Pinnacle Data Systems, Inc. (AMEX: PNS) has entered into a definitive agreement to be acquired by Avnet, Inc. in an all cash merger for $2.40 per share, which equates to an equity value of approximately $22 million as of September 30, 2011. The acquisition has been approved by the Boards of Directors of both companies and is subject to the approval of PDSi's shareholders at a special meeting to be called by the Board of Directors of PDSi, details of which will be forthcoming at a later date, as well as customary closing conditions. The transaction is expected to close in 60 to 90 days.

John D. Bair, founder and Chief Executive Officer of PDSi, commented, "This transaction delivers excellent value to our shareholders, while our employees and customers benefit from the extensive resources Avnet brings as we seek to invest in and grow our business. Avnet's financial strength, market reach and global infrastructure, combined with PDSi's technical and operational capabilities, will fuel accelerated growth and enhance our ability to deliver industry-leading value to the markets we serve."

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