Intevac Receives Record $40 Million Digital Night Vision Contract Award
July 18 2019 - 9:00AM
Business Wire
Intevac, Inc. (Nasdaq: IVAC) announced today it has received a
$40 million contract award for the multi-year production of digital
night vision cameras in support of the U.S. Government.
“This award represents the largest single booking to date for
Intevac Photonics, and increases our Photonics backlog to the
historic level of just over $83 million,” commented Timothy Justyn,
executive vice president and general manager of Intevac Photonics.
“This award closely follows awards for both the U.S. Army’s IVAS
ground soldier program, and the Apache Helicopter’s Pilot Night
Vision Sensor (PNVS) foreign military sales announced last
December, demonstrating Intevac’s commitment to delivering the
latest digital night vision technology to our Warfighters.”
“We are very proud to have received this substantial order for
our digital night vision technology,” added Wendell Blonigan,
president and chief executive officer of Intevac. “With this new
order and increased backlog, we now have multi-year visibility for
our manufacturing operations, and continued validation of our
digital night vision technology.”
Intevac’s digital night-vision sensors, based on its patented
Electron Bombarded Active Pixel Sensor (EBAPS®) technology, provide
state-of-the-art capability to the most advanced avionic fighting
platforms in the U.S. Department of Defense inventory.
About Intevac
Intevac was founded in 1991 and has two businesses: Thin-film
Equipment and Photonics.
In our Thin-film Equipment business, we are a leader in the
design and development of high-productivity, thin-film processing
systems. Our production-proven platforms are designed for
high-volume manufacturing of substrates with precise thin film
properties, such as the hard drive media, display cover panel, and
solar photovoltaic markets we serve currently.
In our Photonics business, we are a recognized leading developer
of advanced high-sensitivity digital sensors, cameras and systems
that primarily serve the defense industry. We are the provider of
integrated digital imaging systems for most U.S. military night
vision programs.
For more information call 408-986-9888, or visit the Company's
website at www.intevac.com.
Forward-Looking Statements
This press release includes statements that constitute
“forward-looking statements” within the meaning of the Private
Securities Litigation Reform Act of 1995 (the “Reform Act”).
Intevac claims the protection of the safe-harbor for
forward-looking statements contained in the Reform Act. These
forward-looking statements are often characterized by the terms
“may,” “believes,” “projects,” “expects,” or “anticipates,” and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to;
the multi-year visibility of camera deliveries. The forward-looking
statements contained herein involve risks and uncertainties that
could cause actual results to differ materially from the company’s
expectations. These risks include, but are not limited to: changes
in planned shipment dates, which could have a material impact on
our business, our financial results, and the company's stock price.
These risks and other factors are detailed in the Company’s
periodic filings with the U.S. Securities and Exchange
Commission.
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version on businesswire.com: https://www.businesswire.com/news/home/20190718005222/en/
James Moniz Chief Financial Officer (408) 986-9888
Claire McAdams Investor Relations (530) 265-9899
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