I have been waiting for this order for over 2 years. The ramifications for TINE's numbers are substantial...I will do the math a bit later. Trading at 1.50/1.87 on 11,000:
(BSNS WIRE) Tel-Instrument Electronics Corp Receives $3,000,000 Order
Tel-Instrument Electronics Corp Receives $3,000,000 Order
Business Editors
CARLSTADT, N.J.--(BUSINESS WIRE)--August 10, 1999--Tel-Instrument
Electronics Corp announced today that it has received the first
production order on the U.S. Navy contract. The order is for 230 IFF
(Identification, Friend or Foe) Interrogator, Transponder test sets
(ITTS) with a value of more than $3,000,000. This is the initial order
under the contract which includes options for up to 1,300 units, which
the U.S. Navy can exercise, on behalf of all U.S. military services,
through calendar year 2001. Any options not exercised by December,
2001 will expire. The Company expects to begin shipping these units at
the end of the fourth quarter of the current fiscal year.
Mr. Harold K. Fletcher, the Company's President stated "this is a
significant milestone for the Company and represents the successful
culmination of a major Company funded research and development
effort."
Tel-Instrument Electronics Corp designs, manufactures and sells
avionic test equipment to the general aviation, commercial aviation,
and government/military aviation markets, both domestically and
internationally. The Company's stock is traded in the NASDAQ System
under the symbol TINE.
--30--rc/ny*
CONTACT: Joseph P. Macaluso
201/933-1600
KEYWORD: NEW JERSEY
INDUSTRY KEYWORD: COMPUTERS/ELECTRONICS COMED
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