Frequency Electronics Awarded $5 Million In Low G DOD Contracts
MITCHEL FIELD, N.Y., July 7, 2010 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) has been awarded two contracts totaling approximately $5 million in follow-up production requirements for an ongoing Department of Defense (DOD) program previously under development and pilot production contracts at Frequency. Product delivery is required to be completed within 12 to 18 months.
Frequency is providing a quartz and ruggedized rubidium combined product incorporating its proprietary and patented low g-sensitivity technology. This technology permits time and frequency devices to achieve full performance under high vibration and shock environments. The combination product permits low phase-noise performance by the quartz oscillator and superior long-term stability by the ruggedized rubidium. This exceptional performance is critical to key current DOD operations. Over the past seven years Frequency has invested substantial internal research and development resources in the low g- sensitivity product area. Meaningful returns on that investment are now beginning to be realized.
President and CEO, Martin Bloch, said "These follow-on production contract awards are especially significant to us because this is the first of many U.S. Government and DOD non-satellite development programs to mature from prototype to pre-production and then production-level contracts. Our low g- sensitivity products are unparalleled in performance. The low g oscillators and ruggedized rubidium are making major contributions to DOD secure communication, radar accuracy and applications in other sensors. We expect this product area to be a significant contributor to Frequency's growth."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, and US5G and related wireline synchronization products; 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. The Elcom Technologies affiliate 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: Frequency Electronics, Inc. Alan Miller, CFO General Joseph P. Franklin, Chairman (516) 794-4500 www.frequencyelectronics.com
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