EMRISE Receives $1.5 Million Electronic Devices Order for In-Flight Entertainment and Connectivity (IFE&C) Systems Major IFE&C Orders Received in 2012 Exceed $8.0 Million; Up Approximately 144% from Comparable 2011 Period
DURHAM, N.C., July 18, 2012 /PRNewswire/ -- EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $1.5 million order for electronic devices and subsystems to be used in In-Flight Entertainment and Connectivity (IFE&C) systems for commercial aircraft. This order follows a recent $5.4 million order for electronic devices to be used in IFE&C systems and increases the total value of major electronic device orders for IFE&C systems booked to date in 2012 to more than $8.0 million.
The order was secured from a longstanding customer by the Company's Pascall Electronics Ltd. subsidiary in England, and shipment of the order is expected to begin in this year's fourth quarter and continue through 2014.
EMRISE Chairman and Chief Executive Officer Carmine T. Oliva said this order is another excellent indicator of the ongoing growth the Company is seeing in the IFE&C market. Oliva noted that with the booking of this order, the total value of major IFE&C orders valued at more than $1 million booked so far this year is up approximately 144 percent from the comparable period in 2011.
"Today we are selling electronic devices to an increasing number of customers in the IFE&C market," Oliva said. "This larger and more diverse customer base further opens up the IFE&C market potential for the Company, which is also contributing to our growing backlog of orders."
The Company continues to see increasing demand for multi-media IFE&C systems for air carriers around the globe, and it expects orders for its products for this market will continue to increase and be a significant driver of its revenue growth going forward.
Today's advanced IFE&C systems are now being installed in both new and existing short- and long-haul aircraft and they can deliver to the passenger seat a variety of multimedia entertainment features including live satellite television and a number of connectivity features such as GSM for in-flight mobile phone use and Broadband for access to Internet, e-mail and messaging services.
About EMRISE Corporation
EMRISE designs, manufactures and markets electronic devices, sub-systems and equipment for aerospace, defense, industrial and communications markets. EMRISE products perform key functions such as power supply and power conversion; radio frequency (RF) and microwave signal processing; and network access to public and private communications networks. The use of its network products in public and private, legacy and latest Ethernet and Internet Protocol (IP) networks is a primary growth driver for the Company's Communications Equipment business segment. The use of its power supplies, RF and microwave signal processing devices and subsystems in on-board In-Flight Entertainment and Connectivity systems is a primary growth driver for the Company's Electronic Devices business segment. EMRISE serves the worldwide base of customers it has built in North America, Europe and Asia through operations in the United States, England and France. EMRISE is a publicly traded company whose common stock trades on the OTCBB under the symbol EMRI. For more information, go to www.emrise.com.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995
With the exception of historical information, certain matters discussed in this press release are forward looking statements within the meaning of the Private Securities Litigation Reform Act including but not limited to the expectation that shipment of the order will begin in this year's fourth quarter and continue through 2014; the Company will receive an increasing level of orders for products used in IFE&C systems in the coming months; and demand for new multimedia IFE&C systems will continue expanding and become an even more significant driver of the Company's revenue growth going forward. The actual future results of EMRISE could differ from those statements. The Company refers you to those factors contained in the "Risk Factors" Section of EMRISE's Annual Report on Form 10-K for the year ended December 31, 2011, as amended, Quarterly Reports on Form 10-Q, its Current Reports on Form 8-K filed in recent months, and other EMRISE filings with the SEC.
SOURCE EMRISE Corporation