Science Dynamics Acquires Systems Management Engineering PENNSAUKEN, N.J., Feb. 28, 2005 /PRNewswire-FirstCall/ -- Science Dynamics
Corporation The acquisition significantly broadens the company's business from its current role as a provider of technology solutions to correctional facilities. SMEI is a provider of advanced data management applications and Internet server technology to government and commercial markets. Currently over 80% of SMEI's business is with the Department of Defense (DoD), and 10% is with private companies that have contracts with the government. SMEI's Aquifer Software is a DoD-certified application that creates and manages communications networks and real time transaction processing in a highly secure environment. In exchange for 4,177,500 shares of SMEI common stock, representing approximately 82% of the outstanding capital stock of SMEI on a fully diluted basis, Science Dynamics paid SMEI shareholders $1,547,825 in cash, issued them 15,478,250 shares of Science Dynamics common stock and agreed to pay them up to an additional $1,547,825 in cash contingent upon SMEI's ability to meet certain financial goals. Paul Burgess, CEO of Science Dynamics, said, "This is a significant step in creating a new growth strategy for our company. We are acquiring not only valuable technology and a profitable new line of business, we are also bringing in highly talented and experienced professionals who will help set an exciting new direction for our company. "This acquisition is in line with our goals of driving growth through the acquisition of profitable companies that are not only synergistic with our current business activities but will broaden our markets both geographically and vertically." Herbert Quinn, chairman and CEO of SMEI, said, "We are pleased to merge SMEI with Science Dynamics. Paul has a vision and plan for growth that we enthusiastically embrace. We look forward to integrating our technologies and operations in order to drive the company toward success." Alan Bashforth, chairman of Science Dynamics, said, "We expect this transaction to have a positive impact on shareholder value. This also opens new opportunities for growth and development that are exciting." Herbert Quinn will continue to provide consulting services and strategic analytical and advisory services to SMEI. He has been the chairman and CEO of SMEI since 1998 after merging his engineering firm, Energy and Environmental Technologies, with the company. He is a retired Army general, former senior executive for the EPA and a registered professional engineer with over 30 years of experience in engineering and logistics support, planning, security and facilities management for government, military and industry clients. Quinn holds a Bachelor's of Science in chemical engineering from the University of Alabama and holds graduate degrees in engineering and planning from George Washington University and Harvard University. Eric Zelsdorf, who has been the president of SMEI since 1997, was appointed CTO of Science Dynamics. Zelsdorf founded SMEI and has led the company's technical team and operations since its inception in 1997. He has 13 years of experience in information technology staff development, management and oversight. He is a graduate of George Washington University and has served in senior management positions and as a senior scientist for both engineering and consulting firms. He was one of the designers and developers of SMEI's Aquifer framework and has extensive experience in Application Service Provider (ASP) consulting, systems design and implementation, real time application integration and wide area/local area network design, implementation and maintenance. About Systems Management Engineering, Inc. SMEI has developed advanced data management applications, Internet server technology and information systems that it markets to both public and private sectors. SMEI's product, Aquifer, helps its customers reduce development time for projects, manage the deployment of applications across the Internet to desktops around the world and implement military-grade security on all systems where the applications are deployed. For more information about SMEI, visit http://www.sysmanagement.com/ . About Science Dynamics Corporation Headquartered in Pennsauken, N.J., Science Dynamics Corporation is a leading developer of telecommunications solutions with nearly 25 years of experience. Science Dynamics Corporation's solutions are installed in over 30,000 ports throughout 18 countries worldwide. Customers include Regional Bell Operating Companies, next-generation IP carriers, corporate enterprises and U.S.-based correctional facilities. Product solutions include call control systems, calling cards, Video over Frame Relay Devices and VoIP gateways. For more information, visit http://www.scidyn.com/ . Forward-Looking Statements: Certain statements made in this press release concerning the acquisition by Science Dynamics Corporation and its future operations and acquisitions are forward-looking statements. Although such statements are based on current expectations they are subject to a number of future uncertainties and risks, and actual results may differ materially. The uncertainties and risks include, but are not limited to, the acquisition by Science Dynamics Corporation of Systems Management Engineering, Inc. and the successful operation of Systems Management Engineering, Inc. post-acquisition, additional potential acquisitions of Science Dynamics Corporation and the ability of Science Dynamics Corporation to effectively execute its business plan and develop a successful business. Any forward-looking statements are made pursuant to the Private Securities Litigation Reform Act of 1995 and, as such, speak only as of the date made. Statements made in this document that are not purely historical are forward-looking statements, including any statements as to beliefs, plans, expectations, anticipations or intentions regarding the future. Science Dynamics Corporation assumes no obligation to update information concerning the forward-looking statements contained herein.. Home
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