Frequency Electronics, Inc. Announces Satellite Contracts
MITCHEL FIELD, N.Y.--(BUSINESS WIRE)--Sept. 8, 2005--Frequency Electronics, Inc. (AMEX: FEI) announced today that it has been awarded contracts totaling over $13 million by a major satellite integrator. The contracts call for the Company to build the ultra-stable, low phase noise master reference oscillators, microwave reference signal generators, and microwave frequency synthesizers for two new commercial communications satellites. All deliveries under these contracts are to be completed by October 2006.
Commenting on this award, President and CEO Martin Bloch said: "These awards are a direct result of the key technology developed by our R&D efforts over the last three years, which achieved reduced cost, smaller size, and lower power requirements in these products. Adding the signal generators and frequency synthesizers to the master reference oscillators gives us a much larger piece of the business in these new satellites. These awards reflect an important trend in the satellite business. Major integrators are beginning to out-source highly specialized technologies to realize significant benefits in cost-effectiveness and scheduling. Typically, in the past a satellite integrator would have kept all but the master reference oscillator as in-house work. In the coming years, we expect to benefit in great measure from this out-sourcing trend."
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 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, 516-794-4500 www.frequencyelectronics.com
SOURCE: Frequency Electronics, Inc.