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LANCASTER, Pa., Nov. 19 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that its Herley-CTI subsidiary located in Whippany, NJ has received an award for an indefinite-delivery/ indefinite-quantity (ID/IQ) contract valued at approximately $8.5 million from a major U.S. prime contractor to manufacture fast switching synthesizers for a radar system application. This six year agreement is a follow-on to previous development and production contracts for this product.

Separately, Herley-CTI signed development and initial production agreements for a similar fast switching synthesizer to be used by the same customer in another radar application. These initial orders, valued at over $500,000, build on the prior delivery, price, and technical performance demonstrated by Herley-CTI with this customer. Follow-on contracts valued at over $4.0 million are expected for this second synthesizer over the next five to six years.

Richard F. Poirier, CEO and President, commented, "Herley-CTI has been producing highly reliable, state-of-the-art fast switching synthesizers for military and commercial applications for over a decade. Initially these products were used mainly in laboratory environments for simulator and test equipment applications. Over the past three years Herley-CTI has expanded their synthesizer markets by offering customized packaging and features, enabling applications in radar, EW, and other embedded systems. These two orders build on the frequency synthesis product heritage of Herley-CTI and validate the capability of these products to meet the needs of significant new markets. We expect Herley-CTI to continue to be a valued partner on these and other similar programs for years to come."

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 seven manufacturing locations and approximately 1000 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) 397-2777
       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" 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.

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