Sensytech, Inc. Receives Contract Award of $6.2M for Four AN/SRQ-4 Radio Terminal Sets
BUSINESS WIRE - May 22, 2002 10:21
NEWINGTON, Va., May 22, 2002 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ:STST), today announced that it has recently received a contract award of $6.2 million for delivery of four AN/SRQ-4 Radio Terminal Sets for the US Navy.
The award amount is an option exercise under one of the contracts assumed from the acquisition of FEL. Work is expected to be complete by June of 2003. A majority of the work will be performed by ST Production Systems, Inc., (STPSI), a wholly owned subsidiary of Sensytech, Inc.
S. Kent Rockwell, CEO and President of Sensytech, Inc., stated, "This option exercise and award of additional production units is in line with our expectations. Our management team has made good progress to bring the New Jersey facility (formerly FEL) to cost effective production. We are actively engaged in developing other new business opportunities for the major production systems to include both domestic and select international customers." |
