SOURCE: Cubic Corporation

Cubic Corporation

December 07, 2010 14:30 ET

Cubic Receives Regulatory Consent to Acquire Abraxas Corporation

SAN DIEGO, CA--(Marketwire - December 7, 2010) -  Cubic Corporation (NYSE: CUB) reported today that it has received word from the U.S. Department of Justice and Federal Trade Commission expressing no objection to Cubic's Agreement and Plan of Merger with Abraxas Corporation of Virginia. This action, required under the Hart Scott Rodino Antitrust Improvements Act, clears the way for Cubic to acquire the privately held national security and cyber security company.

Cubic first announced it had signed an agreement to acquire Abraxas on November 15. Under the terms of the agreement, Abraxas will maintain its name and become a wholly owned subsidiary in Cubic's Mission Support Services segment. The acquisition is expected to close later this month.

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, cyber technologies, asset tracking solutions, 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.

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    Jan Stevens
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