February 05, 2003    Test Fixture Companies Join Forces

Maple Grove, MN & Richardson, TX - Circuit Check Inc. today announced the acquisition of Southwest Test, Inc.. Under the terms of the acquisition, Circuit Check (CCI) will purchase the operating assets and liabilities of Southwest Test (SWT). Circuit Check is a leader in the market for highly engineered customized test fixtures for PCBs and electronics devices. Southwest Test is a leading provider of a broad array of test fixtures and related technology. This strategic combination will create the largest fixture manufacturer in North America offering electronics test solutions to multiple end markets. Southwest Test was founded in 1985 and it has become a leading provider of in-circuit and related test fixtures as well as wireless test solutions for the in-circuit market. The Company has established a strong national presence providing close customer support on a regional basis. “A respected competitor, Southwest Test has carved out a very strong presence in the test fixture business,” said Greg Michalko, President and CEO of CCI. “This has been accomplished via unique technology and strong customer support. We are looking forward to expanding both businesses and learning from each other in the process.” “This acquisition is the continuation of our strategy and marks the beginning of a new era of expansion for our company,” noted Mr. Michalko. “We believe the combination of these two companies will yield the broadest array of products and capabilities in the North American test fixturing marketplace. The landscape of electronics production is changing, and we are changing with it. Our goal is to satisfy a broader spectrum of our customer needs, both with technology and the geographic presence to support it. However, our main focus will be maintaining the strong relationships and support each company’s respective customers have come to expect. “ “Both CCI and SWT have successful strategies in the fixture marketplace for our respective products and services,” noted Scott White, VP of Sales and Marketing for CCI. “While there is some overlap in these strategies, the two companies have historically focused on different segments of the test fixture business. We are, in effect, strong complements to each other’s business. By maintaining much of these original identities, we hope to foster and drive our respective growth and customer support.” “Our new company creates a unique set of capabilities in the test fixture marketplace,” explained Mike Sullivan, VP of Sales for Southwest Test. “Both management teams are working together to bring out the best that these companies have to offer.” He continued, “CCI has many plans for the future. This will be a dynamic organization and I am very excited to be part of it.” The combined company will operate manufacturing centers in Minnesota, Texas, California, Alabama and Massachusetts. About Circuit Check Inc.: Based in Maple Grove, Minnesota, Circuit Check is a leader in the manufacture of custom test fixtures to verify the functionality of electronic circuitry and complex printed circuit boards and assemblies. Circuit Check was founded in 1978, and became majority-owned by Baird Capital Partners, a private equity investment firm affiliated with Robert W. Baird & Co. Incorporated, in January 2002. For more information on CCI products and services, please visit our website at www.circuitcheck.com. About Baird Private Equity: With more than 40 professionals in the United States and Europe, Baird's global private equity business has raised and managed nearly $1 billion in capital. Baird Capital Partners (BCP) provides late-stage growth capital or change-of-control capital to U.S.-based, middle-market companies in the areas of Business Services, Industrial Products and Technology, Communications, Consumer and Life Sciences/Health Care. Baird Venture Partners (BVP) makes private equity investments in early-to-late stage high-growth companies in three industry sectors: Business Services, Applied Technology and Life Sciences/Health Care. Granville Baird Capital Partners (GBCP) seeks private equity investment opportunities in high growth mid-sized companies in the UK and continental Europe with a particular interest in IT, Business Services, Industrial Products and Services and Health Care. The group's investments are supported by Baird's full range of industry advice, counsel and research, providing a unique full-service approach to the entire equity capital process. For more information, please visit Baird's Private Equity website at www.bairdprivateequity.com. Baird, established in 1919, is an international investment banking, wealth management, asset management and private equity firm with offices in the United States, United Kingdom, France, Spain and Germany. Baird's principal operating subsidiaries are Robert W. Baird & Co. in the U.S. and Robert W. Baird Group Ltd. in Europe. Robert W. Baird & Co. is a member of the New York Stock Exchange and other principal exchanges and the Securities Investor Protection Corporation (SIPC). Robert W. Baird Ltd., a member of the London Stock Exchange, and Granville Baird Capital Partners Ltd. are regulated in the U.K. by the FSA. Baird is part of the Northwestern Mutual family of companies. For more information, please visit Baird's Web site at www.rwbaird.com. Contact: Scott White VP of Sales & Marketing Scott.white@circuitcheck.com 763-694-4212 Mike Sullivan Key Accounts Director msullivan@southwesttest.com 972-480-0044