Boston, MA — January 23, 2004 — Covington Associates announced today that it acted as advisor to Mapletree Networks, Inc. of Norwood, Mass., in its sale to Performance Technologies, Inc. (Nasdaq NM: PTIX), a developer of signal processing equipment used in the communications, military and commercial markets.

Mapletree Networks, privately held before its sale, supplies remote access solutions to major telecommunication equipment companies such as Alcatel and Westell. Performance Technologies, based in Rochester, N.Y., stated that its acquisition of Mapletree Networks will strengthen its position as a provider of solutions for the VoIP (voice over Internet Protocol) market, which is poised for growth with the expansion of both wireless and broadband communications.

Eric Shealy, a partner at Covington who advised Mapletree Networks on the transaction, said the company's remote access processing solutions for voice, fax and data are a good fit with the signal processing equipment made by Performance Technologies. The deal will extend solutions based on Mapletree's Uniporte Architecture technology to a larger base of customers with better pricing and support, Shealy said.

"This is a case of straightforward synergy that will allow Performance Technologies to offer more integrated solutions to a larger base of telecom equipment manufacturers," Shealy said of the transaction, which closed recently. "It's a logical progression where telecom equipment vendors are looking for higher levels of integration as well as to contract with fewer suppliers so they can more efficiently serve their markets."

Mapletree Networks, founded in 1997, will continue to operate as a fully-owned subsidiary of Performance Technologies, with its management and engineering operations in its Norwood, Massachusetts facility, and with engineering operations in Toronto, Canada and sales offices in San Diego, California, Cambridgeshire, U.K. and Beijing, China.

About Covington Associates
Covington Associates are seasoned M & A advisors to technology and healthcare companies. Focused exclusively on mergers and acquisitions, Covington Associates has established a track record of success based on deep domain experience and an unrivaled level of service from a team of senior advisors. Since its founding in 1991, Covington Associates has successfully completed transactions ranging in value from $10 million to more than $1 billion.



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