Applied Signal Technology, Inc. Announces Intention To Explore Strategic Alternatives

Applied Signal Technology, Inc. (NASDAQ: APSG) (AST), a market leader in advanced intelligence, surveillance, and reconnaissance (ISR) and cyber solutions, today announced that it intends to explore a broad range of strategic alternatives to enhance shareholder value, including, but not limited to, a sale or merger of the Company, or one or more other transactions. In this regard, the Company has retained Bank of America Merrill Lynch to serve as its financial advisor. The Company’s Board of Directors may determine that none of these alternatives is appropriate at this time.

There can be no assurance that the review of strategic alternatives will result in the Company pursuing any particular transaction, or, if it pursues any such transaction, that it will be completed. The Company does not expect to make further public comment regarding the review of these strategic alternatives until the Board of Directors has approved a specific course of action, the Board deems disclosure of significant developments is appropriate, or the Company is legally required to do so.

About Applied Signal Technology, Inc.

Applied Signal Technology, Inc. is a leading provider of advanced intelligence, surveillance and reconnaissance (ISR) products, systems, and services that enhance global security. For further information about Applied Signal Technology, visit our website at www.appsig.com.

Copyright Business Wire 2010

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