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Digimarc Board Approves $310 Million All-Cash Offer from L-1 Identity Solutions for Digimarc's ID Systems Business
Date:6/30/2008

digital watermarking business along with the company's cash, and other customary closing conditions.

"We believe that our all-cash offer is superior to the conditional, non- binding proposal from Safran SA and is a strong reflection of the intrinsic value of the business, its growth opportunities, and the synergies unique to the combination with L-1. The addition of Digimarc's ID Systems to L-1 would create an industry leader in secure credentials, biometric and authentication technologies and services," said Robert V. LaPenta, Chairman and CEO of L-1. "We believe that our offer is in the best interests of customers, U.S. citizens, and Digimarc employees and stockholders by offering them significant value and an expeditious closing of the transaction. As a Paris-based company with significant ownership by the French government, Safran's proposal would be subject to approval from the Committee on Foreign Investment in the United States ("CFIUS"). This process can be lengthy and approval cannot be assured."

Following the closing of the transaction, on a pro-forma calendar 2008 basis, L-1 expects to have revenue of approximately $670 million, Adjusted EBITDA of $110 million including operational efficiencies, unlevered free cash flow of $75 million and a backlog of approximately $1 billion. L-1 expects to recognize synergies and additional operating efficiencies once the businesses are combined. The transaction is expected to close in the third quarter of 2008 and be accretive to L-1 earnings.

"I believe the transaction with L-1 is the right choice for Digimarc's ID Systems Business, our stockholders, employees and customers. The combination of L-1's leading biometric recognition and authentication capabilities with our centralized credential production process will enable us to better serve our national and international customers with a superior products and services," said Bruce Davis, CEO and Chairman of the Board of Digimarc. "Furthermore, ou
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SOURCE L-1 Identity Solutions
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