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BAE SYSTEMS Completes Acquisition Of Advanced Power Technologies, Inc.

28 Mar 2003

BAE Systems North America today completed its acquisition of Washington, D.C.-based Advanced Power Technologies, Inc. (APTI), following receipt of regulatory approval. The $27 million cash transaction complements BAE Systems intelligence, surveillance, reconnaissance exploitation and information processing for defense, civil and commercial uses.

The 17-year-old APTI will change its name to BAE Systems Advanced Technologies, a fully integrated organization operating within the company's Information and Electronic Warfare Systems (IEWS) business unit. IEWS is headquartered in Nashua, New Hampshire.

"We're excited to welcome APTI into the BAE Systems family," said Walt Havenstein, president of BAE Systems IEWS. "They bring incredible talent and a strong reputation for transforming concepts into products and capabilities. As Advanced Technologies, the organization will strengthen our growth strategy in Information Operations and Network Centric Warfare." APTI's core competencies include RF and optical engineering, communications and networking, signal and data exploitation and knowledge creation.

Advanced Technologies has facilities in Virginia, Maryland and Alaska and employs more than 100 people. In 2002, it had revenues of approximately $26 million.

About BAE SYSTEMS:

BAE Systems is a systems company, innovating for a safer world. BAE Systems employs nearly 100,000 people including joint ventures, and has annual sales of around 12 billion. The company offers a global capability in air, sea, land and space with a world-class prime contracting ability supported by a range of key skills. BAE Systems designs, manufactures and supports military aircraft, surface ships, submarines, radar, avionics, communications, electronics, guided weapon systems and a range of other defence products. BAE Systems is dedicated to making the intelligent connections needed to deliver innovative solutions.

BAE Systems North America is a high-technology U.S. company employing more than 22,000 Americans who live and work in some 30 states and the District of Columbia. The company is dedicated to solving its customers' needs with both highly innovative and leading-edge solutions across the defence electronics, systems, information technology and services arenas.

BAE Systems Information & Electronic Warfare Systems employs 5,300 people at nine major facilities in seven states. The business unit is a major producer of aircraft self-protection systems and tactical surveillance and intelligence systems for all branches of the armed forces. Other major business areas include microwave, mission and space electronics; infrared imaging; and automated mission planning systems.