L-3 Microdyne acquires ENVISIONeT Computer Services out of Bankruptcy

Boston, MA, Sep 04, 2001 – The Mirus Special Situations Group announced today that the company has assisted its client, ENVISIONeT Computer Services, Inc. in a sale to L-3 Communications and its subsidiary, Microdyne Outsourcing Inc. of Torrance, California. ENVISIONeT engaged Mirus after being forced into bankruptcy in June. “Mirus did a great job for us,” said John Donnelly, CEO of ENVISIONeT. “Their team achieved a very successful outcome under difficult circumstances. In order to provide us with room to operate under Chapter 11, Mirus first helped us to arrange for $2.5 million in DIP financing, then ran an expedited sale process.”

“We’re pleased that we were able to recover significant value for the creditors,” said Jamie Grant, the lead investment banker on the transaction. “Despite ENVISIONeT’s situation, we developed significant interest for the Company and were able to secure written offers from eight prospective buyers in the first two weeks. After helping the Company secure short-term financing in July, we ran an orderly sale process which ended successfully this week with the sale to Microdyne”.

Microdyne Outsourcing Inc. is a subsidiary of L-3 Communications. The Company paid $10.7 million for the assets of ENVISIONeT, following a bidding process that involved several suitors and lasted for several weeks.

About the Mirus Special Situations Group

Mirus  provides investment banking solutions to corporate clients in distress, including divestitures, restructurings, and bankruptcy sales. Since 1987, Mirus has provided corporate finance advisory services  to clients in technology, business services, manufacturing, consumer products, health care and the resort & hospitality industry. For additional information, visit www.merger.com.