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INRANGE TECHNOLOGIES TO BE ACQUIRED BY CNT

Inrange Technologies Corporation announced recently that its parent company, SPX Corporation, has entered into a definitive agreement that will result in the acquisition by CNT of all of the outstanding shares of Inrange. In a joint press release, SPX and CNT said that the all-cash transaction is valued at approximately $190 million, or $2.31 per Inrange share. SPX Corporation currently owns approximately 91% of Inrange.

Inrange also announced that its first quarter 2003 revenues are expected to be in the range of $39 - $41 million. Ken Koch, president and CEO of Inrange, stated, "While economic conditions continued to be difficult for Inrange during the first quarter, we are enthusiastic about the announced transaction. A CNT-Inrange combination makes great strategic sense for both companies, creating one of the world's largest providers of storage networking products and solutions."

CNT, based in Minneapolis, Minnesota, is a global storage networking specialist and a pioneer in remote storage mirroring, replication and IP storage solutions.