Frequency Electronics Announces UFS Synthesizer Order for FEI-Elcom Tech, Inc.

MITCHEL FIELD, N.Y., March 7, 2013 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (Nasdaq:FEIM) announced that its wholly owned subsidiary, FEI-Elcom Tech, Inc. has received a follow-on order of approximately $3 million to provide UFS ultra low phase noise microwave synthesizers in an Electronic Warfare threat simulation application utilizing newly developed FEI-Elcom IF Link Modulation Technology. Deliveries are to be completed within the next twelve months and additional follow-on orders in subsequent years are expected.

Derivatives of this technology will also be used in FEI-Elcom's microwave down converters serving the ELINT market. Recent developments include increasing the L band output to 1.8 GHz with an IF bandwidth of 1 GHz. Additional synergies will be realized as FEI-Elcom's product engineering team works with Frequency Electronics to accelerate the development and qualification of Ku and Ka band frequency converters and receivers for the satellite payload market.

Jim Davis, CEO of FEI-Elcom, said "Leveraging the know how across multiple product lines within FEI-Elcom and simultaneously supporting Frequency Electronics' growth initiatives demonstrates the innovative nature of the engineers in our product development team. Integrating new hardware into our existing UFS synthesizer while at the same time increasing the overall reliability of the product reflects positively on the collaboration between our engineering and production departments. It was truly a team effort with our customer the ultimate beneficiary. Another benefit to our customers, of special value in this difficult funding environment, is the ability to upgrade our UFS installed base by applying new capability to emerging 'chirp' applications."

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, C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks. Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.

Frequency's Mission Statement: "Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 42 GHz, for space and other challenging environments."

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; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. 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: Alan Miller, CFO

         or General Joseph P. Franklin, Chairman

         

         TELEPHONE: (516) 794-4500

         WEBSITE: www.frequencyelectronics.com