Management goes for buyout of MAXxess

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Thursday, August 28, 2003

August 28, 2003

ANAHEIM, Calif. - Security management and access control company MAXxess Inc., the remaining security business unit owned by Odetics Inc., is in the midst of a management led buyout.

Company officials announced the buyout plan this week, a deal being led by the senior management team at MAXxess. Members of that team include Wes Appleby, president; Brian Mallabon, vice president of engineering and Nancy Islas, product support manager at MAXxess. Additional investors are also part of the buyout plan.

The planned transaction comes two years after Odetics first began shedding specific portions of its security company, formerly known as Gyyr. It first sold its PTZ dome camera line to Silent Witness in early 2001. Six months later, after splitting Gyyr into two divisions, Gyyr Electronic Access Control and Gyyr CCTV Products, the company sold its CCTV Product Division to Silent Witness.

Gyyr EAC was then renamed MAXxes, drawing upon the company’s Axxess access control product to create the new name and to move away from the Gyyr name, which many people associated with video and digital storage products.

According to Greg Miner, chief executive officer of Odetics, the sale of MAXxess will allow Odetics to focus on its Iteris business. That division designs and integrates traffic management and travel information systems to provide real time traffic information for motorists.

“It’s really going to allow us as a group to focus on our core business and allow Odetics to focus on Iteris,” concurred Appleby.

The pending deal is subject to negotiations and the completion of a final purchase agreement.