NORTON, Mass., Jan. 30, 2020 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (Nasdaq:CPSH) today announced receipt of a significant design win and initial order from a new customer for its AlSiC hermetic package combining the CPS proprietary AlSiC base with a nickel-iron alloy frame.
Cheryl Oliveira, V.P. of Sales, stated, "This design win adds to our portfolio of customers capitalizing on the lightweight, CTE matching properties provided by the AlSiC base in a hermetic package. These properties provide significant competitive advantages when used in satellites, radar, space, and other applications where weight and high reliability are important factors. Although the primary applications for AlSiC hermetic packages are space-based, there are other applications where their unique properties provide important advantages. We expect AlSiC hermetic packages with be an increasing contributing factor to our future growth."
Commenting on fourth quarter 2019 developments, Grant Bennett, President and Chief Executive Officer, said, "As described in our press release for third quarter results, contracts with two major customers took effect in the fourth quarter and have been and continue to positively impact financial performance as expected. An additional multi-year agreement with a third major customer is being phased in during the first half of 2020 and will be fully effective as of the beginning of the second half of the year."
About CPS Technologies Corporation:CPS is a global leader in producing metal-matrix composite components used to improve reliability and performance of various electrical systems. CPS products are used in motor controllers for hybrid and electric vehicles, high-speed trains, subway cars and wind turbines, as well as heat spreaders in internet switches, routers and high-performance microprocessors.
Safe HarborStatements made in this document that are not historical facts or which apply prospectively, including those relating to 2019 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation Chuck Griffith, Chief Financial Officer 111 South Worcester Street Norton, MA 02766Telephone: (508) 222-0614 Web Site: www.alsic.com