Asia PR News

HERNDON, Va., Aug. 30 /PRNewswire-AsiaNet/ –

Acquisition Will Greatly Expand iDirect’s Market Reach
and Product Suite

iDirect Technologies (iDirect), a privately held company that designs,
develops and markets the fastest, most reliable bi-directional satellite-based
broadband access solutions, today announced the company has entered into a
definitive merger agreement with Vision Technologies Electronics, Inc (VTEE) to
become a wholly-owned subsidiary of VTEE. VTEE is a subsidiary of Vision
Technologies Systems (VTS), the US headquarters of Singapore Technologies
Engineering Ltd (ST Engineering) and will acquire iDirect at an enterprise
value of US$165m.

The purchase consideration was arrived at between VTEE and iDirect on a
willing buyer, willing seller basis, after negotiations between the parties,
taking into account iDirect’s past performance, current profitability and
future prospects. This transaction will be financed by internal cash resources
and debt.

The transaction is subject to regulatory approvals and other closing
conditions, including the approval of a majority of iDirect’s stockholders at a
special meeting. A majority of iDirect’s stockholders have agreed to vote in
favor of the merger agreement. Upon completion of the merger, iDirect will
become a wholly-owned subsidiary of VTEE.

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 148 employees and offices in the United Kingdom, Italy and Hong
Kong SAR. Winner of the 2004 Product Innovation of the Year award by Frost &
Sullivan(1), iDirect has filed 13 patents and has invested approximately US$13m
in R&D over the last five years. iDirect’s unaudited turnover for first half
of 2005 was US$37.1m.

"Joining the ST Engineering Group gives us the opportunity to penetrate new
markets. Our products are highly complementary to ST Engineering’s satellite
communications technologies, and together we will deliver a more complete
package of solutions to our customers. The iDirect team has been extremely
successful and dedicated to growing our business and providing additional
customer benefits. This opportunity will allow the team to take iDirect to even
further levels of success."

John KEALEY
CEO, iDirect

"The acquisition of iDirect extends ST Electronics’ presence in the US and
propels us to be a leading global satcom solutions provider. We now have a
comprehensive satcom product offering with the integration of iDirect’s satcom
network equipment and our existing satcom front-end transceiver, marketed under
our established Agilis brand."

SEAH Moon Ming
President, ST Electronics
Dy CEO (Electronics and Land Systems)
& President (International Business), ST Engineering

"ST Engineering Group is gaining momentum in its acquisition drive to grow
beyond Singapore. iDirect is a great addition for us in the key market of US
and to our expanding global footprint. With this acquisition, all our four core
businesses now have significant presence in the US and we’re set to grow in
this market."

TAN Pheng Hock
President & CEO, ST Engineering

About iDirect
iDirect Technologies 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 http://www.idirect-tech.com

About ST Engineering
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 capitalization 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 http://www.stengg.com

1. A US-based global consulting firm covering emerging high-technology
and industrial markets. The annual Frost & Sullivan awards
recognizes outstanding industry achievements by top companies
worldwide.

SOURCE: iDirect Technologies

CONTACT: Warren Brown,
Vice President of Marketing,
iDirect Technologies,
Tel: +1-703-648-8155,
Fax: +1-703-648-8015,
wbrown@idirect.net;

LIM Beng See,
Vice President / Head,
Corporate Communications,
Singapore Technologies Engineering Ltd,
Tel: +65-6722-1883,
Fax: +65-6720-2293,
limbs@st.com.sg;

Magdalen LOH,
AVP / Head,
Corporate Communications,
Singapore Technologies Electronics Limited,
Tel: +65-6413-1788,
Fax: +65-6484-8840,
lohlmm@stee.stengg.com

Web site: http://www.idirect-tech.com
http://www.stengg.com