Frequency Electronics Awarded $5 Million in Low G DOD Contracts
07 7월 2010 - 9:00PM
Frequency Electronics, Inc. (Nasdaq:FEIM) has been awarded two
contracts totaling approximately $5 million in follow-up production
requirements for an ongoing Department of Defense (DOD) program
previously under development and pilot production contracts at
Frequency. Product delivery is required to be completed within 12
to 18 months.
Frequency is providing a quartz and ruggedized rubidium combined
product incorporating its proprietary and patented low
g-sensitivity technology. This technology permits time and
frequency devices to achieve full performance under high vibration
and shock environments. The combination product permits low
phase-noise performance by the quartz oscillator and superior
long-term stability by the ruggedized rubidium. This
exceptional performance is critical to key current DOD
operations. Over the past seven years Frequency has invested
substantial internal research and development resources in the low
g- sensitivity product area. Meaningful returns on that
investment are now beginning to be realized.
President and CEO, Martin Bloch, said "These follow-on
production contract awards are especially significant to us because
this is the first of many U.S. Government and DOD non-satellite
development programs to mature from prototype to pre-production and
then production-level contracts. Our low g- sensitivity
products are unparalleled in performance. The low g
oscillators and ruggedized rubidium are making major contributions
to DOD secure communication, radar accuracy and applications in
other sensors. We expect this product area to be a significant
contributor to Frequency's growth."
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design,
development and manufacture of high precision timing, frequency
control and synchronization products for space and terrestrial
applications. Frequency's products are used in commercial,
government and military systems, including satellite payloads,
missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy
exploration and wireline and wireless communication networks.
Frequency has received over 60 awards of excellence for
achievements in providing high performance electronic assemblies
for over 120 space programs. The Company invests significant
resources in research and development and strategic acquisitions
world-wide to expand its capabilities and markets.
Subsidiaries and Affiliates: Gillam-FEI provides expertise in
wireline network synchronization and SCADA; FEI-Zyfer provides GPS
and secure timing ("SAASM") capabilities for critical military and
commercial applications, and US5G and related wireline
synchronization products; FEI-Asia provides cost-effective
manufacturing and distribution capabilities in a high growth
market. Frequency's Morion affiliate supplies high-quality,
cost-effective quartz oscillators and components. The Elcom
Technologies affiliate provides added resources for
state-of-the-art RF microwave products. Additional
information is available on the Company's website:
www.frequencyelectronics.com.
Safe Harbor Statement under the Private Securities Litigation
Reform Act of 1995: The Statements in this press release regarding
the future constitute "forward-looking" statements pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. Forward-looking statements inherently involve
risks and uncertainties that could cause actual results to differ
materially from the forward-looking statements. Factors that
would cause or contribute to such differences include, but are not
limited to, inability to integrate operations and personnel,
actions by significant customers or competitors, general domestic
and international economic conditions, consumer spending trends,
reliance on key customers, continued acceptance of the Company's
products in the marketplace, competitive factors, new products and
technological changes, product prices and raw material costs,
dependence upon third-party vendors, competitive developments,
changes in manufacturing and transportation costs, the availability
of capital, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission. By
making these forward-looking statements, the Company undertakes no
obligation to update these statements for revisions or changes
after the date of this release.
CONTACT: Frequency Electronics, Inc.
Alan Miller, CFO
General Joseph P. Franklin, Chairman
(516) 794-4500
www.frequencyelectronics.com
Frequency Electronics (NASDAQ:FEIM)
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