API Technologies Receives $3.4 Million Order to Provide Microwave Products for Next Generation Count
API Technologies Receives $3.4 Million Order to Provide Microwave Products for Next Generation Counterfire Target Acquisition AESA Radar
ORLANDO, Fla.--(BUSINESS WIRE)-- API Technologies Corp. (NAS: ATNY) ("API" or the "Company"), a trusted provider of RF/microwave, microelectronics, and security solutions for critical and high-reliability applications, today announced that it has received a new $3.4 million order to provide high-reliability receiver protectors for use in mobile, target acquisition Active Electronically Scanned Array (AESA) radar. These next generation radar products will be used to support battlefield countermortar (Firefinder) systems. API Technologies' RF/Microwave and Microelectronics (RF2M) Division won the contract from a Fortune 100 global defense Original Equipment Manufacturer. Additional follow-on requirements between $3 to $5 million per year are anticipated through 2014.
"This award gives API the continued opportunity to provide superior microwave products for leading edge, mission-critical defense applications," said Bel Lazar, President and Chief Executive Officer of API Technologies. "We are pleased to support the U.S. Army in this significant program, aimed at enhancing warfighter capabilities across the globe."
About API Technologies Corp.
API Technologies designs, develops and manufactures electronic systems, subsystems, RF and secure solutions for technically demanding defense, aerospace and commercial applications. API Technologies' customers include many leading Fortune 500 companies. API Technologies trades on the NASDAQ under the symbol ATNY. For further information, please visit the Company website at www.apitechnologies.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, which are more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
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