Cubic Corp. makes announcement

Business Wire, Feb 13, 1996

SAN DIEGO--(BUSINESS WIRE)--Feb. 13, 1996--Cubic Corp. and its wholly owned subsidiary, Cubic Automatic Revenue Collection Group, have signed a letter of intent with Science Applications International Corp. and its wholly owned subsidiary, Syntonic Technology Inc.

If negotiations are concluded, this will lead to the acquisition by Syntonic of Cubic Toll Systems Inc., a wholly owned subsidiary of Cubic Corp., and certain other toll road-related contracts. Terms of the letter of intent were not disclosed.

John Lincoln, president and chief executive officer of Cubic Automatic Revenue Collection Group, said that the letter of intent involves the sale of the toll road portion of its business only. This will allow the company to concentrate on the major part of its business in mass transit and related fare collection.

He also said the negotiations toward a strategic alliance include cooperation on transportation-related opportunities and the manufacture of certain toll equipment for Syntonic.

Cubic and SAIC have headquarters in San Diego.

CONTACT: Cubic Corp., San Diego

Gerry Reeves, 619/277-6780