News

Planar Systems agrees to acquire flat panel manufacturer

April 16, 2004

BEAVERTON, Ore. -- (BUSINESS WIRE)--Dec. 4, 2000--Planar Systems, Inc.(Nasdaq:PLNR) and AllBrite Technologies, Inc., have entered into a definitive merger agreement under which Planar will acquireAllBrite Technologies,based in Poway, Calif.

AllBrite is a supplier of flat panel displays to the growing ATM and outdoor kiosk markets. The company has developed display systems that can be read in sunlight and ticketing kiosks.

Planar will acquire all of the outstanding stock of AllBrite in exchange for common stock of Planar valued at approximately $25 million. The transaction has been approved by the boards of directors of both companies and is subject to approval by the shareholders of AllBrite and other customary closing conditions. The transaction is expected to close within 30 days. The combination will be accounted for as a pooling of interests.

Balaji Krishnamurthy, president and CEO of Planar, said, "With a strong market share position through key relationships with major blue chip customers, AllBrite has established itself as a premier partner to these customers as flat panels become an important part of their product differentiation strategies. The opportunities in these markets are expanding rapidly and the addition of AllBrite will accelerate Planar's strategic thrust in this direction."

ATM displays have traditionally been CRT-based, but some industry analysts predict a widespread shift to flat panels in the next several years.

Noting Planar's status as a supplier of ATM and kiosk applications to the medical, industrial and transportation markets, AllBrite President Lee Olesen, said, "The strength and global reach of Planar's display systems business should lever significant new design wins facilitating AllBrite's growth and enabling AllBrite's family of sunlight readable display products to reach a much broader set of markets through Planar's extensive sales network. Our two companies share the vision of expanding uses of flat panel displays throughout the world and we are very excited about the synergies that we expect to realize from this merger."

Krishnamurthy added that Planar is raising its outlook for fiscal 2001 to $205 million in revenue and 95 cents earnings per diluted share due to the accretive effect of the merger. "AllBrite is a rapidly growing company with revenues expected to double over the next 12 months," he said.