Micronetics Receives $3.9 Million Award to Supply Microwave Subsystems for U.S. Department of Defense Electronic Warfare Mode...
November 08 2011 - 8:00AM
Business Wire
Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has been
awarded a production contract release, valued at approximately $3.9
million, from a leading U.S. Department of Defense (DoD) prime
contractor for the supply of high performance broadband microwave
subsystems. Each subsystem, which consists of several Integrated
Microwave Assemblies (IMA), fulfills the need to sustain and
upgrade aircraft critical self protection capability on airborne
platforms currently in use globally.
This award represents the first production release, equivalent
to approximately 10% of the expected total program’s production and
delivery requirements, for the supply of high reliability
subsystems. We expect the total period of performance for this
program will span between 4 to 8 years. Hardware deliveries under
this award are targeted for completion over a 12-month time period
beginning in the first quarter of Micronetics' FY2013.
Dave Robbins, CEO of Micronetics, remarked "We believe our
competitive design and demonstrated performance along with our
ability to satisfy the need for an increasingly reliable production
capacity plan were among the keys to Micronetics being selected for
this critically important U.S. DoD modernization and upgrade
program. This order and our sole source role in this program
further exemplify the strength of our customer relationships and
the competitiveness of our technological capabilities and product
offerings. Building off of our strong performance in our recently
announced fiscal second quarter, this program win is further
evidence of our belief that we are well positioned to benefit from
the continuing demand for proven high performance microwave
subsystems.”
Micronetics manufactures microwave and radio frequency (RF)
components and integrated subassemblies used in a variety of
defense, aerospace and commercial applications. Micronetics also
manufactures and designs test equipment and components that test
the strength, durability and integrity of communication signals in
communication equipment. Micronetics serves a diverse customer
base, including BAE Systems, Boeing, Cobham, EADS, General
Dynamics, ITT, L-3 Communications, Lockheed Martin, Northrop
Grumman, Raytheon, Rockwell, Teradyne, and Thales. Additional
information can be found on our website at www.micronetics.com.
This press release contains “forward-looking statements” within
the meaning of the “safe harbor” provisions of the Private
Securities Litigation Reform Act of 1995, including, but not
limited to, statements regarding the microwave subsystems program’s
expected total production and delivery requirements, the total
period of performance for the program, and the expected period of
hardware deliveries. These forward-looking statements are made as
of the date they were first issued and were based on current
expectations, estimates, forecasts and projections as well as the
beliefs and assumptions of management. Words such as "expect,"
"anticipate," "should," "believe," "hope," "target," "project,"
"goals," "estimate," "potential," "predict," "may," "will,"
"might," "could," "intend," variations of these terms or the
negative of these terms and similar expressions are intended to
identify these forward-looking statements. Forward-looking
statements are subject to a number of risks and uncertainties, many
of which involve factors or circumstances that are beyond
Micronetics control. Micronetics actual results could differ
materially from those stated or implied in forward-looking
statements due to a number of factors, including, but not limited
to, the company's ability to attract new customers and retain
existing customers, reductions in spending by certain of our
customers, yearly and quarterly fluctuations in our operating
results, trends and factors affecting our markets which may reduce
demand and pricing pressure on our products, our reliance on a
limited number of customers, risk that federal government contracts
may be terminated at any time, factors which may negatively affect
our gross margins, our ability to attract and retain key technical
and management personnel, our ability to operate and integrate
acquired companies, our ability to manage our growth, disruptions
in supply or production, increased levels of debt, our ability to
protect our proprietary information, future economic conditions in
our industry and generally, as well as other factors. The
information in this release should be reviewed in conjunction with
Micronetics' Annual Report on Form 10-K for its fiscal year ended
March 31, 2011 as well as its other filings with the Securities and
Exchange Commission. Past performance is not necessarily indicative
of future results. The forward-looking statements included in this
press release represents Micronetics views as of the date of this
press release. The company anticipates that subsequent events and
developments will cause its views to change. Micronetics undertakes
no intention or obligation to update or revise any forward-looking
statements, whether as a result of new information, future events
or otherwise. These forward-looking statements should not be relied
upon as representing Micronetics views as of any date subsequent to
the date of this press release.
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