CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--July 7, 2005--Global ePoint, Inc. (NASDAQ: GEPT - News), an innovative developer and manufacturer of homeland security solutions for aviation, commercial and law enforcement, announced today that it has retained Palo Alto based investment bank, Pagemill Partners, LLC, to assist its Board of Directors in reviewing the fairness of the proposed acquisition of Astrophysics, Inc. and to provide strategic guidance and advice.
On May 27, 2005, Global ePoint entered into a non-binding letter of intent to acquire Astrophysics, Inc., a leading designer and manufacturer of X-ray scanning security systems. The letter of intent stipulated completion of the definitive agreement by June 30, 2005 that has since been extended to July 15, 2005.
Subject to the completion of definitive agreements to acquire Astrophysics, 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.
About GlobalePoint, Inc.
Global ePoint's growth catalyst, through its wholly-owned subsidiaries, is the design, manufacturing, sales and distribution of digital video surveillance systems for the law enforcement, military, aviation, commercial and homeland security markets. On the cutting edge of digital technology and seeking to expand its product line, Global ePoint is developing new compression technologies and next-generation, secure network digital video systems and servers for a wide range of new markets, concentrating primarily on security and homeland defense applications. As a solid recurring revenue stream, the Company also manufactures customized computing systems for industrial, business and consumer markets, as well as other specialized electronic products and systems. Complete vertical integration -- from design and manufacturing to sales and distribution -- allows the Company to capture efficiencies and maintain cost advantages in these growing markets, particularly homeland security. For more information, please visit http://www.globalepoint.com
About Pagemill Partners, LLC.
Pagemill Partners is a leading investment bank, headquartered in California's Silicon Valley, which provides merger and acquisition and private capital advisory services to emerging growth companies. The team at Pagemill Partners has deep subject-matter expertise and extensive execution experience in a broad range of technologies. Additional information is available at www.pmib.com
. Member: NASD, SIPC.
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.