Amityville,
NY - July 28, 2000 -- Napco Security Systems Inc. (Nasdaq:
NSSC) today announced the acquisition of Continental
Instruments LLC - a move that further strengthens Napco's
comprehensive security product lines.
Continental
Instruments, a long-established privately held company,
is located in Edgewood, NY. Continental develops and
markets industry leading Access Control and Security
Management Systems and products to the commercial and
industrial marketplaces. Specific terms of the agreement
were not disclosed.
Richard
Soloway, Napco's President and CEO said, "This acquisition
underscores Napco's commitment to its customers and
shareholders by offering enhanced growth opportunities
through new product introductions and strategic acquisitions.
We believe that Napco and its customers will benefit
from the increased research and development and diversification
into new markets that Continental offers us. Continental
is the perfect addition to our broad range of electronic
security systems and will help us advance our leadership
position in providing cutting-edge electronic security
technology and solutions to our customers."
Mr.
Soloway added, "The access control segment of the security
industry is a multi-billion dollar market and is probably
the fastest growing segment in the security industry.
The Continental acquisition is part of our strategy
to further diversify Napco within the $20 billion-dollar
worldwide security industry. The Continental product
line should create synergies with all aspects of the
Napco Security Group especially our Alarm Lock subsidiary.
Continental will operate as a division within the Napco
Security Group."
John
Banks, President of Continental said, "We are delighted
to be part of the Napco group and believe it will enhance
our opportunity for long-term growth. Being part of
the Napco group provides Continental with increased
distribution, market penetration and strengthens the
research and development capabilities of both companies.
Napco's proven commitment to research and development,
as well as its global distribution capabilities, fit
perfectly with Continentalšs strategic positioning of
our new line of Enterprise Class Security Solutions."
The new team of Napco and Continental will strengthen
our ability to support our growing network of dealers
and system integrators with quality customer service
and innovative security systems and products."
Napco
Security Systems, Inc. is one of the world's leading
manufacturers of technologically advanced electronic
security equipment including burglary and fire alarm
systems, access control products and security hardware.
The Company's products, including those of Alarm Lock
Systems, Inc., feature some of the most popular and
best-selling control panels, sensors and locking devices.
They are used in residential, commercial, institutional
and industrial applications.
Napco
security products have earned a reputation for technical
excellence, reliability and innovation, poising the
Company for continued revenue growth in the rapidly
expanding electronic security market -- a market that
has increased at a rate of approximately 7% annually
since 1991 and now exceeds $20 billion.
For
more information on Napco and Continental, please visit
the company's web sites at: www.cicaccess.com
and www.napsosecurity.com.