Sypris Wins Contract for Deep Space Program
April 22 2021 - 5:00PM
Business Wire
Electronic Assemblies for Power Management
and Other Systems
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received a
follow-on award from a US DoD prime contractor to manufacture and
test electronic assemblies for a Government spacecraft program.
Production is expected to begin in 2021. Terms of the agreement
were not disclosed.
The spacecraft is designed to serve as the exploration vehicle
that will carry the crew to space, provide emergency abort
capability, sustain missions and provide safe re-entry from deep
space return velocities. The spacecraft will utilize advances in
propulsion, communications, life support, structural design,
navigation and power according to news releases. With destinations
including near-Earth asteroids, the Moon, the moons of Mars and
eventually Mars itself, the spacecraft is expected to carry
astronauts into a new era of exploration.
“Sypris has been manufacturing space electronic hardware for
many years for top-tier instrumentation, satellite and spacecraft
providers,” said Jim Long, Vice President & General Manager of
Sypris Electronics. “The opportunity to continue and expand our
participation on this program is a privilege for Sypris
Electronics. Our customer is a leader in the space industry and we
look forward to working closely with them to ensure that this
mission-critical program is a success.”
Sypris Electronics is a trusted provider of electronic
solutions, addressing customers’ needs for building complex,
mission-critical electronic and electro-mechanical devices and
integrated systems. Backed by 50 years of experience, Sypris’
engineering and manufacturing services span our customers’ product
life cycle all within a culture of continuous improvement and Six
Sigma/Lean thinking. Partners from multiple agencies and tier one
companies in Military (DoD), Space, Medical, Undersea, and
Industrial markets team with Sypris to deliver high-reliability
electronics built with strict adherence to regulated requirements.
For more information, please visit www.sypriselectronics.com.
Forward Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws. Forward-looking
statements include our plans and expectations of future financial
and operational performance. Such statements may relate to
projections of the company’s revenue, earnings, and other financial
and operational measures, our liquidity, our ability to mitigate or
manage disruptions posed by COVID-19, and the impact of COVID-19
and economic conditions on our future operations, among other
matters.
Each forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form
10-Q and other SEC filings.
Briefly, we currently believe that such risks also include the
following: the impact of COVID-19 and economic conditions on our
future operations; possible public policy response to the pandemic,
including legislation or restrictions that may impact our
operations or supply chain; our failure to successfully complete
final contract negotiations with regard to our announced contract
“orders”, “wins” or “awards”; our failure to successfully win new
business; the termination or non-renewal of existing contracts by
customers; our failure to achieve and maintain profitability on a
timely basis by steadily increasing our revenues from profitable
contracts with a diversified group of customers, which would cause
us to continue to use existing cash resources; the cost, quality,
timeliness, efficiency and yield of our operations and capital
investments, including the impact of tariffs, employee training,
working capital, production schedules, cycle times; dependence on,
retention or recruitment of key employees and distribution of our
human capital; disputes or litigation involving governmental,
supplier, customer, employee, creditor, warranty claims; our
inability to develop new or improved products or new markets for
our products; cost, quality and availability or lead times of raw
materials and electronic components; our reliance on a few key
customers, third party vendors and sub-suppliers; inventory
valuation risks including excessive or obsolescent valuations or
price erosions of raw materials or component parts on hand or other
potential impairments, non-recoverability or write-offs of assets
or deferred costs; failure to adequately insure or to identify
product liability, environmental or other insurable risks;
unanticipated or uninsured disasters, public health crises, losses
or business risks; volatility of our customers’ forecasts,
scheduling demands and production levels which negatively impact
our operational capacity and our effectiveness to integrate new
customers or suppliers, and in turn cause increases in our
inventory and working capital levels; the costs of compliance with
our auditing, regulatory or contractual obligations; our inability
to patent or otherwise protect our inventions or other intellectual
property from potential competitors; adverse impacts of new
technologies or other competitive pressures which increase our
costs or erode our margins; U.S. government spending on products
and services, including the timing of budgetary decisions; changes
in licenses, security clearances, or other legal rights to operate,
manage our work force or import and export as needed; cyber
security threats and disruptions; inaccurate data about markets,
customers or business conditions; or unknown risks and
uncertainties. We undertake no obligation to update our
forward-looking statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210422006110/en/
Lawrence J. Bernicky Vice President of Finance
(813) 972-6040
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