CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--July 7, 2005--Global ePoint, Inc. (NASDAQ: GEPT - News), a leading manufacturer of security technologies for the aviation, law enforcement, industrial and commercial markets, today announced that Astrophysics , a leading developer and manufacturer of x-ray scanning security systems, had received an initial order from China’s Customs Agency for six XIS-100X Baggage Screening / Inspection systems to screen incoming cargo. The technologically advanced X-ray inspection systems are designed to be controlled remotely through a network and threat images transmitted to a remote server for viewing, storage and/or printouts. Global ePoint recently entered into a non-binding letter of intent to acquire Astrophysics. in a transaction scheduled to close in the third quarter.
The China Customs order for six XIS-100X systems represents our initial entry into the Chinese market, which in the coming years is expected to become as large as the U.S. market," said Francois Zayek, President and CTO of Astrophysics, Inc. “China now has over 230 airports and is adding new airports rapidly, and by providing the systems to a government agency, Astrophysics is well positioned to capitalize on the large market opportunity.”
Astrophysics recently announced that it had received an initial order from the Superior Court of Orange County, California, California's highest court, for thirteen model XIS-5335S Baggage Screening Inspection Systems. The Systems will be installed in five Orange County Justice Centers located in Santa Ana, Fullerton, Newport Beach, Westminster and Laguna Niguel.
Astrophysics delivers turnkey x-ray inspection systems to customers worldwide for use at airports, government buildings, customs, banks, courthouses, hospitals, prisons and many other locations. Astrophysics’ technology teams have developed leading proprietary products in baggage and cargo inspection. For more information please see www.astrophysicsinc.com
About GlobalePoint, Inc.
Global ePoint designs, manufactures and markets security products and systems for the aviation, military, law enforcement and industrial markets. Its contract manufacturing abilities not only provide a cost-advantage in the production of leading security technology products but also a steady stream of reliable revenue to help fund its expansion in to high growth, high technology markets related to security. Its vertical integration allows it to maintain superior operating efficiencies and to provide cost-advantaged products. For more information please see www.globalepoint.com
Subject to the completion of definitive agreements to acquire Astrophysics, the Global ePoint intends to file with the Securities and Exchange Commission a proxy statement, and other relevant documents in connection with the proposed acquisition. Investors and security holders are advised to read the proxy statement regarding the proposed acquisition, if and when available, because it will contain important information. Investors and security holders may obtain a free copy of the proxy statement, if and when available, and other documents filed by the company at the Securities and Exchange Commission's web site at www.sec.gov. The proxy statement and such other documents may be obtained, if and when available, from the company by directing such request to Global ePoint, Inc. 339 S. Cheryl Lane, City of Industry, California 91789, Attention: Investor Relations. A description of any interests that any of Global ePoint's directors and executive officers have in the proposed acquisition is included in a Current Report on Form 8-K filed with the SEC on June 3, 2005 and will be available in the proxy statement.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are subject to certain risks and uncertainties, and actual circumstances, events or results may differ materially from those projected in such forward-looking statements. Factors that could cause or contribute to differences include, but are not limited to, the risk that Astrophysics transaction may not be completed in 2005, or at all; risks related to the inability to obtain, or meet conditions to the consummation of the transaction, including approval by stockholders of Global ePoint; risks related to any uncertainty surrounding the transaction, and the costs related to the transaction; risks related to the integration of Global ePoint's recently acquired operations; market acceptance of Global ePoint's products; delays in the introduction of new products; production and/or quality control problems; further approvals of regulatory authorities and the denial, suspension or revocation of certifications and licenses by governmental authorities; and Global ePoint’s ability to obtain capital as and when needed. For a discussion of these and other factors which may cause actual events or results to differ from those projected, please refer to the Company's most recent annual report on Form 10-KSB and quarterly reports on Form 10-QSB, as well as other subsequent filings with the Securities and Exchange Commission. The Company cautions readers not to place undue reliance on any forward-looking statements. The Company does not undertake, and specifically disclaims any obligation, to update or revise such statements to reflect new circumstances or unanticipated events as they occur.