Essex Acquires Sensys

COLUMBIA, Md. -- Essex Corporation (OTC Bulletin Board: ESEX - News), a developer of signal processing algorithms and optical solutions for defense and intelligence applications, announced today that it has acquired privately owned Sensys Development Laboratories, Inc. (SDL), a Maryland-based provider of systems and software engineering services to the Intelligence Community. SDL's 28 people will add approximately $4 million to 2003 Essex revenues, projected to exceed $14 million post-acquisition. SDL's skills and experience are highly complementary to Essex core competencies in image and signal processing technology. This acquisition expands Essex resources and capabilities to deliver information and communications solutions to the highly demanding Intelligence Community and to future commercial accounts. "We expect Essex's performance in 2003 to reflect significant revenue growth and bottom-line improvement springing from our increasing powerhouse of talent and technology," observed Leonard Moodispaw, Essex Corporation CEO. "We are expanding customer relationships, adding new customers and augmenting people and contracts through organic growth, strategic acquisitions and superb execution. The strengths brought by SDL amplify the capacities of Essex to supply urgently needed solutions to the Intelligence Community." "Our exciting and challenging business combination broadens the array of opportunities in which the SDL team will apply its technical experience," said Richard Krauss, President of SDL. "It opens new avenues for personal growth of SDL people, all of whom share the commitment to excellence, innovation and cutting edge technology for which Essex has long been known." Essex Corp.