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Hyde Park Capital Advisors, LLC Renders Fairness Opinion
Regarding Emtec's Announced Merger With DARR Westwood Technology Corporation
TAMPA, Fla. and CHARLOTTE, N.C., July 22 /PRNewswire/ -- 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. (OTC:ETEC) (BULLETIN BOARD: ETEC) , which is
headquartered in Trenton, N.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
http://www.hydeparkcapital.com/ or call (813) 383-0202 or (704) 258-6653.
DATASOURCE: Hyde Park Capital Advisors, LLC
CONTACT: John H. Hill, Jr., , or John M.
McDonald III, , both of Hyde Park Capital
Advisors, LLC, +1-813-383-0202
Web site: http://www.hydeparkcapital.com/