This article was printed from
http://www.stee.stengg.com/2005/newsrm/2005/prt-11-01.htm

News & Events

Latest News - November 2005

ST Engineering Completes Acquisition Of iDrect Inc

Singapore, 19 November 2005 — Singapore Technologies Engineering Ltd (ST Engineering) today announced, as a follow up to an earlier announcement on 30 August 2005, that its US company, Vision Technologies Electronics, Inc (VTEE), has completed the 100% acquisition of iDirect, Inc (iDirect). The acquisition follows the receipt of regulatory approvals and fulfillment of other closing conditions.

iDirect is a leading manufacturer of two-way internet protocol-based broadband satellite networking solutions. Its customer base includes over 100 companies in the telecommunications services, oil and gas, construction and marine industries, as well as government agencies. Founded in Virginia in 1994, it has 159 employees and offices in the United Kingdom, Italy and Hong Kong SAR.

Vision Technologies Systems Inc. and its subsidiaries are preferred providers of engineering solutions, products, integrated systems, and services in the Americas across the core business areas of marine, aerospace, electronics and land systems. Headquartered in Alexandria, Virginia, Vision Technologies Systems operates throughout North America and offers a broad range of proven innovative services to both the commercial and government sectors. VTS is a wholly owned subsidiary of Singapore Technologies Engineering Ltd. Please visit www.vt-systems.com.

ST Engineering is an integrated engineering group providing solutions and services in the aerospace, electronics, land systems and marine sectors. Headquartered in Singapore, the Group reported revenues of S$2.95 billion in FY2004. Its market capitalisation of more than S$7 billion ranks it among the largest companies listed on the Singapore Exchange. ST Engineering has 12,000 employees worldwide, and over 100 subsidiaries and associated companies in 15 countries and 22 cities. Please visit www.stengg.com.

iDirect Inc. designs, develops, and markets satellite-based broadband access solutions targeted at the enterprise, government, carrier and educational sectors that have the need for fast, flexible, and geographically dispersed two-way internet/intranet access. The company has developed technology solutions that combine high performance, worldwide availability, and ease of installation, high reliability, and low cost to end customers. In addition, iDirect solutions offer unprecedented efficiencies, increased revenue opportunities and higher per customer gross margins to satellite network operators. Please visit www.idirect-tech.com.

Media Contact:
Magdalen Loh
AVP / Head, Corporate Communications
Singapore Technologies Electronics Limited
Tel: (65) 6413-1788
Fax: (65) 6484-8840
Email: magloh@stee.stengg.com