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EXHIBIT 99.1
[MAXWELL TECHNOLOGIES LETTERHEAD]
PRESS RELEASE
FOR IMMEDIATE RELEASE
Contact: Tracy Perry
Vice President, Corporate Communications
(619) 576-7547
URL http://www.maxwell.com/
MAXWELL TECHNOLOGIES TO ACQUIRE UNIT OF PRIMEX
PHYSICS INTERNATIONAL; SOLIDIFIES GLOBAL LEADERSHIP
IN PULSED POWER TECHNOLOGY
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APRIL 2, 1998, SAN DIEGO, CA ... MAXWELL TECHNOLOGIES, INC.
(NMS-MXWL) announced today that it has agreed to acquire the electromagnetic
systems business of Primex Physics International Co., a subsidiary of Primex
Technologies, Inc. (NMS-PRMX), for $10 million in cash. The acquired business'
1997 sales were approximately $17 million. The sale, which is contingent on
obtaining certain approvals, is expected to be concluded by the end of April.
"Maxwell Technologies and Physics International are two of the world
leaders in the arena of pulsed power technology and this consolidation yields a
technology powerhouse in this domain," said Kenneth F. Potashner, chairman and
chief executive officer of Maxwell.
"The addition of more than 100 world-class scientists, engineers and
technicians of Physics International clearly makes Maxwell Technologies the
global leader in high-energy pulsed power technology. Our two companies have
responded to Department of Defense and Department of Energy pulsed power and
simulation business requirements for many years and we can now put our
resources to use more effectively and efficiently.
"Physics International's electromagnetic business also brings to
Maxwell several innovative applications of pulsed power in varying stages of
development with exciting commercial market potential. Among these are a flash
x-ray system for use in ultra-high-speed non-destructive inspection,
complementary technologies for use in food and water purification, a
pulsed-corona device for reducing air pollutants, and a pulsed electrical
energy system for separating valuable minerals from mined rock."
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Added Walter Robertson, president and general manager of Maxwell
Technologies Systems Division, Inc.: "The acquisition of Physics
International's electromagnetic business greatly expands the resources
available to us and increases the division's annual revenues to close to $50
million. We believe that the larger critical mass resulting from the
acquisition will enhance our bidding prospects for new programs requiring
leading-edge pulsed power solutions."
Maxwell Technologies is a leader in pulsed power technologies,
providing pulsed power based systems and components for a wide range of
commercial applications and research and development for both commercial
customers and the U.S. government. The Company's advanced technology solutions
address diverse markets such as utilities, telecommunications, medical
equipment and products, food processing and packaging and transportation. The
Company also offers industrial computers and subsystems, primarily to OEMs in
computer telephony and other markets, and software products and services, both
for government research and for various commercial applications.
Except for historical information contained herein, the matters
discussed in this news release are forward-looking statements that involve
risks and uncertainties, including funding levels for defense and energy
programs, product development based on new technologies, applications and
acceptance of new products in major markets, the impact of competitive products
and pricing, the successful integration of acquired businesses, and other risks
detailed from time-to-time in the Company's SEC reports, including the report
on Form 10-K for year ended July 31, 1997.
Actual results may differ materially from those projected. These
forward-looking statements represent the Company's judgment as of the date of
this release. The Company disclaims, however, any intent or obligation to
update these forward-looking statements.
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