Aeroflex Buys Celerity Systems for $10.25 M

PLAINVIEW, N.Y., Nov. 7 -- Aeroflex Inc., a maker of automated testing solutions and microelectronics for the aerospace, defense and broadband communications markets, announced this week it has acquired the business of Celerity Systems Inc. from L-3 Communications Corp. for $10.25 million consisting of cash, Aeroflex common shares and a release of certain liabilities.

Celerity Systems designs, develops and manufactures modular digital test and measurement solutions for the communications, satellite, wireless and broadband test markets, including broadband signal generation.

Aeroflex entered into a limited manufacturing and license agreement with Celerity earlier this year. Len Borow, executive vice president and CEO of Aeroflex, said, "As we have worked together with Celerity, it became obvious to us that their considerable intellectual property was an excellent fit with our intellectual property which, taken together, is expected to allow us to expand our product development in such areas as cellular base station test systems."

Celerity will continue to sell its products directly to government agencies and will also sell products to L-3 under an exclusive relationship for use in signal intelligence and communication intelligence systems.

For more information, visit: www.aeroflex.com