Hyde Park Capital Advisors, LLC Renders Fairness Opinion Regarding Emtec's Announced Merger With DARR Westwood Technology Corpor
22 Juli 2005 - 4:36PM
PR Newswire (US)
Hyde Park Capital Advisors, LLC Renders Fairness Opinion Regarding
Emtec's Announced Merger With DARR Westwood Technology Corporation
TAMPA, Fla. and CHARLOTTE, N.C., July 22 /PRNewswire/ -- Hyde Park
Capital Advisors, LLC is pleased to announce it has rendered a
fairness opinion to the Board of Directors of Emtec, Inc. in its
recently announced merger with DARR Westwood Technology
Corporation, Inc. On July 14, 2005 Emtec, Inc. (OTC:ETEC) (BULLETIN
BOARD: ETEC) , which is headquartered in Trenton, N.J., announced
that it signed a definite agreement to merge with DARR Westwood
Technology Corporation, the parent company of Westwood Computer
Corporation (Westwood). Emtec, Inc., established in 1981, is a
systems integrator focused on providing technology solutions that
enable its customers to effectively use and manage their data to
grow their business. Their areas of specialization in information
technology ("IT") include Communications (IP Telephony, Wireless
Connectivity, Cabling, Network Infrastructure), Data Availability
(Remote Access, Messaging, Management), Enterprise Computing
(Enterprise Architecture, High Availability, Server Consolidation,
Data Management) and Managed Services (Network Monitoring, Help
Desk). Emtec's solutions are crafted to enable their customers to
become more efficient and effective, thereby giving them a
competitive advantage. Westwood, headquartered in Springfield, N.J.
and established in 1964, is a privately held information technology
company and a leading supplier of IT products and services to the
Federal Government. It has been recognized as one of the top 20
General Service Administration vendors in the IT industry during
each of the past eight years and was named in data complied by the
GSA as the ninth largest vendor for the Federal Government's 2004
fiscal year. The company has additional locations in Virginia and
New York, as well as five regional offices in the South and Western
United States. The combined company will continue to operate as
Emtec under the ticker symbol ETEC. Westwood's revenues for the
twelve months ended August 31, 2004 were $129.87 million. Emtec's
revenues for its fiscal year ended March 31, 2005 were $112.70
million. Upon effectiveness of the merger, which is expected to
occur within the next several weeks, DARR Westwood's shareholders
will acquire approximately 55% of Emtec's then issued and
outstanding shares of common stock and Emtec's board of directors
will be comprised solely of DARR Westwood's designees, thereby
resulting in a change of control of Emtec. Dinesh Desai, Chairman
of Westwood, will become the Chairman and CEO of Emtec. John
Howlett and Ron Seitz, currently Emtec's CEO and COO, respectively
will remain with the combined company in respective roles of
President, Emtec Northeast, and President, Emtec Southeast. About
Hyde Park Capital Hyde Park Capital is an institutionally focused
private investment bank serving the corporate finance needs of
companies primarily in Florida and the Southeastern United States.
Hyde Park Capital's principals have extensive transaction
experience successfully executing merger & acquisition
engagements, including purchase and sale of company assignments,
recapitalizations, financial advisory, fairness opinions and
raising growth capital for companies, including equity, mezzanine
and senior debt. Hyde Park Capital has significant experience in
the technology, communications, healthcare, financial services,
consumer, retail and industrial sectors, but broadly represents
outstanding growth companies in any industry. Hyde Park Capital is
one of the most active investment banks in Florida and the
Southeast and the principals of Hyde Park Capital have advised on
more than 200 investment banking transactions totaling more than $6
billion in transaction value. Hyde Park Capital has offices in
Tampa, Florida and Charlotte, North Carolina and is a member of the
NASD and SIPC. For additional information about Hyde Park Capital
visit http://www.hydeparkcapital.com/ or call (813) 383-0202 or
(704) 258-6653. DATASOURCE: Hyde Park Capital Advisors, LLC
CONTACT: John H. Hill, Jr., , or John M. McDonald III, , both of
Hyde Park Capital Advisors, LLC, +1-813-383-0202 Web site:
http://www.hydeparkcapital.com/
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