SOURCE: Cubic Corporation

Cubic Corporation

May 18, 2010 07:00 ET

Cubic Acquires Assets of Impeva Labs, Inc.

SAN DIEGO, CA--(Marketwire - May 18, 2010) -  Cubic Corporation (NYSE: CUB) has bolstered its strategic presence in the defense, maritime and homeland security sectors by acquiring the assets of Impeva Labs, Inc., an international provider of global asset management, tracking, monitoring and security solutions. 

Cubic acquired Impeva's contracts, inventory, fixed assets and intellectual property on May 14. A new subsidiary called Cubic Global Tracking Solutions, Inc., will build upon Impeva's current military and civilian contracts to grow the business globally.

"We intend to leverage the next-generation technology developed by Impeva to become the market leader in global tracking for the Department of Defense, homeland security and commercial markets," said John D. Thomas, Vice President of Finance and Corporate Development for Cubic Corporation. "The Impeva team has developed a cutting-edge, assured information continuous tracking capability."

Impeva's continuous global tracking technology is deploying with the U.S. Department of Defense for tracking and monitoring DoD supply chains in the Middle East and Southwest Asia via satellite, GSM mobile communications, and on an encrypted RFID mesh network. Its Global Sentinel Satellite Tag uses mesh technology for active RFID. Each tag incorporates as many as five different transmission links and can automatically select the most cost-effective transmission link for data routing -- from WiFi to satellite -- to provide the real-time location worldwide. 

Additionally, the company supplies smart devices for dry containers, refrigerated containers and trucks, and offers a Device Management Center (DMC) that can provide continuous, reliable, real-time monitoring and event notification -- without requiring fixed infrastructure or proprietary technology.

Impeva has approximately 35 employees in Mountain View, California; Panama City, Florida; and Yerevan, Armenia. Founded in 2004, it provided start-up technology for the U.S. Department of Homeland Security's Operation Safe Commerce, and is a subcontractor to ARINC on a five-year, $20 million indefinite delivery/indefinite quantity (ID/IQ) contract to develop advanced solutions for global tracking and RFID, and on the Next Generation Wireless Communications (NGWC) program, which provides mesh network satellite-based global asset visibility for U.S. Army logistics personnel.

Cubic's acquisition of Impeva complements the efforts of various business units of Cubic that are already engaged in defense, maritime and homeland security.

Cubic Corporation is the parent company of three major business segments: Defense Systems, Mission Support Services and Transportation Systems. Cubic Defense Systems is a leading provider of realistic combat training systems and defense electronics. Mission Support Services is a leading provider of training, operations, maintenance, technical and other support services. Cubic Transportation Systems is the world's leading provider of automated fare collection systems and services for public transit authorities. For more information about Cubic, see the company's Web site at www.cubic.com.

In addition to historical matters, this release contains forward-looking statements which are made pursuant to the safe harbor provisions of the Securities Litigation Reform Act of 1995. These forward-looking statements involve predictions of future results. Investors are cautioned that forward-looking statements involve risks and uncertainties which may affect the Company's business and prospects. These include the effects of politics on negotiations and business dealings with government entities, economic conditions in the various countries in which the Company does or hopes to do business, competition and technology changes in the defense and transit industries, and other competitive and technological factors.

Any statements about the Company's expectations, beliefs, plans, objectives, assumptions or future events or future financial and/or operating performance are not historical and may be forward-looking. These statements are often, but not always, made through the use of words or phrases such as "may," "will," "anticipate," "estimate," "plan," "project," "continuing," "ongoing," "expect," "believe," "intend," "predict," "potential," "opportunity" and similar words or phrases or the negatives of these words or phrases. These statements involve estimates, assumptions and uncertainties.

Since actual results or outcomes may differ materially from those expressed in any forward-looking statements made by the Company, investors should not place undue reliance on any forward-looking statements. In addition, past financial and/or operating performance is not necessarily a reliable indicator of future performance and investors should not use the Company's historical performance to anticipate results or future period trends. Further, any forward-looking statement speaks only as of the date on which it is made, and the Company undertakes no obligation to update any forward-looking statement to reflect events or circumstances after the date on which the statement is made or to reflect the occurrence of unanticipated events. New factors emerge from time to time, and it is not possible for the Company to predict which factors will arise. In addition, the Company cannot assess the impact of each factor on its business or the extent to which any factor, or combination of factors, may cause actual results to differ materially from those contained in any forward-looking statements.

Contact Information

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    Jan Stevens
    858-505-2174