AeroAstro's STPSat-1. (AeroAstro photo)
PHOENIX, July 6, 2007 - Satnews Daily - Radyne Corporation (Nasdaq: RADN) has signed a definitive merger agreement to acquire AeroAstro, Inc., for $17.3 million in cash and $750,000 in stock. In addition, Radyne will assume, and pay off, some $500,000 in AeroAstro debt. The transaction has been approved by the boards of both companies and is expected to close within the next 30 days subject to customary closing conditions.
AeroAstro designs and builds small and microsatellites and related technologies. AeroAstro's experience spans a range of capabilities – from ultra-low-cost R&D programs using commercial components, to high-reliability programs using space qualified components. Recently, AeroAstro's STPSat-1 satellite was launched onboard an Atlas V launch vehicle on March 8, 2007. That launch was the first use of the EELV Secondary Payload Adapter (ESPA) that allows the rideshare launch of microsatellites using spare capacity in a launch vehicle. AeroAstro's principal satellite and satellite component customers include the Air Force and NASA as well as major space vehicle integrators.
In addition to spacecraft equipment, AeroAstro developed and operates the Sensor
Enabled Notification System (SENS), which provides cost effective satellite based low data rate communications and asset tracking throughout the United States, North America, Europe, Australia, the Middle East, Asia, and South America. SENS customers include government entities requiring reliable low data rate communications and businesses seeking to monitor vital assets. For example, FEMA used SENS based trackers to monitor the location and status of its deployed assets in the aftermath of Hurricane Katrina.
We are delighted to welcome AeroAstro to the Radyne family of companies, said Myron Wagner, Radyne's CEO. We believe that AeroAstro's strong position and established products and reputation in the emerging small satellite business and satellite based low data rate communications will align well with Radyne's existing satellite businesses. Further, AeroAstro's spacecraft products will provide high value to a large number of spacecraft systems integrators in much the same model as our Radyne, Xicom, and Tiernan businesses do currently.”
This combination with Radyne will provide AeroAstro with the resources needed to continue its rapid growth in the small and microsatellite industry,” commented Rick Fleeter, founder and CEO of AeroAstro. During our discussions, it became clear to me that Radyne had the strategy, operating philosophy and technology understanding to propel AeroAstro to the next level. I am excited and looking forward to combining our strengths to further demonstrate the power of microspace for both government and commercial applications.”
