SOURCE: Pamet Systems, Inc.

May 15, 2007 15:15 ET

Archonix and Pamet Announce Transaction

HUDSON, MA -- (MARKET WIRE) -- May 15, 2007 -- Pamet Systems, Inc. ("Pamet") (PINKSHEETS: PMTT) and Archonix Systems LLC today announced the completion of a transaction establishing a strategic partnership between the two organizations. The elements of the partnership include a financial investment in Pamet by Archonix, cross licensing of the two companies' product lines and a management agreement that combines the management talents and resources of the two companies. It is expected that the partnership will strengthen the position both companies already have in their respective markets.

In January 2007, Archonix and Pamet had announced a transaction whereby Archonix would purchase the majority of Pamet's assets. After further review, the parties determined that the strategic partnership would more quickly accomplish the objectives of both parties while still leaving open the future possibility of a combination of assets.

With this transaction, Archonix now manages public safety software for almost 300 Police and Fire Departments and Correctional Institutions in 21 States, making it one of the larger companies devoted to public safety in several states. Commenting on the transaction, Archonix COO Anthony Graham stated, "We are very pleased to have reached agreement with Pamet's Board of Directors on this transaction. The compatibility of the personnel and the opportunity to bring the combined depth of each Company's software to the other will be a great benefit to customers of both companies. This transaction further illustrates our confidence in the opportunity that lies before both Archonix and Pamet in a consolidating industry."

For Pamet, the benefits of the additional capital and other resources will enable it to accelerate its growth trajectory and competitive position in the public safety software market. Kirke Curtis, CEO of Pamet, remarked, "Among other things, this partnership gives us the resources to rapidly accelerate the introduction of several strategic products that bring critically important new capabilities to our clients. In a single stroke our product suite will become more capable and robust than that of competitors many times our size. This is an exciting development for customers, employees and investors alike."

About Archonix: Headquartered in Mt. Laurel, New Jersey, Archonix Systems ("Archonix") is a rapidly growing provider of software products for police, fire, jail and other public safety agencies. Archonix is privately held and has grown to serve 300 public safety customers in 21 states. The Company's public safety offerings include computer-aided-dispatch, records management, and mobile communications software, as well as data sharing for police and fire departments and management software for correctional institutions. For more information, go to www.archonixsystems.com

About Pamet: Incorporated in 1987, Pamet Systems, Inc. is a provider of software, mobile solutions and other technologies for public safety organizations throughout the Eastern United States. The Company's innovative applications help automate the workflow of first responders and other public safety organization personnel. For more information go to www.pamet.com.

Certain statements in this release may constitute "forward-looking statements" within the meaning of the Securities Act of 1933 and the Securities and Exchange Act of 1934 as amended. Certain, but not necessarily all, of such forward-looking statements can be identified by the use of such words or phrases as "believes," "expects," "may," "will," "should," "is very likely to" or "anticipates," or other variations. The final disposition of the transaction may be materially different from any future results expressed or implied by such forward-looking statements because of factors such as inability to gain shareholder or other stakeholder approval, insufficiency of capital to operate the Company, and/or changes in the marketplace including changes in demand for public safety software.

Contact Information

  • Contact:
    Kirke S. Curtis
    Pamet Systems, Inc.
    Phone: (978) 568-0045 x1111

    Contact:
    Anthony S. Graham
    Archonix Systems, LLC
    Phone: (856) 787-0020