Frequency Electronics Announces New DoD Contracts for Precision Timing Systems
MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Dec. 6, 2002--Frequency Electronics, Inc. (AMEX-FEI) announced today that it has been awarded a multi-year, sole-source contract to continue production of its precision timing system for the Advanced Medium Range Air-to-Air Missile (AMRAAM).
This missile is used by the US Air Force, US Navy, and other NATO nations. FEI's timing system is the heart of the missile's guidance capability, the most advanced in the world.
FEI has also received an initial contract to provide the timing system for the next generation of the US Navy's Tomahawk surface-to-surface missile. This missile will be deployed in 2004 with a Global Positioning System (GPS) guidance capability, making the Tomahawk a "tactical" strike weapon of unprecedented precision and flexibility. The missile can be launched hundreds of miles from the target area and be guided by either GPS or Unmanned Aerial Vehicles (UAV's) to strike within meters of its intended target. The missile can loiter and targets can be changed during the course of flight after launch.
The AMRAAM and Tomahawk are the most advanced air-to-air and surface-to-surface missile systems in the world. Guidance for both of these missiles depends upon precision timing devices designed and built by FEI. UAV, other targeting systems and secure communications also depend on precision timing. The critical need for precision timing in advanced defense systems continues to grow as arms technology evolves. FEI is in the forefront of all companies world-wide with the capability to respond to this need.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high-technology frequency, timing and synchronization products for voice, video and data telecommunications delivered by satellite or terrestrial means for both commercial and DOD customers. The Company's technologies provide unique solutions that are essential building blocks for the next generation of broadband wireless and fiber optic communications systems, for critical defense applications and for the ongoing expansion of existing wireless and wireline networks. Additional information is available on FEI'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.
General Joseph P. Franklin
telephone: (516) 794-4500
WEBSITE: www.frequencyelectronics.com