EuroTech SpA merges with Parvus Corporation (USA)

Amaro (Ud-Italy) August 21, 2003 – EuroTech SpA today announced the successful completion of a cross-border merger with Parvus Corporation ® in a transaction designed to capture greater global market share for embedded computer products and systems integration services. The merger establishes the company as a global leader in products for embedded PC/104 computers, which are commonly used in aviation, industrial, medical, military, and transportation electronics. No financial terms were disclosed.

“The combination of EuroTech and Parvus products and expertise creates a formidable presence in the global embedded systems arena – says EuroTech’s President Roberto Siagri – We now offer the most complete suite of embedded PC/104 solutions on the market, along with proven, value-added systems integration and custom design capabilities. ”

“EuroTech and Parvus have very complementary product lines and relatively little overlap in the markets we serve, so the opportunities for synergies and efficiencies from the integration of the two companies are very significant” says Parvus President Tom Hogan.

The combined company will continue to market its products and services under the Eurotech and Parvus brands in Europe and North America, respectively, and maintain offices in Italy, the United States, China, and Germany, as well as channel distribution offices throughout 16 additional countries. The legacy Parvus team will be responsible for operations in North America, Australia and English-speaking countries, while the Eurotech team will cover Europe and the Pacific Rim.

“As a result of the merger, we become not only the largest PC/104-centric supplier, but we gain many additive product opportunities – Hogan continued – Parvus can now leverage EuroTech’s strong PC/104 and PC/104-Plus CPU offerings in its new systems integration projects and standalone off-the-shelf product sales. Similarly, Eurotech will now be able to leverage Parvus’ heritage of systems integration and breadth of PC/104 peripherals and rugged enclosures.”

PARVUS

Formed in 1983, Parvus Corporation is a leading manufacturer and systems integrator of modular embedded computer boards, enclosures, displays and systems based on the PC/104 circuit board standard. Its rugged, embedded PC products offer commercial-off-the-shelf (COTS) solutions ideal for avionics, military, medical, industrial, and transportation OEMs.

For more information, visit www.parvus.com or call 801.483.1533.

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