Tampa, Florida – July 22, 2005 – 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. (OTCBB; ETEC), which is headquartered in Trenton, .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 www.hydeparkcapital.com or call (813) 383-0202 or (704) 258-6653.