Representatives of Caremark Rx, Inc. reported that the comapny has completed its previously announced merger with AdvancePCS having satisfied all closing conditions.

The combined company will serve more than 2,000 clients, is expected to process more than 600 million prescriptions per year and to generate revenues exceeding $20 billion annually.

Under the terms of the merger agreement dated September 2, 2003, AdvancePCS stockholders will receive value equivalent to 2.15 shares of Caremark stock for each AdvancePCS share, to be paid 90% in Caremark stock and 10% in cash. Based on the terms of the merger agreement for each share of AdvancePCS common stock held, AdvancePCS stockholders will receive 1.935 shares of Caremark common stock and cash in the amount of $7.01.

Caremark representatives also announced that, effective as of the completion of the merger on March 24, 2004, it had entered into new $550 million bank credit facility with a syndicate of lenders, with Bank of America serving as the administrative agent and Banc of America Securities and Wachovia Securities serving as joint lead arrangers and joint book managers. This credit facility provides for a five year $400 million revolving credit facility and a five-year $150 million term loan. Also effective as of the completion of the merger, Caremark entered into a new $500 million receivables backed facility with three committed purchasers, with Wachovia Bank, N.A. serving as administrative agent. These new facilities replace the credit facilities and receivables facilities that Caremark and AdvancePCS had in place prior to the completion of the merger.

The convention and trade show HAI 2004 has resulted in the largest number of sales orders for Bell Helicopter at a show in recent memory. Bell Helicopter Chief Executive Officer Mike Redenbaugh announced the receipt of signed sales orders and purchase agreements for new Bell helicopters totaling more than $150 million dollars for delivery over the next several years.

Highlight of the orders was for ten 412s by Asesa. Eleven 427IFR orders were made from customers around the globe. Also received were orders for the first Bell 210's. The 407 was a strong seller with 11 aircraft bought by international customers as well as those in the United States. The rest of the sales were made up of four 427VFR's, 430, 412's and 206Bs. Actually delivered at the show was the new Fort Worth Police Department 206B3.

Bell Helicopter, a Textron company, is a $2.2 billion, leading producer of commercial and military helicopters, and the pioneer of the revolutionary tiltrotor aircraft.

Representatives of ACS, a provider of business process and information technology outsourcing solutions, announced that the company has been awarded a two-year contract extension with the State of Washington to continue to serve as the facilities manager for the State's Medicaid program. The contract includes one option year, bringing the total contract value to $25.8 million, and extends ACS' support of Washington's Medicaid program to twenty-four years.

Washington's Department of Social and Health Services first contracted with ACS to implement a new Medicaid Management Information System (MMIS) in 1982. Currently, ACS processes over 35 million claims annually for the Medicaid program, representing $3.5 billion in claims payments per year.

As the State's facilities manager, ACS is in the process of making several significant enhancements to the MMIS, which include modifying the claims processing system to be HIPAA compliant. ACS is also becoming the electronic data interchange clearinghouse for the State of Washington to process all HIPAA transactions for the Medicaid program.

A Global Positioning System (GPS) satellite built by Lockheed Martin for the U.S. Air Force was successfully launched from Cape Canaveral Air Force Station, Fla. The satellite features significant upgrades, including an advanced antenna panel, which will deliver greater performance and power for GPS receivers. The launch represented the 50th GPS mission for the nation.

GPS IIR satellites are designed to improve global coverage and increase the overall performance of the global positioning constellation. Lockheed Martin has delivered 21 of these satellites to the U.S. Air Force Space and Missile Systems Center, Los Angeles Air Force Base, Calif. There are now a total of 28 GPS satellites on orbit, including 10 new-generation GPS IIR spacecraft.

The Global Positioning System allows any properly equipped user to determine precise time and velocity and worldwide latitude, longitude and altitude to within a few meters. Although originally designed as a guidance and navigational tool for the military, GPS has proven beneficial in the commercial and civil markets for transportation, surveying and rescue operations. U.S. Air Force Space Command, Schriever Air Force Base, Colo., manages and operates the GPS constellation for both civil and military users.

The very first GPS satellite was launched on February 22, 1978 aboard a Lockheed Martin-built Atlas rocket from Vandenberg Air Force Base, Calif. The GPS IIR satellites are compatible with the first-generation global positioning spacecraft and provide improved navigation accuracy, achieved by using an ITT Industries payload system. Increased autonomy and longer spacecraft life are other features inherent in the Lockheed Martin satellite design.

To bring new capabilities to the GPS constellation, Lockheed Martin is under contract to modernize eight existing GPS IIR spacecraft already built and in storage. These spacecraft, designated GPS IIR-M, will incorporate two new military signals and a second civil signal to provide military and civilian users of the navigation system with improved capabilities much sooner than previously envisioned.

GPS modernization is being performed by Lockheed Martin at its Space Systems Company facilities in Valley Forge, Pa., and ITT Industries in Clifton, N.J. The first launch of a GPS IIR M satellite is scheduled for March 2005.

Lockheed Martin also is leading a team to develop the U.S. Air Force's next-generation Global Positioning System satellite, GPS III. The team, which includes Spectrum Astro, Raytheon, ITT, and General Dynamics, is currently under contract for GPS III concept definition and plans to compete for the future development.

GPS III will address the challenging military transformational and civil needs across the globe, including advanced anti-jam capabilities, improved system security and accuracy, and reliability. The new satellite system will enhance space-based navigation and performance and set a new world standard for positioning and timing services. The team selected to meet this challenge will provide system and sustaining engineering, satellite development and production, control segment upgrades, and continuous research and development for this evolutionary system.

Raytheon Missile Systems has been awarded the Shingo Prize for Excellence in Manufacturing. The prestigious North American award, termed the "Nobel Prize of Manufacturing" by Business Week magazine, recognizes Raytheon's ongoing efforts to improve by using lean world class manufacturing strategies to achieve world class results.

The Shingo Prize program, based at the Utah State University College of Business in Logan, Utah, is named after Japanese industrial engineer Shigeo Shingo, a leading expert on improving manufacturing processes. The prize was established in 1988.

Raytheon's lean manufacturing efforts brought about significant improvements in missile and precision guided bomb production. Results include improved on-time delivery and enhanced quality and customer satisfaction levels. Costs were also cut, with program cost reductions of up to 45 percent, depending on the program. Improved waste elimination efforts saved more than $223 million over the past three years.

Tucson-based Missile Systems is the first Raytheon business to receive the coveted Shingo Prize, which will be presented May 20 in Lexington, Ky.

In addition to the Shingo Prize, Missile Systems was earlier awarded Arizona Governor's Award for Quality, was named one of America's 10 best manufacturing plants by Industry Week, won the Defense Manufacturing Excellence Award, and received numerous U.S. military best practices manufacturing awards.

Allegiance Telecom, Inc., a national local exchange carrier providing competitive telecom services to business, filed its proposed plan of reorganization with Judge Robert Drain of the U.S. Bankruptcy Court for the Southern District of New York.

The company will request that a hearing on the adequacy of the disclosure statement and related procedures to solicit votes in favor of the plan be scheduled by the Bankruptcy Court for April 16, 2004.

On February 13, 2004, Allegiance selected XO Communications Inc. as the winning bidder to purchase substantially all of the assets of Allegiance Telecom and its subsidiaries, including the stock of Allegiance's regulated operating subsidiaries. XO will not purchase Allegiance's customer premises equipment sales and maintenance business operated under the name of Shared Technologies, its dedicated dial-up access services business with Level 3, and certain other Allegiance assets and operations. Under the terms of its bid, XO will purchase substantially all of Allegiance's assets for approximately $311 million in cash and approximately 45.38 million shares of XO common stock. The bid was approved by the court on Feb. 19, 2004, and is currently undergoing certain federal and state government approvals. The Company anticipates that, subsequent to receipt of the federal approvals which are expected by mid-April, 2004, XO Communications will run the Allegiance business under the terms of an operating agreement until final closing.

Allegiance representatives also recently announced that it reached a settlement with Level 3 Communications, which subject to approval of the Allegiance bankruptcy court and other conditions, would terminate a multi-year contract Level 3 has to purchase wholesale dial access services, including the use of operating equipment, from Allegiance. Under this settlement, Level 3 has agreed to pay Allegiance $54 million in cash in exchange for Allegiance's contract with Level 3 and certain associated assets dedicated to this contract.

With the sale to XO and the settlement agreement with Level 3, Allegiance's remaining operations consist of its Shared Technology customer premise equipment installation and maintenance business and the Allegiance shared hosting business. The Company plans to operate the Shared Technology business as a free-standing enterprise, the stock of which will be held for the benefit of, or distributed to, the Allegiance creditors. Allegiance is in the process of selling its shared hosting business.

Allegiance Telecom is a facilities-based national local exchange carrier headquartered in Dallas, Texas. It announced financial restructuring plans under Chapter 11 of the U.S. Bankruptcy Code on May 14, 2003.