JOINT STATEMENT FOR IMMEDIATE RELEASE,
January 31, 2007

Spectrum Technologies and Hagerman & Company, Inc. released the following statement today:

Spectrum Technologies has signed a merger agreement with Hagerman & Company, Inc. covering its Autodesk business and customers. All of Spectrum Technologies’ Autodesk customers and related contracts will transfer to Hagerman as of February 1, 2007. 

Hagerman & Company, Inc. operates authorized Autodesk facilities in Mt. Zion, IL; Schaumburg, IL; St. Louis, MO; Indianapolis, IN; Memphis, TN; Nashville, TN; Knoxville, TN; San Jose, CA; and Placentia, CA. Hagerman will maintain all of the Autodesk authorizations formerly held by Spectrum Technologies.

Jim Prewett, CEO of Spectrum Technologies, said, “We believe this merger is in the best interest of our customers and will enable them to receive expanded services and support from one of the largest and most service oriented Autodesk resellers in America.”

“The acquisition of Spectrum Technologies greatly expands our customer base in Tennessee and is part of a strategy to expand our AEC business throughout Mid-America”, Dennis Hagerman, Hagerman & Company’s CEO, stated. “Spectrum’s customers will receive uninterrupted support and service from our local office in Memphis’ Crescent Center. Our local AEC staff includes Jeff Old, P.E., a licensed civil engineer and Autodesk Civil 3D Certified Implementation Expert, and David Degutis, AEC Account Manager. We plan to host a welcome event soon to meet with our new customers and showcase the latest civil and architectural design products from Autodesk.”

For procedural details customers are invited to contact either of the following:

Jim Prewett, CEO of Spectrum Technologies at 901-382-0885
Dennis Hagerman, CEO, Hagerman & Company, Inc. at 217-864-2326.