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For a 3rd Year in a Row Megadata is Named One of Connecticut's Fastest Growing Technology Companies by Deloitte and Touche
Greenwich, CT, October 27, 2005 - Megadata Corporation (OTC: MDTA) has been named to Deloitte's prestigious Connecticut Technology Fast 50 Program for the third successive year. The program, a ranking of the 50 fastest growing technology companies in the state, is organized by Deloitte & Touche USA LLP's subsidiaries, in cooperation with the Connecticut Technology Council. Announced October 6, 2005, Technology Fast 50 rankings are based on the percentage of growth in fiscal year revenues over five years, 2000-2004.
"Our people are the foundation of our company because they are focused on our customers and are driven by challenges; congratulations to each of them for their results," stated Jim Barry, Megadata's president and CEO. "We have what we believe is the largest and most unique aviation database of its kind, serving an ever expanding customer base, and it's professionally rewarding to solve customer problems with our web-hosted applications that tap that database. Finally, we're pleased and proud to be affiliated with the Connecticut Technology Council and Deloitte."
"To rank on the Deloitte Technology Fast 50, companies must have phenomenal revenue growth over five years. Megadata has proven to be one of the fast-growth success stories in Connecticut, and we applaud their success and vision," said Alex Discepolo, a director at Deloitte & Touche LLP who works with mid-market technology companies, and is the chairperson of the Connecticut Technology Fast 50.
"Megadata, with some of its recent new clients, including Hartsfield Airport in Atlanta, shows evidence that this software company is on track to become a prominent player in its space", said Matthew Nemerson, President & CEO of the Connecticut Technology Council.
To qualify for the Connecticut Technology Fast 50, companies must have had operating revenues of at least $50,000 in 2000 and $1,000,000 in 2004; must be public or private companies headquartered in North America; must be a "technology company," defined as owning proprietary technology that contributes to a significant portion of the company's operating revenues (using other companies' technology in a unique way does not qualify); and/or must be devoting a significant proportion of revenues to research and development of technology. Winners of the 20 regional Technology Fast 50 programs in the United States and Canada are automatically entered in the Deloitte Technology Fast 500 Program, which ranks North America's 500 fastest growing technology companies. For more information on the Deloitte Technology Fast 50 or Fast 500 programs, visit www.fast500.com.
About Megadata
Megadata owns and operates PASSUR, a national network of multiple, live flight information sources feeding a single, integrated database that is becoming the de facto standard of independent, complete, timely, and accurate information for the aviation industry. It includes the unique network of PASSUR radar installations in the US, Canada, Europe, and Asia. The company's principal business is the delivery of flight information, application software, and web-delivered collaborative decision tools to the aviation industry and organizations that serve, or are served, by the aviation industry. Megadata distributes its products through a direct sales force, and through premier aviation decision-support technology firms.
The forward-looking statements in this news release relating to management's expectations and beliefs are based on preliminary information and management assumptions. Such forward-looking statements are subject to a wide range of risks and uncertainties that could cause results to differ in material respects, including those related to customer needs, budgetary constraints, competitive pressures, the success of airline trials, the profitable use of the Company's owned PASSURs located at major airports, the Company's maintenance of above average quality of its product and services, as well as potential regulatory changes. Further information regarding factors that could affect the Company's results is contained in the Company's SEC filings, including the October 31, 2004 Form 10-K and July 31, 2005 Form 10-Q.
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