Dynasil's Optometrics Subsidiary Signs Three-Year Comprehensive Supply Agreement with a Division of L-3 Communications
WATERTOWN, Mass., Feb. 24, 2014 /PRNewswire/ -- Dynasil Corporation of America (NASDAQ: DYSL) today announced that Optometrics Corporation subsidiary signed a three-year comprehensive supply agreement with a division of L-3 Communications. Optometrics will be providing high-quality optical components under this agreement.
"We are excited to announce this cooperation with a division of L-3," said Peter Sulick, Dynasil's Chairman of the Board, Chief Executive Officer and President. "It is an important piece of business for us, which will bring Optometrics' technology to a highly technical and competitive industry. Optometrics' creative approach to product development and production scale-up were key determinants in the selection process. "
"This agreement promises to be a growth platform for Optometrics," said Laura Lunardo, COO of Optometrics. "We expect to provide in excess of $4.0 million in product to a division of L-3 over the next three years and will be adding approximately 15 new jobs at Optometrics as we scale up for this product. Being selected by this world-class company is a testament to the strength of our management and development teams."
Dynasil Corporation of America (NASDAQ: DYSL) develops and manufactures optical detection and analysis technology and components for the homeland security, medical and industrial markets. Combining world-class expertise in research and materials science with extensive experience in manufacturing and product development, Dynasil is commercializing products, including dual-mode radiation detection solutions for Homeland Security and commercial applications and sensors for non-destructive testing. Dynasil has an impressive and growing portfolio of issued and pending U.S. patents. The Company is based in Watertown, Massachusetts, with additional operations in Mass., Minn., N.Y., N.J. and the United Kingdom. More information about the Company is available at www.dynasil.com.
This news release may contain forward looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements regarding future events and our future results, including those relating to future sales under the division of L-3 contract, are based on current expectations, estimates, forecasts, and projections and the beliefs and assumptions of our management. These forward-looking statements may be identified by the use of words such as "plans", "intends," "may," "could," "expect," "estimate," "anticipate," "continue" or similar terms, though not all forward-looking statements contain such words. The actual results of the future events described in such forward looking statements could differ materially from those stated in such forward looking statements due to a number of important factors. These factors that could cause actual results to differ from those anticipated or predicted include, without limitation, our ability to develop and commercialize our products, the size and growth of the potential markets for our products and our ability to serve those markets, the rate and degree of market acceptance of any of our products, general economic conditions, costs and availability of raw materials and management information systems, our ability to obtain and maintain intellectual property protection for our products, competition, the loss of key management and technical personnel, our ability to obtain timely payment of our invoices to governmental customers, litigation, the effect of governmental regulatory developments, the availability of financing sources, our ability to identify and execute on acquisition opportunities and integrate such acquisitions into our business, and seasonality, as well as the uncertainties set forth in the Company's 2013 Annual Report on Form 10 K, as filed on December 20, 2013 and from time to time in the Company's other filings with the Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
Dynasil Corporation of America
Phone: (617) 668-6855
SOURCE Dynasil Corporation of America