HOUSTON, 25 May 2005. American Security Resources Corp. announced today that the company has signed a Letter of Intent to acquire Austin, Texas-based Galaxy Microsystems, Inc., a contract electronics manufacturing (CEM) and engineering facility.
Founded in 1985, Galaxy Microsystems specializes in the engineering and production of highly sophisticated components for top-secret missile guidance systems that provide the front-line for homeland defense, and proprietary fiber optic transmission technology. Revenues are projected to exceed $3 million in 2005, and the company has secured contracts worth more than $15 million over the next three years.
"We are particularly impressed with Galaxy's diverse customer base that ranges from emerging start-ups to Fortune 100 companies, as well as their experience in all major electronic engineering and product industries, including missile guidance systems, fiber optic telecommunications, computers, consumer products, government, military, industrial, and highly specialized instrumentation," said ASRC President Joe Grace.
"From their 19,500-square-foot manufacturing facility, Galaxy employs a broad array of capabilities that enables them to customize their services to meet a customer's unique engineering and production requirements. This makes them a perfect fit for our long-term acquisition strategy."
American Security Resources Corp. is a holding company actively seeking to acquire profitable, well-managed companies that provide products or services for homeland security and national defense. For more information, see www.americansecurityresources.com.