FLIR Systems and Indigo Systems to Merge

PORTLAND, Ore. & GOLETA, Calif., Oct. 23 -- FLIR Systems Inc., of Portland, Ore., announced yesterday it will acquire Indigo Systems Corp. for approximately $190 million in cash and stocks. Indigo, based in Goleta, Calif., makes a wide variety of infrared imaging products, including cooled and uncooled infrared detectors, camera cores and finished cameras.

FLIR Systems makes thermal imaging and stabilized camera systems for thermography and imaging applications.

Earl Lewis, chairman, president and CEO of FLIR, said, "Indigo has emerged as one of the leading centers of innovation in the infrared detector industry, with significant intellectual property and an outstanding reputation for designing the highest performance components in the industry. In addition, Indigo is an excellent manufacturer of infrared equipment in its own right in areas complementary to FLIR's existing markets. Indigo will help us lower costs, expand into new markets and provide an excellent technology base on which we can capitalize for the future."

The merger is expected to close in early 2004, subject to customery conditions.

For more information, visit: www.FLIR.com