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L-3 COMMUNICATIONS AND THALES CLOSE JOINT VENTURE AGREEMENT Contact:
NEW YORK, NY, June 18, 2001 - L-3 Communications (NYSE:LLL) and Thales Avionics, a wholly-owned subsidiary of Thales (formerly Thomson-CSF) specializing in avionics and aircraft cabin electronics, announced today that they have successfully closed their joint venture agreement regarding the assets of L-3's Aviation Communications & Surveillance Systems (ACSS), having received approval from the Committee on Foreign Investment in the United States, the appropriate antitrust enforcement agencies, and other relevant authorities. Under the terms of the signed agreement, as previously announced, Thales Avionics has purchased a 30% interest in the joint venture to be called ACSS, for approximately $72 million in cash. L-3 Communications owns 70% of the joint venture and manages its day-to-day operations. ACSS, an L-3 Communications & Thales Company, provides communications and surveillance avionics systems and services and support for the global aviation marketplace. The new enterprise is located in Phoenix, Arizona, with marketing and support personnel stationed around the world. As part of the joint venture agreement, Thales Avionics becomes the exclusive sales agent of ACSS products to the Air Transport market. ACSS leads the marketing and sales effort to the corporate, helicopter, military and general aviation markets. In addition to increasing ACSS's global sales and support presence, the joint venture also increases ACSS's ability to develop new, leading-edge products. "This joint venture has been in effect operationally for the past three months. Already we have increased our penetration of the aviation surveillance marketplace and initiated a significant R&D project that will substantially increase our market presence in 2002 and beyond," said Frank C. Lanza, chairman and CEO of L-3 Communications. "We look forward to similar arrangements with other international partners in key areas." ACSS, an L-3 Communications & Thales Company, is a leader in aviation surveillance systems. Its current product line includes a family of Mode S transponders and a family of Traffic Alert and Collision Avoidance System (TCAS) products. TCAS reduces the potential for mid-air collisions and provides an independent and complementary supplement to the air traffic control (ATC) system. Approximately 8,000 units of L-3's TCAS product are currently installed in commercial, corporate, and military aircraft. Headquartered in Velizy (France), Thales Avionics, a wholly-owned subsidiary of Thales, is the European leader and world-renowned partner in avionics and cabin electronics and a world leader in professional electronics for civil and defense markets. To learn more about Thales Avionics, please visit the company's web site at www.thales-avionics.com. Headquartered in New York City, L-3 Communications is a leading merchant supplier of secure communications systems and products, avionics and ocean products, training products, microwave components and telemetry, instrumentation, space and wireless products. Its customers include the Department of Defense, selected US government intelligence agencies, aerospace prime contractors and commercial telecommunications and wireless customers. To learn more about L-3 Communications, please visit the company's web site at www.L-3Com.com.
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