eMagin Corporation (Amex: EMAN), a leader in OLED microdisplays and virtual imaging technologies, announced today that it will be awarded a subcontract by ITT Corporation for supply of display beam combiner assemblies (DBCA), including eMagin’s OLED-XL microdisplays. The U.S. Army awarded a contract to ITT’s Night Vision & Imaging business units a contract for the Spiral Enhanced Night Vision Goggle (SENVG). The firm-fixed-price contract has a potential value of $260.7 million. eMagin’s subcontract would have a potential value of $15.2 million. "This is an important award for eMagin as it proves that the U.S. Army is ready to qualify the low power, high contrast and wide temperature operation advantages of our active matrix OLED technology for the ENVG program," commented Mr. Andrew Sculley, the Company's president and chief executive officer. "We are pleased to be able to help reduce the power requirements for the SENVG with low-power OLED microdisplays." The SENVG incorporates the 18 mm image intensifier tube, utilizes several qualified ENVG subassemblies, including the DBCA from eMagin and is powered by 3 AA batteries, which reduces the logistics burden and gives the customer an estimated $130 million savings over the product’s life cycle. Through various system enhancements the SENVG has a digital upgrade capability that will allow the goggle to export fused imagery for transmission via battlefield networks. About eMagin Corporation A leader in OLED microdisplay technology and personal display systems, eMagin integrates high-resolution OLED microdisplays with magnifying optics to deliver virtual images comparable to large-screen computer and television displays in portable, low-power, lightweight personal displays. eMagin microdisplays provide near-eye imagery in a variety of products from military, industrial, medical and consumer OEMs. The Company's own Z800 3DVisor provides 3D stereovision and headtracking for PC gaming, training and simulation, immersion therapy, and other applications. More information about eMagin is available at www.emagin.com. Forward Looking Statements This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, including those regarding eMagin Corporation's expectations, intentions, strategies and beliefs pertaining to future events or future financial performance. Actual events or results may differ materially from those in the forward-looking statements as a result of various important factors, including those described in the Company's most recent filings with the SEC. Although we believe that the expectations reflected in the forward-looking statements are reasonable, such statements should not be regarded as a representation by the Company, or any other person, that such forward-looking statements will be achieved. The business and operations of the Company are subject to substantial risks which increase the uncertainty inherent in forward-looking statements. We undertake no duty to update any of the forward-looking statements, whether as a result of new information, future events or otherwise. In light of the foregoing, readers are cautioned not to place undue reliance on such forward-looking statements.
More from Press Releases
NFL Pushes for Regulation Following Supreme Court's Sports Gambling Ruling
The Supreme Court rules that previous congressional action forbidding states from legalizing sports betting was unconstitutional.
Walmart CEO: 'We Are Transforming Globally' With Flipkart
On its investor call on Wednesday morning, Walmart discusses the Flipkart deal.
March 24 Full-Day Course Offering: Professional Approach to Trading SPX
OptionsProfits, the CBOE, and Option Pit are hosting a class on March 24 that covers a wide variety of methods to trade the S&P 500.