Analex to acquire ComGlobal Systems for $47 million

ALEXANDRIA, Va., 22 March 2005. Analex Corp. today announced it signed a non-binding letter of intent to acquire ComGlobal Systems Inc., a software engineering and information technology firm primarily providing services to federal government agencies and organizations.

Mar 23rd, 2005

ALEXANDRIA, Va., 22 March 2005. Analex Corp. today announced it signed a non-binding letter of intent to acquire ComGlobal Systems Inc., a software engineering and information technology firm primarily providing services to federal government agencies and organizations.

Analex provides intelligence, systems engineering, and security services for U.S. military customers.

Employee-owned ComGlobal Systems is an information technology company headquartered in San Diego, Calif. Providing custom software and systems engineering solutions, ComGlobal specializes in command, control, communications, computers and intelligence (C4I) programs for the military. Its largest customer is the U.S. Navy's Tomahawk Cruise Missile Program.

With revenue of $39.5 million for the fiscal year ended June 30, 2004, ComGlobal has more than 200 employees, approximately 90% of whom hold security clearances. Last month, ComGlobal was named one of the "Best Companies to Work For in San Diego" by the San Diego Business Journal. In addition to headquarters and program support facilities in San Diego, ComGlobal has offices in San Jose, Calif.; Las Vegas, Nev.; Pascagoula, Miss., and Norfolk and Arlington, Va.

"For more than a decade, ComGlobal has been a leading software developer for mission critical C4I and intelligence applications. Their software engineering and program management expertise, as well as their customer base, will be valuable strategic additions to Analex," stated Sterling Phillips, Analex's chairman and CEO. "We are looking forward to welcoming all of ComGlobal's highly skilled employees to Analex."

Consideration for the acquisition is expected to consist of $47 million in cash. Analex anticipates financing the transaction with a combination of senior bank debt and the Series B Convertible Preferred Stock facility, approved by stockholders at the Annual Stockholders' Meeting in September 2004. The letter of intent was signed in late December 2004 and it is anticipated that the transaction will be consummated within the next 30 days.

The acquisition is subject to the completion of Analex's due diligence investigation, the execution of definitive agreements, the approval of the ComGlobal stockholders and other closing conditions.

Analex specializes in providing intelligence, systems engineering and security services in support of our nation's security. Analex focuses on developing innovative technical approaches for the intelligence community, analyzing and supporting defense systems, designing, developing and testing aerospace systems and providing a full range of security support services to the U.S. government. For more information, see www.analex.com.

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