August 28, 2006
Caver-morehead SIGNS Definitive agreement to be acquired by wireless industry leader RF Monolithics, Inc.
PLANO, TEXAS, (August 28, 2006) Caver-Morehead Systems today announced it has agreed to be acquired by RF Monolithics, Inc. ("RFM" or the "Company") [NASDAQ:RFMI]. The acquisition combines Caver-Morehead's FM1 suite of computerized maintenance management applications with RFM's family of low power wireless machine monitoring products to allow the delivery of complete hardware and software solutions for emerging machine maintenance and monitoring applications.
Bill Caver, President of Caver-Morehead, stated "The addition of RF Monolithics' products and capabilities allows Caver-Morehead to support its existing customers as they move to adopt real-time connections to their critical assets to improve maintenance and management activities. At the same time, RF Monolithics will help us reach entirely new customers for which the FM1 product can offer a powerful, valuable new capability to gain insight into and control over their asset performance."
David Kirk, President and CEO of RFM, said "The experienced team at Caver-Morehead will be a valuable addition to RFM. Caver-Morehead has a long history of providing industry-leading CMMS software and timely service in the municipal and government institution market. With Caver-Morehead, RFM intends to continue to support existing customers and markets. Additionally, the combination of RFM's proprietary low-power short range radio technology and Caver-Morehead's sophisticated machine monitoring and maintenance management application software provides RFM a unique capability to provide customers end-to-end wireless solutions. This puts us at the forefront of machine-to-machine vendors seeking to provide a comprehensive wireless solution - from application software to low-power wireless sensor nodes."
About Caver-Morehead
A leader in the CMMS industry, Caver-Morehead Systems, Inc. was established in 1992 and has revolutionized maintenance management by providing leading edge tools for crises management and cost control. Caver-Morehead's Computerized Maintenance Management Systems are top-of-the-line products with unique features. Its solutions and expertise have solved problems for a growing list of important corporate and institutional facilities.
Caver-Morehead is committed to providing the latest technology towards maintenance management. It provides a variety of services and software products and can customize and improve an already existing product to meet customer's organizational needs and maximize results. For more information regarding Caver-Morehead's products and services, please visit Caver-Morehead's web site at www.caver-morehead.com .
About RFM
Celebrating over 25 years of providing low-power wireless solutions, RFM, headquartered in Dallas, Texas, is enabling the next generation of wireless applications with a solutions-driven, technology-enabled approach to wireless connectivity. RFM provides the connections to extend the edge of the Internet to communicate with the billions of unconnected machines through a broad range of low-power wireless solutions - from comprehensive industrial wireless sensor networks to high-performance RF components. For more information on RF Monolithics, Inc., please visit the Company's websites at http://www.rfm.com and http://www.wirelessis.com .
Forward-Looking Statements:
This news release contains forward-looking statements, made pursuant to the Safe Harbor Provision of the Private Securities Litigation Reform Act of 1995, that involve risks and uncertainties. Statements of the Company's plans, objectives, expectations and intentions involve risks and uncertainties. Statements containing terms such as "believe", "expects", "plans", "anticipates", "may" or similar terms are considered to contain uncertainty and are forward-looking statements. Similarly, statements in this release that describe the Company's business strategy, outlook, objectives, plans or goals also are forward-looking statements. Such statements are based on information available to management as of the time of such statement. Such statements are not guarantees of future performance and involve certain risks, uncertainties and assumptions, including risks related to the ability to integrate the acquisitions as planned, the ability to compete in the highly competitive market in which the companies operate, rapid changes in technologies that may displace products and services sold by the combined company, declining prices of networking products, the combined company's reliance on distributors, delays in product development efforts, uncertainty in consumer acceptance of the combined company's products, changes in the companies' level of revenue or profitability, expectations and stability of the international business environment in which the companies operate, availability and cost of raw materials and labor, loss of major customers or significant change in demand from company forecasts, projections of future performance, perceived opportunities in the market and statements regarding the combined company's mission and vision, future financial and operating results, and benefits of the transaction,. as well as the other risks detailed from time to time in the Company's SEC reports, including the report on Form 10-K for the year ended August 31, 2005. The companies do not assume any obligation to update any information contained in this release.
