Signal Technology Awarded Contract to Develop Switch Matrices for U.S. Air Force Rivet Joint Aircraft; Award Is Valued in Excess of $2 Million
Monday, April 30th, 2007
Business Editors/High-Tech Writers
DANVERS, Mass.–(BUSINESS WIRE)–Dec. 4, 2002
Signal Technology Corporation (Nasdaq: STCO) today announced the receipt of a contract from Sierra Nevada Corporation, Sparks, Nevada, to produce switch matrices for the U.S. Air Force RC-135 Rivet Joint aircraft. The award is valued in excess of $2 million.
Signal Technology’s switch matrix subsystems are key to performing the mission-critical and highly complex task of managing the distribution of multiple voice and data transmissions on a real-time basis. The Rivet Joint is a reconnaissance aircraft that provides the Air Force with on-scene intelligence collection, analysis and dissemination capabilities at both the theater and national levels.
“Our strategy is to emphasize higher value-added products as we exploit the natural synergies between our core electronic component business and our Systems Group’s expertise in complex assemblies,” said Signal Technology Chairman and Chief Executive Officer George Lombard. “The Company’s success in winning this switch matrix award is a result of this strategy, and we look forward to meeting customer requirements for even more complex switch matrix designs in the future.”
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President and Chief Operating Officer, John Cotumaccio, said, “This contract award represents another step forward in our drive to create a strong presence for Signal Technology on the Defense Department’s newest and most critical intelligence, surveillance and reconnaissance (ISR) platforms. Together with our recent contract wins in the emerging Homeland Security and Defense market, our selection to provide switch matrices for the Rivet Joint aircraft reinforces our position at a higher point in the ISR value chain, and demonstrates our customers’ confidence in Signal Technology’s engineering and manufacturing capabilities.”
About Signal Technology Corporation
Signal Technology is a leader in developing state-of-the-art electronic components, subsystems and system solutions for defense and space applications. The Company manufactures a wide range of RF, microwave and millimeter wave products, power conversion systems and power supplies. These devices are used in military communications networks, and systems related to electronic countermeasures, precision guidance, radar, intelligence, surveillance and reconnaissance. The Company sells its products to defense prime contractors worldwide. For further information about Signal Technology, please visit the Company’s Web site at www.sigtech.com.
Safe Harbor Statement
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995: The statements made in this news release that are not historical facts contain forward-looking information that involves risks and uncertainties. These forward-looking statements include statements regarding Signal Technology Corporation’s realization of more than $2 million in revenue associated with a production contract from Sierra Nevada Corporation for switch matrices designed for the U.S. Air Force RC-135 aircraft; the Company’s ability to secure future contracts for more complex switch matrix products; the Company’s ability to design, produce and realize revenues from higher-value subsystem products in the future; and certain other statements identified or qualified by words such as “likely”, “will”, “suggests”, “may”, “would”, “could”, “should”, “expects”, “expected”, “anticipates”, “estimates”, “plans”, “projects”, ” projected”, “believes”, “is optimistic about”, or similar expressions (and variants of such words or expressions). Important factors that may cause actual results to differ include, but are not limited to, future demand for the Company’s products, risks associated with court proceedings and litigation, fluctuations in the Company’s operating results, volume and timing of orders received, changes in the mix of products sold, competitive pricing pressure, the Company’s ability to meet or renegotiate customer demands, the ability to anticipate changes in the market, the Company’s ability to finance its operations on terms that are acceptable, the Company’s ability to attract and retain qualified personnel including the Company’s management, changes in the global economy, changes in regulatory processes, the dependence on certain key customers (including the U.S. government), the Company’s ability to realize sufficient margins on sales of its products, the availability and timing of funding for the Company’s current products and the development of future products and other risks detailed from time to time in the Company’s Securities and Exchange Commission filings. Signal Technology Corporation assumes no obligation to update the information included in this news release.