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BILLERICA, Mass.--([ BUSINESS WIRE ])--[ CSP Inc. ] (NASDAQ: CSPI) today announced with great sorrow the sudden passing of Chairman, President and Chief Executive Officer Alexander R. Lupinetti, 67. Victor Dellovo, 43, president of the Companyas Modcomp subsidiary, has been appointed by the Board of Directors as CSPas Interim President and CEO. The Board has not yet appointed a successor Chairman.

"Vic is an exceptional talent whose technical expertise and vision have been instrumental to the success of CSPas Service and Systems Integration segment. His knowledge of the Company and proven leadership abilities make him the ideal choice to become Interim President and CEO at this time."

Alex Lupinetti had been Chief Executive Officer and President of CSP Inc. since October 1996. He had also been a Director of the Company since that time, and had served as Chairman since January 1998.

aDuring his 16 years as CSPas president and CEO, Alex transformed CSP from a single-product organization to a much larger company with wide-ranging sales opportunities and the potential for accelerated profitable growth,a said CSP Director C. Shelton James. aWe are forever indebted to Alex for his commitment and dedication to CSP. The Board of Directors and everyone at CSP offer our condolences to Alexas family and friends.a

aWe are fortunate to have Vic Dellovo available to step in as our Interim President and CEO,a said James. aVic is an exceptional talent whose technical expertise and vision have been instrumental to the success of CSPas Service and Systems Integration segment. His knowledge of the Company and proven leadership abilities make him the ideal choice to become Interim President and CEO at this time.a

Dellovo was promoted to president of Worldwide Operations of Modcomp in September 2010. Since then he has driven the Service and Systems Integration segmentas strategy expansion into higher-margin consulting as well as solutions and managed services. He also was responsible for spearheading the Companyas successful acquisition of Miami, Florida-based R2 Technology Inc. He joined Modcomp as president of the Service and Systems Integration segment in 2003 following the acquisition of Technisource Hardware Inc., a company he co-founded in 1997. Mr. Dellovo holds a Bachelor of Science degree in Electrical Engineering from the University of Massachusetts-Lowell.

About CSP Inc.

Based in Billerica, Massachusetts and founded in 1968, CSP Inc. and its subsidiaries develop and market IT integration solutions and high-performance computer systems to meet the diverse requirements of our industrial, commercial, and defense customers worldwide.

CSPas Systems segment includes the [ MultiComputer Division ], which designs and manufactures commercial high-performance computer signal processing systems for a variety of complex real time applications in defense and commercial markets. The Companyas [ MODCOMP Inc. ] subsidiary, also part of its Service and Systems Integration segment was founded in 1970, and has offices in the U.S., U.K. and Germany. Modcomp provides solutions and services for complex IT environments including storage and servers, unified communications solutions, IT security solutions and consulting services. More information about CSP is available on the companyas website at [ www.cspi.com ].

To learn more about MODCOMP, Inc., consult [ www.modcomp.com ].

Safe Harbor

The Company wishes to take advantage of the aSafe Harbora provisions of the Private Securities Litigation Reform Act of 1995 with respect to statements that may be deemed to be forward-looking under the Act. Such forward-looking statements may include, but are not limited to, Victor Dellovoas appointment as Interim President and CEO of CSP Inc, and his success in that role. The Company cautions that numerous factors could cause actual results to differ materially from forward-looking statements made by the Company. Such risks include general economic conditions, market factors, competitive factors and pricing pressures, and others described in the Company's filings with the SEC. Please refer to the section on forward-looking statements included in the Company's filings with the Securities and Exchange Commission.