Frequency Awarded Gold Supplier Status by Northrop Grumman Space Technology
Mitchel Field, NY, April 23, 2007 Frequency Electronics, Inc. (NASDAQ-FEIM) has been awarded the status of Gold Supplier by the Space Technology division of Northrop Grumman Corporation (NGST). This award is in recognition of dedication and hard work on satellite atomic and quartz frequency standards, synthesizers and associated assemblies. The Gold Supplier award elevates Frequency to the highest level of preferred supplier to NGST. Among other benefits, this status provides Frequency with important evaluation preferences for its proposals on future programs with NGST.
The Gold Supplier award relates to work performance in calendar 2006. During that period, Frequency has significantly increased its capability and capacity to meet demand for larger satellite payload systems required by current programs already under contract. In 2006 Frequency built a total of eight frequency generators for satellites. During the first four months of 2007, Frequency expects to build over 20 such frequency generators. This achievement is the result of the Company's accelerated investment in engineering and testing resources including the acquisition of new equipment and the recent investment in Elcom Technologies. Such investments are expected to enable even higher future rates of production of frequency generators, synthesizers and other satellite payload systems. With this expanding capability Frequency will be able to address the large opportunity for production of space hardware to be installed on more than 400 commercial and government satellites expected to be launched over the next decade.
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in commercial, government and military systems, including satellite payloads, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency 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 strategic acquisitions world-wide to expand its capabilities and markets. Subsidiaries and Affiliates: Gillam-FEI provides expertise in wireline network synchronization and SCADA; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing and distribution capabilities in a high growth market. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. Additional information is available on the Company'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 information: Alan Miller, CFO, or General Joseph P. Franklin, Chairman:
TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com