Category: Uncategorized
March 15, 2004

News Release: General Electric Agrees to Acquire InVision; Combines Explosive Detection Technologies, Advancing GE Position in Infrastructure Security Industry; GE Updates First Half Outlook

GE Infrastructure, a unit of General Electric Company, and InVision Technologies, Inc. announced today that, subject to regulatory approval, GE has agreed to acquire InVision, a high technology provider of infrastructure security systems in an all-cash transaction valued at approximately $900 million, or $50 per share. This acquisition significantly enhances GE's capabilities in explosive detection and security technologies.

'Strategically, InVision is a perfect fit for GE Infrastructure's security business,'said GE Chairman and CEO Jeff Immelt. 'It can enhance our broad strength in technology and service. Financially, we have substantial revenue and operating synergies with InVision and this deal will be accretive to earnings in 2004. Executing on strategic growth platforms like Amersham, Vivendi-Universal Entertainment and InVision makes us feel even better about 2005 and beyond. 'Our industrial growth platforms, including security, are growing revenues more than 20% over last year, and the broad-based growth in industrial orders and financial services assets that we saw in January and February has continued into March,'Immelt said. 'As a result, we have greater visibility into results for the first half and we're confident that earnings will be at the high end of our target ranges for the first and second quarters, or $.32 and $.39 per share, respectively.'Guidance for the second quarter continues to exclude any impact from the Amersham acquisition or the Genworth IPO.

GE Infrastructure President and CEO Bill Woodburn said, 'This acquisition is a game-changing event for the security industry. The combination of InVision with GE's Ion Track business provides GE with a broad set of products and advanced scientific capabilities to address present and future security protection needs. Customers can expect sophisticated detection systems that will help them to protect people and critical infrastructure assets. This leading-edge technology will be supported by the best service network in the world.'

By combining InVision and GE Ion Track, GE will be able to provide a suite of complementary high-technology detection and security solutions to help protect airports and other mass transportation systems; border interdiction and customs sites; high security installations like power plants, chemical plants and military bases; and entertainment facilities such as sports arenas. The expanded platform of the combined entities will create more comprehensive security technology offerings, and increased capability to upgrade the installed base to higher capability.

Beginning in 1990, InVision pioneered the development of explosive detection systems in the aviation industry by introducing the first computed tomography (CT) technology for checked baggage inspection. GE Ion Track offers world-class ion trace detection systems for detecting explosives and narcotics.

'We're excited to become part of GE,'said Sergio Magistri, Ph.D, President and CEO of InVision Technologies, Inc. 'This transaction will improve market reach of the merged companies and accelerate development of technology and products to protect the public worldwide. I look forward to InVision's scientists working with GE's Global Research Center and GE's CT medical imaging capabilities.'

GE Infrastructure Security President Ken Boyda said, 'We will continue to innovate and add new technology for customers who already own GE or InVision detection systems. This combined platform will ultimately make it more effective for customers to acquire and integrate a comprehensive security screening system. The merged GE/InVision will also develop sophisticated systems that will simplify the check-in process while providing travelers a greater peace of mind.'

The acquisition is subject to normal closing conditions including customary regulatory approval and the approval of InVision shareholders.

About GE Infrastructure

GE Infrastructure (NYSE: GE) is a high-technology platform, comprised of some of GE's fastest-growing businesses. These global businesses offer a set of infrastructure protection and productivity solutions to some of the most pressing issues that industries face: pure water, safe facilities, plant automation and sensing applications in the operating environment. GE Ion Track, Inc. is a subsidiary of GE Security, Inc., part of GE Infrastructure. GE Infrastructure is headquartered in Wilton, CT. Learn more at www.geinfrastructure.com.

About InVision Technologies, Inc.

InVision Technologies, Inc. (NASDAQ: INVN) and its subsidiaries develop, manufacture, market and support explosives detection systems based on advanced computed tomography technology, X-ray diffraction and quadrupole resonance. The company is the leading supplier of explosives detection systems to the U.S. government for civil aviation security. The company is headquartered in Newark, CA. Additional information about InVision can be found at http://www.invision-tech.com

This news release includes forward-looking statements, as defined in the Private Securities Litigation Reform Act of 1995. The forward-looking statements reflects management's current analysis and expectations, based on reasonable assumptions, and include statements regarding the proposed acquisition of InVision and the anticipated benefits of such acquisition. Results could differ materially depending on such factors as business climate, economic and competitive uncertainties, failure to complete the acquisition, adverse legal and regulatory developments, and adverse changes in economic and political climates around the world. As appropriate, additional factors are contained in reports filed with the Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date of this press release. This paragraph is included to provide safe harbor for forward-looking statements, which are not required to be publicly revised as circumstances change.

Additional Information about the Proposed Merger and Where You Can Find It

In connection with the proposed merger, InVision intends to file a proxy statement and other relevant materials with the Securities and Exchange Commission ('SEC'). BEFORE MAKING ANY VOTING DECISION WITH RESPECT TO THE PROPOSED MERGER, INVESTORS AND STOCKHOLDERS OF INVISION ARE URGED TO READ THE PROXY STATEMENT AND OTHER RELEVANT MATERIALS BECAUSE THEY WILL CONTAIN IMPORTANT INFORMATION ABOUT THE PROPOSED MERGER. The proxy statement and other relevant materials, and any other documents filed by InVision with the SEC, may be obtained free of charge at the SEC's web site at www.sec.gov. In addition, investors and stockholders of InVision may obtain free copies of the documents filed with the SEC by contacting InVision Investor Relations at (510) 739-2511 or InVision Technologies, Inc., 7151 Gateway Boulevard, Newark, CA 94560. You may also read and copy any reports, statements and other information filed by InVision with the SEC at the SEC public reference room at 450 Fifth Street, N.W. Room 1200, Washington, D.C. 20549. Please call the SEC at 1-800-SEC-0330 or visit the SEC's web site for further information on its public reference room.

InVision and its executive officers and directors may be deemed to be participants in the solicitation of proxies from the InVision stockholders in favor of the proposed Merger. Certain executive officers and directors of InVision have interests in the merger that may differ from the interests of stockholders generally, including acceleration of vesting of stock options and continuation of director and officer insurance and indemnification. These interests will be described in the proxy statement when it becomes available.

SOURCE: General Electric Company

GE Infrastructure, Jeff DeMarrais, 203-761-1935 GE, Gary Sheffer, 203-373-3476 InVision Technologies, Inc., Investor Relations: Laura Graves 510-739-2448 Media: The Brunswick Group, Tim Payne, 212-333-3810

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