Frequency Electronics Announces Satellite Contract
MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--June 7, 2005--Frequency Electronics, Inc. (AMEX: FEI) announced today it has been awarded a $3 million, multiple year contract to develop and qualify an advanced atomic clock for possible deployment on navigational satellite systems to be built by agencies of the United States government.
Martin Bloch, President and CEO of FEI, stated, "This award was based on the Company's 40 plus years of unique, high technology research and leadership in the specific areas of long life satellite rubidium standards and superior low noise, short- and long-term stability quartz clocks. We believe that both of these disciplines at FEI are unmatched by any other company in the field and are crucial for the next generation of satellite systems."
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 satellite and terrestrial voice, video and data telecommunications. The Company's technologies provide unique solutions that are essential building blocks for the next generation of broadband wireless and fiber optic communications systems, and for the ongoing expansion of existing wireless and wireline networks. The Company 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 in strategic acquisitions to expand its capabilities and markets. The Company's Gillam-FEI subsidiary provides the Company with expertise in wireline network synchronization and access to worldwide service providers. The FEI-Zyfer subsidiary provides secure timing ("SAASM") capabilities for critical military and commercial applications. 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 future earnings and operations and other statements relating to 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, ability 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, 516-794-4500
www.frequencyelectronics.com
SOURCE: Frequency Electronics, Inc.