Astro-Med, Inc. to Acquire Miltope Ruggedized Printer Line

West Warwick, R.I. and Hope Hull, Ala. | January 13, 2014– Astro-Med, Inc. (NASDAQ:ALOT), and Miltope Corporation, d/b/a VT Miltope, a company of VT Systems, today announced that the companies have entered into a definitive agreement for Astro-Med to acquire the Ruggedized Printer Product line from Miltope. The Miltope products consist of rugged printers for use in commercial and military aircraft sold to aircraft manufacturers, tier one contractors, and directly to airlines around the world.

The transaction is expected to close on January 15, 2014. Astro-Med will fund the approximate $6.7 million cash purchase price with existing cash and borrowings under its credit facility. Astro-Med will purchase the assets of the Miltope printer product line less property and staffing. Miltope and Astro-Med will enter into a manufacturing services agreement under which Miltope will continue to manufacture printers for Astro-Med for a period of time until Astro-Med transitions the manufacturing to its West Warwick, R.I. facility.

“Miltope has been a leading supplier of ruggedized printers for the last fifteen years. The products have been consistently profitable and we expect the line to be accretive to our Test and Measurement product group earnings in the first quarter of ownership,” said Everett V. Pizzuti, CEO of Astro-Med. “The acquisition expands our penetration of the market for avionics printers, especially in the segment related to direct sales to the airlines”

“Miltope’s aviation market growth area is ruggedized computing and wireless products and services for in-flight entertainment and aircraft support. The divestiture of the airborne printer product line enables Miltope to focus our resources on the future core products.” said Julie Briggs, President and CEO of VT Miltope.