COSTA MESA, Calif., Feb. 8 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) today announced that one of its existing purchase orders with Optics 1, Inc., of Manchester, New Hampshire, an optical systems designer and manufacturer, has been modified to include initial units of Clip-On Thermal Imager ("COTI") systems to be built under a $37.8 million contract recently awarded to Optics 1 by the Naval Surface Warfare Center of Crane, Indiana. The COTIs to be delivered under the new contract are intended for use by special operations forces. Irvine Sensors will be acting as a subcontractor supplying thermal imagers to Optics 1. John Carson, Irvine Sensors CEO, said, "Once the required delivery schedules of the government customer are fully known, we expect that the amount of our subcontract will ultimately exceed $18 million in support of this job."
Irvine Sensors and Optics 1 have been jointly developing the COTI over the last several years under government sponsorship, based on technology originally conceived by Irvine Sensors. The COTI has been designed to clip onto existing military night vision goggles and provide users with thermal images to complement the amplified low-light images that such goggles can currently provide. Such dual capability has been long sought by the military and is intended to both enhance imagery obtainable from the existing night vision goggles as well as providing images in circumstances where physical barriers, atmospheric conditions or lack of light limit the effectiveness of the existing goggles. There are presently about one million night vision goggles in U.S. military inventories that could potentially be retrofitted with the COTI system.
Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and sale of higher level systems incorporating such products. Irvine Sensors also conducts research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This message may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as ''anticipates,'' ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''seeks,'' ''estimates,'' ''may,'' ''will'' and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the ultimate size of our subcontract in support of the Naval Surface Warfare Center contract, our ability to satisfy the delivery requirements of this order and the potential retrofit market for the COTI system. Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to raise additional debt or equity financing to meet the working capital needs of our business or to fulfill the COTI orders; the availability of components intended for integration into our thermal imaging cores products, including the COTI system; the amount and timing of deliveries requested by customers under "indefinite duration, indefinite quantity" contracts such as the one awarded by the Naval Surface Warfare Center to Optics 1; military factors impacting the demand for the new military product application; impact of presently unknown competitive alternatives to our COTI system; our ability to resolve any technical issues that may resolve related to our thermal imaging products, including our COTI system; government budgetary issues, including constraints, delays and funding priorities; and the general economic, market and political conditions and specific conditions that may impact our operations. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).
SOURCE Irvine Sensors Corporation