CITY OF INDUSTRY, Calif.--(BUSINESS WIRE)--July 18, 2005--Global ePoint, Inc. (NASDAQ:GEPT - News), a leading manufacturer of security technologies for the aviation, military, law enforcement, industrial and commercial markets, provided an update on its proposed acquisition of Astrophysics, Inc., a leading developer and manufacturer of x-ray scanning security systems. On May 27, 2005, Global ePoint, Inc. announced that it entered into a non-binding letter of intent to acquire Astrophysics. The parties are currently engaged in the process ofpreparing definitive agreements for the acquisition, which are expected to be completed in the near term. Subject to the completion of such definitive agreements, Global ePoint intends to file a proxy statement and other relevant documents with the Securities and Exchange Commission in order to seek shareholder approval for the transaction.
About Global ePoint, Inc.
Global ePoint, through its wholly-owned subsidiaries, is the designer, manufacturer and distribution of digital video surveillance systems for the law enforcement, military, aviation 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. Global ePoint recently entered into an agreement to acquire privately-held Astrophysics, Inc. For more information, please visit http://www.globalepoint.com
About Astrophysics, Inc.
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 air cargo inspection.
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.
Global ePoint, Inc.
John Price, 909-869-1688 Ext.307
CEOcast, Inc. for Global ePoint
Ed Lewis, 212-732-4300