fighter, and the Comanche Helicopter. Examples of the company's highly engineered products include aircraft weapon-release systems, ship and aircraft self-protect systems, and high-performance composite structures. The company also has a number of commercial product lines. A disciplined acquisition program is diversifying the base of major platforms and customers. EDO is at the core of the transformation to a lighter, faster, and smarter national defense capability.
EDO (www.edocorp.com) was founded in 1925, and is headquartered in New York City. The company expects 2003 revenues to exceed $460 million, and employs 2,800 people.
Any forward-looking statements in this release are made pursuant to the "safe harbor" provisions of the Private Securities Litigation Act of 1995. Investors are cautioned that actual results may differ substantially from such forward-looking statements. Forward-looking statements involve risks and uncertainties including, but not limited to, the successful completion of equity raises, which may be necessary for Global to implement its plans to develop new market opportunities, continued acceptance of Global's products and services in the marketplace, competitive factors, new products and technological changes, Global's successful entry into new markets, Global's ability to increase its customer base, as well as general, political and other uncertainties related to customer purchases and agreements and other risks detailed in Global's periodic filings with the Securities and Exchange Commission.