IFRS Nasdaq .65/.80: this one has really been beaten up...and you have to consider that nasdaq will be knocking soon unless the price gets back over a buck. Still, they are financially sound with a book over 3.00 last qtr:
(COMTEX) B: IFR Systems Selected to Provide Production Test Equipment fo
B: IFR Systems Selected to Provide Production Test Equipment for U.K. Tactical
Communications Program; Subcontract To Be Negotiated Is Expected To Be Worth Up
To $15 Million
WICHITA, Kan., Dec 20, 2001 (BUSINESS WIRE) -- IFR Systems, Inc. (Nasdaq:IFRS)
announced today that it has been selected to provide production test equipment
for the United Kingdom's $2.4 billion BOWMAN tactical communications program.
The BOWMAN program will provide secure flexible voice and data communications
and serve as the principle enabling technology for future digitization of the
British armed forces. The value of IFR's participation in the BOWMAN program
through a subcontract currently being negotiated with General Dynamics Canada, a
wholly owned subsidiary of General Dynamics, is expected to be approximately $15
million.
The subcontract is expected to be finalized early in 2002. In anticipation of
this subcontract, General Dynamics has provided funding in the amount of
$200,000 to allow IFR to immediately begin design and engineering work on the
project.
Ken Beselt, BOWMAN Programme Manager of General Dynamics, said, "We are pleased
to work with IFR on this sophisticated communications program. The company has
many years of experience in designing and manufacturing communications test
equipment for demanding laboratory, field and production applications, and vast
expertise in secure communications."
Jeffrey Bloomer, chief executive officer of IFR, said, "This is a significant
program for IFR that will allow us to bring our advanced digital technology to
bear in an important and highly visible production test equipment application.
IFR is the world leader in providing test equipment for secure military
communications, and this opportunity will allow us to build on our past success.
We look forward to working closely with General Dynamics Canada on this
multi-year program."
IFR -- Advancing Wireless Test
IFR is a leading designer and manufacturer of advanced wireless test solutions
for communications, avionics, and general test and measurement applications. For
more information about IFR in the United States, contact: IFR, 10200 West York
Street, Wichita, Kan., 67215-8999. Contact us via e-mail at info@ifrsys.com, on
the Web at www.ifrsys.com, or by telephone at 800/835-2352 or 316/522-4981.
Forward-Looking Statements
This press release contains statements that are forward-looking statements
within the meaning of the Private Securities Litigation Reform Act of 1995.
These statements are based on current expectations, estimates and projections
about the Company's business based, in part, on assumptions made by management.
These statements are not guarantees of future performance and involve risks,
uncertainties and assumptions that are difficult to predict. Therefore, actual
outcomes and results may differ materially from what is expressed or forecasted
in such forward-looking statements due to numerous factors, including those
described above and the following: the effectiveness of the cost reduction
initiatives undertaken by the Company, changes in demand for the Company's
products, product mix, the timing of customer orders and deliveries, the impact
of competitive products and pricing, excess or shortage of production capacity,
and other risks discussed from time to time in the Company's Securities and
Exchange Commission filings and reports. In addition, such statements could be
affected by general industry and market conditions and growth rates, and general
domestic and international economic conditions. Such forward-looking statements
speak only as of the date on which they are made, and the Company does not
undertake any obligation to update any forward-looking statement to reflect
events or circumstances after the date of this release.
CONTACT: Berkman Associates
Neil Berkman, 310/277-5162 (investor relations)
info@BerkmanAssociates.com
or
IFR Systems, Inc.
Deb Stockman, 316/529-5448
deb.stockman@ifrsys.com
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Copyright (C) 2001 Business Wire. All rights reserved.
-0-
KEYWORD: KANSAS UNITED KINGDOM INTERNATIONAL EUROPE CANADA
INDUSTRY KEYWORD: AEROSPACE/DEFENSE
COMPUTERS/ELECTRONICS
HARDWARE
NETWORKING
TELECOMMUNICATIONS
SOURCE:
IFR
Systems,
Inc.
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