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Technology Stocks : Signal Technology (now STCO)- a classic turnaround
STCO 0.00010000.0%Mar 7 3:00 PM EST
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To: Paul Lee who started this subject6/25/2002 7:25:34 AM
From: Paul Lee   of 191
 
Signal Technology Awarded Contract for Microwave OscillatorsCompany's Development and Initial Production Efforts Result in Follow-On Contract in Support of U.S. Navy's Aegis Combat System
BUSINESS WIRE - June 25, 2002 07:00
DANVERS, Mass., Jun 25, 2002 (BUSINESS WIRE) -- Signal Technology Corporation (Nasdaq: STCO) today announced that its Defense Group has received a follow-on contact for microwave oscillators designed for the U.S. Navy's DDG-51 Class Aegis Combat System. The award, by a major U.S. defense contractor, is valued at $500,000. Deliveries are scheduled to take place during the second and third quarters of 2002. The Company estimates that future follow-on production contracts could exceed $5 million.

"We are committed to strengthening our core defense business by winning programs that offer significant full-rate production potential," said Gene L. Joles, president of Signal Technology's Arizona Division. "Our team worked diligently during the development and initial production phases of this contract to ensure that all of our customer's requirements were met. This award represents the culmination of that initiative and positions us for significant follow-on production opportunities going forward."

Signal Technology's microwave oscillators perform critical signal processing functions in a wide variety of electronic warfare applications. Under the contract announced today, these state-of-the-art components will be produced for the phased array radar deployed as part of the Aegis Combat System on the U.S. Navy's DDG-51 Class destroyers.
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