Acquisition of Intrinsix Corp.'s Federal Systems Division Expands Abraxas Corporation's Engineering Capabilities

-- Abraxas Corporation, a leading risk mitigation technology company headquartered in McLean, Virginia announces the purchase of Intrinsix Federal Systems, a division of Intrinsix Corp. of Westboro, Massachusetts. Intrinsix Federal Systems (IFS) is based in Maryland and supports defense electronics.

IFS specializes in the design of Application Specific Integrated Circuits (ASICs). They support design and testing of these custom computer chips for various Department of Defense microelectronics projects, including the Trusted Access Program, which provides on-shore silicon fabrication for critical defense applications. The group has supported dozens of Department of Defense projects for more than a decade, both on-site and at their own facilities, and is known for providing only seasoned veterans. This acquisition adds IC experience to Abraxas Corporation's engineering talent pool. It coincides with the establishment of an electrical engineering services division capable of working on a variety of cutting edge mission critical tasks, which will be known as Abraxas Engineering. John Weiland, a veteran Intrinsix employee who is frequently quoted in industry publications, has been named Director of Abraxas Engineering. Offices are currently located in Woodstock, Maryland.

"We are very excited about this acquisition because it provides us with an immediate platform from which we will launch a line of services we have wanted to start for two years. This acquisition combined with our existing engineering talent provides us with the critical mass of we needed to begin approaching customers," says Abraxas Founder and CEO, Richard H. Helms.

"Intrinsix sees this as a fantastic alignment of its very talented DoD ASIC engineers with an exciting, fast growth company," says Jim Gobes, CEO of Intrinsix Corp. "It also allows Intrinsix to focus its future on providing global electronic design solutions across its remaining commercial and aerospace markets."

About Abraxas Corporation

Abraxas Corporation is a risk mitigation technology company founded in 2001. It is focused on providing customers with insights and solutions enabling them to identify risk, mitigate threats and exploit opportunities in their marketplaces. Through the development of specific software applications, new sensor technologies and directed methodologies Abraxas designs solutions for customer problems to help them better understand the world in which they work. Abraxas is focused on providing the greatest clarity possible for customers and continually seeks new approaches to providing what are frequently unique, insightful views.

About Intrinsix Corporation

Intrinsix Corp. is an IP-enabled Electronic Design Solutions company. Since 1985 they have assisted numerous Fortune 50 companies by architecting and designing high-integration systems. Intrinsix uses digital and analog System-on-Chip (SoC) technologies while leveraging its cutting edge Intellectual Property such as Sigma-Delta modulators and SoC Design Platforms. It remains the largest independent IC design services company in the U.S.

Website: http://www.abraxascorp.com/