Frequency Electronics Awarded Commercial Satellite Contract
02 2월 2011 - 11:04PM
Frequency Electronics Inc. (Nasdaq:FEIM) has received a major
contract from Boeing Space & Intelligence Systems to supply
on-board timing and frequency generation systems for Mexico's new
satellite communications program known as MEXSAT. Frequency expects
to complete this contract within 18 months although the majority of
system assembly and testing is expected to be completed within the
first twelve months.
Under the contract, Frequency will deliver redundant master
reference quartz oscillators, microwave frequency generators and
microwave synthesizers. These products are based on Frequency's
prior designs for both commercial and U.S. Government satellites
which are operating successfully in orbit. The same systems as
those to be provided under the MEXSAT contract were previously
manufactured and delivered by Frequency for another recently
launched large commercial satellite.
In announcing this contract award, President and CEO, Martin
Bloch, said, "We are successful in winning satellite payload
contracts because we have a record of outstanding performance in
space and we can deliver exceptionally fast turn-around time which
is particularly important for commercial satellite programs. We are
able to achieve this rapid response because of our key investments
in engineering, manufacturing capacity and inventory of long-lead
space parts. We expect to realize increasing payback from these
investments on future commercial and U.S. Government satellite
programs."
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; 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. Elcom Technologies 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: Alan Miller, CFO
General Joseph P. Franklin, Chairman
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
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