LANCASTER, Pa., Dec. 29 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today announced that it has received a multi-year option contract with a potential value of $16M from Composite Engineering, Inc. (CEi) of Sacramento, CA for its avionics suite for the Air Force Sub-scale Aerial Target (AFSAT), also designated as the BQM-167A. Products to be provided under the contract include Command and Control Transponders, Identification Friend or Foe (IFF) Transponders, Power Distribution Assemblies, Electro-Explosive Devices, and Integrated Flight Controllers. The contract encompasses a planned production span of 5 years and is the second such award on the US Air Force target program. Award of the option contract was followed by firm delivery orders for the sixth and seventh years of production that together are valued at approximately $6.4M.
Wayne Armstrong, Micro Systems' President commented, "We are enthusiastic about continuing our relationship with CEi on this important program as we enter the sixth year of production. Our partnership with CEi on this and other key programs has been a mutually beneficial one that we expect to continue for many years."
Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, PA, Herley has eight manufacturing locations and approximately 985 employees. Additional information about the company can be found on the Internet at www.herley.com
For information at Herley contact: Peg Guzzetti Tel: (717) 735-8117 Investor Relations www.herley.com
Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. Forward-looking statements involve various important assumptions, risks, uncertainties and other factors which could cause our actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this discussion can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "plan," "intend," "may," "should," "we look forward" or the negative of these terms or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievement. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, cancellation or deferral of customer orders, technological change or difficulties, difficulties in the timely development of new products, difficulties in manufacturing, commercialization and trade difficulties and current economic conditions, including the potential for significant changes in US defense spending under the new Administration which could affect future funding of programs and allocations within the budget to various programs as well as the factors set forth in this report and in our public filings with the Securities and Exchange Commission.
SOURCE Herley Industries, Inc.