Kopin Receives Additional $2.7 Million Order for the F-35 Joint Strike Fighter Program
April 30 2020 - 7:30AM
Business Wire
Kopin Corporation (NASDAQ: KOPN), a leading provider of
innovative wearable computing technologies and solutions, today
announced it has received an approximately $2.7 million follow-on
order of its high-brightness liquid crystal display for the F-35
Joint Strike Fighter program. With the F-35 scheduled for
production through 2030, Kopin expects additional orders over the
life of the program.
The F-35, the world’s most advanced jet fighter, is a family of
single-seat, single-engine, all-weather, day and night stealth,
multirole combat aircraft. The jet is designed to perform both air
superiority and strike missions while also providing electronic
warfare and intelligence, surveillance, and reconnaissance. Much of
the functionality is enabled through the augmented reality (AR)
helmet, which provides the pilot with vast quantities of flight,
tactical, and sensor information for advanced situational
awareness, precision and safety. The extensive functionality and
extreme conditions require unique display technology and Kopin is
the sole supplier to this production program.
The largest procurement program in the Department of Defense
(DOD), the F-35 strike fighter aircraft is being procured in
different configurations for multiple arms of the DOD, including
the United States Air Force, Marine Corps, and Navy. The 500th
production F-35 was delivered in March 2020 and the current DOD
plan is to acquire a minimum of 2,400 jets over the life of the
program. In addition, US Allies are expected to purchase hundreds
of F-35s with eight nations cost-sharing the program with the
United States. With replacements, the total number of displays for
the F-35 program is very substantial.
“This follow-on order extends our backlog of scheduled
deliveries into the second quarter of 2021, providing good
visibility for our manufacturing plan,” stated Bill Maffucci, the
Company’s Vice President of Government Programs. “As the sole
provider of displays to the F-35 production program, we benefit
from our strong relationship with the DOD in obtaining valuable
feedback, which we leverage to continuously improve our display
technology. These enhancements have implications for the F-35
program as well as many future opportunities with the military as
well as enterprise customers.”
About Kopin
Kopin Corporation is a leading developer and provider of
innovative display and optical technologies sold as critical
components and subassemblies for military, industrial and consumer
products. Kopin's technology portfolio includes ultra-small Active
Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon
(LCOS) displays and Organic Light Emitting Diode (OLED) displays, a
variety of optics, and low-power ASICs. For more information,
please visit Kopin's website at www.kopin.com.
Forward-Looking Statements
Statements in this press release may be considered
“forward-looking statements” within the meaning of Section 27A of
the Securities Act of 1933, as amended (the “Securities Act”), and
Section 21E of the Securities Exchange Act of 1934, as amended (the
“Exchange Act”), which are subject to the safe harbor created by
such sections. Words such as “expects,” “believes,” “can,” “will,”
“estimates,” and variations of such words and similar expressions,
and the negatives thereof, are intended to identify such
forward-looking statements. We caution readers not to place undue
reliance on any such “forward-looking statements,” which speak only
as of the date made, and advise readers that these forward-looking
statements are not guarantees of future performance and involve
certain risks, uncertainties, estimates, and assumptions by us that
are difficult to predict. These forward-looking statements may
include statements with respect to: our expectation that we will
receive additional orders over the life of the F-35 program; our
belief we are the sole provider of displays to the F-35 Joint
Strike Fighter production program; and our expectation that we will
deliver displays into the second quarter of 2021. Various factors,
some of which are beyond our control, could cause actual results to
differ materially from those expressed in, or implied by, such
forward-looking statements. All such forward-looking statements,
whether written or oral, and whether made by us or on our behalf,
are expressly qualified by these cautionary statements and any
other cautionary statements that may accompany the forward-looking
statements. In addition, we disclaim any obligation to update any
forward-looking statements to reflect events or circumstances after
the date of this press release, except as may otherwise be required
by the federal securities laws. These forward-looking statements
are only predictions, subject to risks and uncertainties, and
actual results could differ materially from those discussed.
Important factors that could affect performance and cause results
to differ materially from management's expectations are described
in Part I, Item 1A. Risk Factors; Part II, Item 7. Management’s
Discussion and Analysis of Financial Condition and Results of
Operations; and other parts of our Annual Report on Form 10-K for
the fiscal year ended December 28, 2019, or as updated from time to
time in the Company’s Securities and Exchange Commission
filings.
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version on businesswire.com: https://www.businesswire.com/news/home/20200430005154/en/
Kopin Corporation Bill Maffucci, 508-870-5959 VP of Government
Programs, bmaffucci@kopin.com
Richard Sneider, 508-870-5959 Treasurer and Chief
Financial Officer Richard_Sneider@kopin.com or Market Street
Partners Joann Horne, 415-445-3233
JHorne@marketstreetpartners.com
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