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Press
Release
L-3 Communications Announces Larry Schwartz to Rejoin Company
NEW YORK, NY, December 3, 2002 -- L-3 Communications (NYSE: LLL),
announced today that Larry Schwartz has rejoined the company as vice
president of Homeland Security and president of the Navigation Products
group, which encompasses L-3's Interstate Electronics Corporation
(IEC) and Space & Navigation divisions. Mr. Schwartz had previously
served with the company for over 30 years, most recently as vice president
of Business Development.
In his role as vice president of Homeland Security, Mr. Schwartz will
coordinate efforts across L-3 to capitalize on existing synergies
between products and divisions to help address the growing homeland
security market with law enforcement and government agencies. He will
also seek new opportunities and partnerships with other companies
to develop new homeland security products. As an addressable market,
homeland security includes a number of product segments; intrusion
detection, port and border security, secure communications, border
security, feasibility studies and requirements training. L-3 believes
that future homeland security market will provide $4-5 billion a year
for product acquisition.
"We are extremely pleased to welcome Larry back to the L-3 family,"
said Frank C. Lanza, chairman and chief executive officer of L-3 Communications.
"As homeland security becomes an increasingly important market,
we needed an industry veteran with the technological expertise to
focus our efforts on addressing this growing opportunity. Larry's
30 plus years of defense industry experience, technological knowledge
and strength in developing new business and product opportunities
will be vital in these efforts as we look to maximize our existing
products, and pursue new product development as well."
As president of the Navigation Products group, Mr. Schwartz will be
responsible for managing the combined divisions of IEC and Space &
Navigation. He will focus on developing technology strategies for
the group, while managing the research and development process and
new product development. IEC is an industry leader in global positioning
system (GPS) receiver and translator-based products, which are currently
in use on multiple aircraft, cruise missiles and precision-guided
weapons. The division also produces ruggedized displays for both military
and industrial applications, and provides secure communications on
a quick reaction basis for deployed forces in Eastern Europe. Space
& Navigation is one of the world's premier providers of inertial
instruments and integrated fire control systems to the global market.
The division is a major supplier of high quality Pointing, Guidance,
Control and Positioning equipment for satellites, artillery, and launch
vehicles, serving the military, commercial and government markets.
Mr. Schwartz holds Bachelor of Arts and Masters degrees in electrical
engineering from Dartmouth College. Prior to L-3, he served as senior
vice president of Technology for Loral, where he cultivated new product
strategies and synergies with existing product lines, as well as overseeing
technology partnerships and research and development.
Headquartered in New York City, L-3 Communications is a leading merchant
supplier of Intelligence, Surveillance and Reconnaissance (ISR) products,
secure communications systems and products, avionics and ocean products,
training products, microwave components and telemetry, instrumentation,
space and wireless products. Its customers include the Department
of Defense, selected US government intelligence agencies, aerospace
prime contractors and commercial telecommunications and wireless customers.
To learn more about L-3 Communications, please visit the company's
web site at www.L-3Com.com.
Safe Harbor Statement under the Private Securities Litigation Reform
Act of 1995: Except for historical information contained herein, the
matters set forth in this news release are forward-looking statements.
The forward-looking statements set forth above involve a number of
risks and uncertainties that could cause actual results to differ
materially from any such statement, including the risks and uncertainties
discussed in the company's Safe Harbor Compliance Statement for Forward-looking
Statements included in the company's recent filings, including Forms
10-K and 10-Q, with the Securities and Exchange Commission.
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