Irvine Sensors Expects New Funding From Defense Bill; Over $3.5M Targeted for Company Projects
COSTA MESA, Calif., March 14 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN - news; Boston: IRSN - news) announced today that the Fiscal 2002 Defense Appropriations Bill includes over $3.5M of funding specifically targeted for various projects underway at Irvine Sensors. The projects are for the further development of cameras, image processors and routing devices incorporating Irvine Sensors' proprietary chip stacking. All of the targeted developments have potential homeland security or counter terrorism applications. The new funds are expected to be added on to existing contracts or be the basis of new contracts awarded to Irvine Sensors in the current fiscal year and are in addition to the $1.8 million in new fiscal 2002 Small Business Innovation Research Awards previously announced by Irvine Sensors.
``Our three-dimensional electronics offer potential size, function and speed advantages that have taken on heightened significance in light of recent events. The explicit recognition of this potential by Congress will allow us to speed up the development of specific applications of national interest. This legislative action would not have been achieved without the leadership of members of the California delegation, particularly Representatives Loretta Sanchez and Christopher Cox and Senators Dianne Feinstein and Barbara Boxer, as well as the help of Senator Larry Craig of Idaho, the location of one of our key suppliers. We applaud their vision and effectiveness,'' said Robert G. Richards, Irvine Sensors' CEO.
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in research and development related to high density electronics, miniaturized sensors and cameras, optical interconnection technology, high speed routers, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
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