CalAmp Comments on LoJack's Announced Strategic Alternatives Process

CalAmp CAMP, a leading provider of wireless products, services and solutions, today announced it submitted an offer to acquire LoJack Corporation LOJN ("LoJack") for $5.50 in cash per outstanding share of LoJack common stock. Based on the closing stock price of LoJack on December 9, 2015, the transaction is valued at $113 million. As previously announced in a letter to LoJack's Chief Executive Officer and President on December 10, 2015, this all-cash offer: Represents a 58% premium to LoJack's unaffected closing stock price on December 9, 2015, the day prior to LoJack receiving the public offer from CalAmp, a 75% premium to LoJack's average closing stock price for the 60 days prior to announcing the proposal and a 24% premium to LoJack's 52 week high; Would provide immediate and certain value to LoJack shareholders; Does not include a financing condition due to CalAmp's ample financial resources; and Received unanimous support from the CalAmp Board of Directors. "It's been nearly two years since we first tried to engage in discussions with LoJack regarding a combination of our two companies. As demonstrated by our recent all-cash offer, we continue to believe that the benefits of a business combination are significant for the stakeholders of each company. While we are disappointed that LoJack has failed to previously engage with us to discuss opportunities to enhance value for both companies, we look forward to LoJack's timely and serious consideration of our offer, dated November 10, 2015 and publicly announced today. CalAmp, along with our advisors, stands ready to engage with LoJack to bring our complementary businesses together," said Michael Burdiek, CalAmp's President and Chief Executive Officer. In addition to its November 10 offer, CalAmp noted that it had previously made two additional compelling all-cash offers to acquire LoJack, each of which would have provided immediate and certain value to LoJack shareholders at a significant premium. The CalAmp Board unanimously supports its compelling all-cash offer for LoJack and believes, with close cooperation and focus from both teams, CalAmp can move expeditiously to complete due diligence and execute a definitive agreement. Canaccord Genuity is serving as financial advisor to CalAmp and Gibson, Dunn & Crutcher is serving as legal counsel.