EXHIBIT 99.1
[GSI GLOBECOMM SYSTEMS LOGO]
FOR IMMEDIATE RELEASE
GLOBECOMM SYSTEMS CLOSES ACQUISITION OF GLOBALSAT
DIVISION OF LYMAN BROS., INC.
HAUPPAUGE, N.Y., MAY 3, 2007 /BUSINESSWIRE/ -- Globecomm Systems Inc. (NASDAQ:
GCOM-News), a global provider of end-to-end satellite-based communications
solutions today announced the closing of its previously announced acquisition of
the GlobalSat division of Lyman Bros., Inc. effective April 30, 2007. The wholly
owned division will operate as Globecomm Services Maryland LLC.
Globecomm Systems had previously announced on April 23, 2007 that it had entered
into a definitive agreement to acquire the GlobalSat division of Lyman Bros.,
Inc. The acquisition accelerates Globecomm's strategy to penetrate the
government marketplace and when combined with the existing managed network
services business of the Company, significantly increases the existing recurring
revenue base.
Susquehanna Financial Group, LLP acted as a financial advisor to Globecomm on
this transaction.
David Hershberg, Chief Executive Officer and Chairman of Globecomm Systems Inc.,
said, "This acquisition solidifies Globecomm's presence as a key supplier of
end-to-end managed network services in the government marketplace. Bill Raney,
V.P. and General Manager of the division, is a well respected executive in the
industry and we look forward to working closely with Bill and his staff on
assuring the success of this transaction for years to come."
ABOUT GLOBECOMM SYSTEMS
Globecomm Systems Inc. provides end-to-end value-added satellite-based
communication products, services and solutions by leveraging its core satellite
ground segment systems and network capabilities, with its satellite
communication services capabilities. The products and services Globecomm offers
include pre-engineered systems, systems design and integration services, managed
network services and life cycle support services. Globecomm's customers include
communications service providers, commercial enterprises, broadcast and other
media and content providers and government and government-related entities.
Based in Hauppauge, New York, Globecomm Systems also maintains offices in
Washington, D.C., Hong Kong, the United Kingdom, the United Arab Emirates and
Afghanistan.
Certain of the statements contained in this press release may be deemed
forward-looking statements. Such statements, and other matters addressed in this
press release, involve a number of risks and uncertainties. Among the factors
that could cause actual results to differ materially from these statements and
matters include risks and other factors detailed, from time to time, in the
Company's reports filed with the Securities and Exchange Commission, including,
but not limited to, the Company's Annual Report on Form
10-K, its Quarterly Reports on Form 10-Q and its Current Reports on Form 8-K,
which the Company urges investors to consider. These risks and other factors
include, but are not limited to general and political and economic instability
in the United States and abroad, including the hostilities in Iraq and
Afghanistan.
CONTACT: Globecomm Systems Inc.
David Hershberg, 631-231-9800
or
Investor Relations:
Matthew Byron, 631-457-1301
or
Fax: 631-231-1557
info@globecommsystems.com
www.globecommsystems.com.
SOURCE: Globecomm Systems Inc.
