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Essex Moves to the NASDAQ National Market
Shares will trade under the symbol KEYW
COLUMBIA, Md., March 29 /PRNewswire-FirstCall/ -- Trading of shares of the
Essex Corporation will move to the NASDAQ National Market upon market opening on
Wednesday, March 31, 2004 under the symbol "KEYW." Essex has chosen to move to
the NASDAQ to join other industry leaders in technology and innovation on the
world's largest electronic, screen-based equity securities market and the
largest equity securities marketin the world based on share volume. Essex
currently has a market cap of over $120 million, based on its closing share
price on March 26, 2004 with over 15.5 million shares outstanding.
"Our institutional investors and financial advisors have encouraged us to move
to NASDAQ for the advantages it affords the company and its investors over the
auction market," according to Leonard E. Moodispaw, CEO & President. "NASDAQ is
the right place for Essex to continue implementing our strategy for delivering
financial success and accelerated growth. Recent independent assessments by
FactSet Research Systems and Market Systems Inc., rank NASDAQ as a superior
market based on trade volume, liquidity, and the speed and quality of trade
executions."
"Our move toNASDAQ is an important step forward for our investors and
shareholders," continued Mr. Moodispaw. "We have been very pleased with our
experience on the American Stock Exchange and with the support and advice we
have received from the talented people at Cohen Specialists, LLC, our specialist
on the Amex. We depart from the Amex and Cohen as friends and valued
colleagues."
"On behalf of everyone at NASDAQ, I would like to officially welcome Essex
Corporation to our market," commented, Bruce Aust, Executive Vice President, The
NASDAQ Stock Market. "We are delighted that Essex will begin to trade on
NASDAQ, which will expose the company to the many benefits within our electronic
market model such as speed of execution, liquidity, transparency, and increase
visibility for its investors," added Mr. Aust.
Investors holding Essex stock need take no action as the stock conversion will
occur automatically. More information is available in a Frequently Asked
Questions document on our website on the Investor page at
http://www.essexcorp.com/investor.html .
About Essex: Essex creates solutions for today's most advanced signal and image
processing challenges, serving commercial, defense and intelligence customers.
For more information contact Essex Corporation, 9150 Guilford Road, Columbia MD
21046; Phone 301.939.7000; Fax 301.953.7880; E-mail , or on the Web at
http://www.essexcorp.com/.
This press release may contain "forward-looking statements" within the meaning
of the United States Private Securities Reform Act of 1995. These statements
are based on management's current expectations and are subject to risks,
uncertainty and changes in circumstances, which may cause actual results,
performance or achievements to differ materially from anticipated results,
performance or achievements. All statements contained herein that are not
clearly historical in nature are forward looking. The forward-looking
statements in this release include statements addressing the following subjects:
future financial condition and operating results. Economic, business,
competitive and/or regulatory factors affecting Essex's businesses are examples
of factors, among others, that could cause actual results to differ materially
from those described in the forward-looking statements.
More detailed information about these and other factors is set forth in Essex's
Annual Report on Form 10-K, as amended, for the fiscal year ended December 28,
2003. Essex is under no obligation to (and expressly disclaims any such
obligation to) update or alter its forward-looking statements whether as a
result of new information, future events or otherwise.
Contact: Leonard E. Moodispaw
CEO & President
301.939.7000
DATASOURCE: Essex Corporation
CONTACT: Leonard E. Moodispaw, CEO & President of Essex Corporation,
+1-301-939-7000
Web site: http://www.essexcorp.com/
http://www.essexcorp.com/investor.html