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Titan Subsidiary Titan Wireless Acquires a Minority Interest in Gateway Systems. Titan Wireless, through its subsidiary Sakon, has acquired a minority interest in Gateway Systems, one of the largest providers of data transmission services to the corporate market in India. |
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SAN DIEGO, CA - July 12, 2001 - The Titan Corporation (NYSE:TTN) today announced that Titan Wireless, through its subsidiary Sakon, has acquired a minority interest in Gateway Systems, one of the largest providers of data transmission services to the corporate market in India. Gateway currently provides data and high speed Internet service to corporate customers in Mumbai, Bangalore, and Pune, and plans to expand into five additional cities within the year including New Delhi and the technology centers of Hyderabad and Chennai. The transaction requires regulatory approval. No financial details regarding the transaction were provided. Since its founding in 1991 as a systems integrator, Gateway Systems has installed campus LANs, Enterprise WANs and more than 400 microwave radio links for telephone companies, cellular & Internet service providers and corporate customers across India. With over 100 data customers today, Gateway Systems has extended its wireless and wired networking expertise to offer customers high-speed data services. The company provides always-on broadband Internet and VPN services over fixed wireless networks, with high reliability, quick deployment and flexible bandwidth augmentation as needs grow. The acquisition of a minority interest in Gateway Systems is part of Titan Wireless' strategy of capitalizing on the unmet demand for state-of-the art broadband data services in key emerging markets such as India. Gateway's 10.5GHz spectrum covers all of India's strategic markets and enables the provision of wireless broadband services to more than 70% percent of India's businesses. In addition to providing Titan Wireless with broadband licenses, the acquisition also brings network infrastructure and numerous potential broadband customers. Titan Wireless intends to increase the Gateway network footprint to a total of ten key cities, enabling Gateway to deliver multi-office data connectivity to the largest banks and multi-nationals in India. "We believe this acquisition furthers Titan Wireless' goal of becoming a leading provider of broadband services to corporate customers in developing countries. With the acquisition of an interest in Gateway, we are able to acquire several of the most valuable blocks of broadband spectrum in India as well as an interest in a company that has earned the trust of a large number of corporate customers. We look forward to working with the Gateway management to continue to build-out a wireless broadband network in India that will offer highly reliable, end to end, business class service," said Gene W. Ray, Chairman, President and CEO of Titan. Headquartered in San Diego, The Titan Corporation creates, builds and launches technology-based businesses, offering innovative technical solutions. Three of Titan's four core businesses develop and deploy communications and information technology solutions and services. In addition, Titan's SureBeam (Nasdaq: SURE) subsidiary markets the leading technology for the electronic pasteurization of food products and Titan is continually identifying promising technologies suitable for commercialization. The company has 7,800 employees and annualized sales of approximately $1.1 billion. "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: The statements contained in this release, which are not historical facts, are forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Examples of such forward looking statements include the Company's belief that it will create the first fixed wireless broadband network in India. These statements are subject to risks and uncertainties that could cause actual results to differ materially from those set forth in or implied by forward-looking statements. These risks and uncertainties include the risks associated with the Company's entry into new commercial businesses and new markets such as the fixed wireless broadband market that require the company to develop demand for, risks associated with acquiring other companies, including integration risks, the risks of doing business in developing countries and international markets including foreign currency risks, and other risks described in the Company's Securities and Exchange Commission filings."
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