Gray Cary Represents SAFLINK in $104 Million Merger Agreement with SSP-Litronic
Business Editors/Legal Writers/High-Tech Writers
SEATTLE–(BUSINESS WIRE)–March 24, 2004
Gray Cary Ware & Freidenrich LLP is representing SAFLINK Corporation (Nasdaq:SFLK), a leading provider of biometric security solutions, concerning its recently announced agreement to acquire SSP Solutions, Inc. (Nasdaq:SSPX), dba SSP-Litronic, a leading provider of secure identity management and information assurance products. The stock-for-stock transaction is valued at approximately $104 million, on a fully diluted, treasury method basis.
Pending stockholder and regulatory approval, SAFLINK will acquire all outstanding shares of SSP-Litronic. The merger is intended to qualify as a tax-free transaction and is expected to close in the second or third quarter of 2004, depending on regulatory review. Upon completion of the transaction, SSP-Litronic will operate as a wholly-owned subsidiary of SAFLINK.
By combining SAFLINK and SSP-Litronic into one entity, the merger uniquely positions the new company to solve the personal privacy issues that have slowed the adoption of important government security initiatives. SAFLINK and SSP-Litronic believe that a combined product offering can answer new legislative requirements in healthcare and financial services, and can help meet the growing demand for the new “smart” passport and driver’s license. In addition, the new company’s combined technologies can provide a foundation for security initiatives being implemented by large global enterprises and the U.S. Government’s Department of Homeland Security.
Michael Hutchings, a partner in Gray Cary’s Seattle office, is leading the firm’s team representing Bellevue, Wash.-based SAFLINK. Seattle team includes Jeffrey Harmes and John Steel, and Seattle associates Heidi Drivdahl, Trenton Dykes, David Wickwire and Joe Wallin.
SAFLINK Corporation offers software solutions that protect intellectual property, secure information assets, and eliminate passwords. SAFLINK’s software provides Identity Assurance Management, allowing administrators to verify the identity of users and control their access to: computer networks, physical facilities, applications, manufacturing process control systems, and time and attendance systems.
Gray Cary Ware & Freidenrich LLP finished 2003 among the leading merger and acquisition law firms in the country. According to Thomson Financial Securities Data (TFSD), Gray Cary ranked ninth in “U.S. Completed Mergers & Acquisitions” with 71 completed deals, for a total value of more than $3.3 billion. Gray Cary’s M&A Group is comprised of more than 80 lawyers dedicated to complex merger and acquisition transactions. Since January 1, 2000, Gray Cary had advised on more than 310 merger and acquisition transactions, totaling more than $26 billion.
Gray Cary is a national law firm that represents private and public businesses, from growth companies to Fortune 500 corporations with an emphasis on the technology and life sciences industries. The firm has more than 400 attorneys practicing in Austin, East Palo Alto, Sacramento, San Diego, San Francisco, Seattle and Washington, D.C.
Related SAFLINK Release: http://www.saflink.com/pr/SSP.html
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