Deliveries on this contract will commence in Q1 FY2011 and continue for 18 months.
David Robbins, CEO of Micronetics, states, "This program is part of a larger "readiness and cost containment" initiative that has been put in place by the navy. The goal is to reduce the cost of ownership on key naval defense and security systems by upgrading and extending service life, while at the same time, keeping the existing legacy systems operationally ready and equipped with the most advanced microwave component technologies available today."
Robbins continues, "We've focused Micronetics product development on supporting these types of programs across all military platforms, as this is an area where we see the possibility for sustained demand over a long period of time.”
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 communications equipment. Micronetics serves a diverse customer base, including AeroSat, Anritsu, BAE Systems, Boeing Company, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Northrop Grumman, Raytheon, and Thales. In addition, direct government customers including DFAS, Hill AFB, Augusta Aerospace and NAVICP. Additional information can be found on our website at http://www.micronetics.com.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to changes in economic conditions, reductions in spending by certain of our customers, our ability to operate and integrate acquired businesses and products, 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 for its fiscal year ended March 31, 2009 as well as its other filings with the Securities and Exchange Commission.
Contact:
Micronetics, Inc.
David Robbins, CEO, 603-546-4131
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