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Applied Signal Technology, Inc. Shareholder Investigation By Briscoe Law Firm Concerning Acquisition By Raytheon Company

The Briscoe Law Firm, PLLC, founded by a former state prosecutor and enforcement attorney for the United States Securities and Exchange Commission, and the law firm of Powers Taylor LLP are investigating potential legal claims against the Board of Directors of Applied Signal Technology, Inc. (“Applied Signal” or “APSG”) (NASDAQ: APSG) related to the proposed acquisition of Applied Signal by Raytheon Company (NYSE: RTN).

The definitive acquisition agreement, which was announced on December 20, 2010, involves an all cash tender-offer valued at approximately $490 million. Under the proposed acquisition, Applied Signal shareholders will receive a cash payment of only $38.00 for each share of Applied Signal/APSG common stock they hold. While the acquisition price reportedly represents an approximately 8.5% premium over Applied Signal’s closing price the day before the acquisition announcement, during the 120 days prior to the announcement, Applied Signal’s share price has risen nearly 80%. Based on the lack of an appreciable premium to the shareholders, the company’s historic stock performance, and other factors, the firms believe that the acquisition may not adequately compensate Applied Signal shareholders.

The investigation relates to possible breaches of fiduciary duty and other violations of state law by the Board of Directors of Applied Signal for approving this transaction and whether Applied Signal’s Board of Directors acted in the shareholders’ best interests.

If you currently own shares of Applied Signal/APSG and would like additional information regarding this investigation, or if you have information regarding the allegations involved in this transaction, please contact Patrick Powers at Powers Taylor LLP, toll free (877) 728-9607, via e-mail at patrick@powerstaylor.com, or Willie Briscoe at The Briscoe Law Firm, PLLC toll free (877) 397-5991, or via email at WBriscoe@TheBriscoeLawFirm.com. There is no cost or fee to you.

The Briscoe Law Firm is a full service business litigation and shareholder rights advocacy firm with more than 20 years of experience in complex litigation and transactional matters.

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