SYNNEX Corporation Completes Acquisition of New Age Electronics, Inc.
Updates Fiscal Second Quarter Guidance to Include Acquisition

Tuesday April 1, 2008 7:50 pm ET

FREMONT, Calif.--(BUSINESS WIRE)--SYNNEX Corporation (NYSE:SNX), a leading business process services company, announced today it has completed the acquisition of substantially all the assets of New Age Electronics, Inc., a privately-held, leading U.S. distributor of IT and consumer electronics products.

The completion of the New Age acquisition marks another strategic move into the consumer electronics space following our 2007 acquisition of the Redmond Group of Companies in Canada. New Age Electronics will greatly expand SYNNEX' consumer electronics offering and place us in a leadership position in North America," said Robert T. Huang, President and Co-Chief Executive Officer of SYNNEX Corporation. "We are impressed with the New Age management team and the talented employee base. We look forward to the New Age staff joining the SYNNEX family."

Pursuant to the asset purchase agreement, SYNNEX paid a purchase price of $31.5 million in cash at the closing. Approximately $22.75 million in additional deferred and earn-out payments, which are subject to certain post-closing conditions, are expected to be paid within the first 15 months after the close of the acquisition. In connection with the net assets acquired, SYNNEX refinanced approximately $82 million in working capital debt.

On March 20, 2008, the Company provided guidance for the second quarter, ending May 31, 2008, of revenue in the range of $1.715 billion to $1.785 billion, net income of $16.6 million to $17.2 million, and diluted earnings per share in the range of $0.50 to $0.52 per diluted share. Today, SYNNEX updated its guidance to include the New Age acquisition. New Age will contribute approximately nine weeks of financial results to SYNNEX’ fiscal 2008 second quarter. Including the New Age acquisition, SYNNEX currently expects revenue for the second quarter of fiscal 2008 to be in the range of $1.845 billion to $1.915 billion, net income of $16.9 million to $17.6 million, inclusive of current quarter New Age acquisition integration expense, and diluted earnings per share in the range of $0.51 to $0.53 per diluted share.

New Age will operate as a division of SYNNEX Corporation with Adam Carroll leading the organization as President, Fred Towns as Senior Vice President, Sales and Gary Palenbaum, Senior Vice President, Marketing.

About SYNNEX

SYNNEX Corporation, a Fortune 500 corporation, is a leading business process services company, servicing resellers and original equipment manufacturers (OEMs) in multiple regions around the world. The Company provides services in IT distribution, supply chain management, contract assembly and business process outsourcing (BPO). Founded in 1980, SYNNEX employs over 6,000 employees worldwide and operates in the United States, Canada, China, Mexico, the Philippines and the United Kingdom. Additional information about SYNNEX may be found online at www.synnex.com.

Statements in this press release regarding SYNNEX Corporation which are not historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. These forward-looking statements may be identified by terms such as believe, expect, may, will, provide, plan, anticipate, could and should and the negative of these terms or other similar expressions. These statements, including statements regarding our expectations on the effect of the acquisition and integration of the assets of New Age Electronics, Inc. on our business and expectations of our revenues, net income and earnings per share, are subject to risks and uncertainties that could cause actual results to differ materially from those discussed in the forward-looking statements. These risks and uncertainties include, but are not limited to: general economic conditions and any weakness in IT spending; the loss or consolidation of one or more of our significant OEM suppliers or customers; market acceptance and product life of the products we assemble and distribute; competitive conditions in our industry and their impact on our margins; pricing, margin and other terms with our OEM suppliers; variations in supplier-sponsored programs; changes in our costs and operating expenses; changes in foreign currency exchange rates; risks associated with our international operations; uncertainties and variability in demand by our reseller and contract assembly customers; supply shortages or delays; any termination or reduction in our floor plan financing arrangements; credit exposure to our reseller customers, and negative trends in their businesses; any future incidents of theft; risks associated with our contract assembly business; risks associated with the consolidation, integration and performance of our recent acquisitions; our ability to complete and integrate the acquisition of New Age Electronics, Inc.; and other risks and uncertainties detailed in our Annual Report on Form 10-K for the year ended November 30, 2007 and from time to time in our SEC filings. Statements included in this press release are based upon information known to SYNNEX Corporation as of the date of this release, and SYNNEX Corporation assumes no obligation to update information contained in this press release.

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