Signal Technology Announces Receipt of $6.5 Million Radar Power Conversion System Contract; Future Additional Production Awards and Options Could Exceed $3 Million
DANVERS, Mass.--(BUSINESS WIRE)--Dec. 5, 2002--Signal Technology Corporation (Nasdaq:STCO) today announced that Microwave Electronic Systems, Inc. (MiKES), Ankara, Turkey, has released a contract to Signal Technology for the design and manufacture of high-voltage power conversion systems for the Signal Processing Electronic Warfare (SPEWS-II) radar warning and jamming system. SPEWS II is an improved version of the radar warning and jamming system deployed on the Turkish-manufactured F-16 aircraft. The contract value is in excess of $6.5 million, and Signal Technology estimates that future additional production awards and options could exceed $3 million.
"We have a proud history of excellent relationships with MiKES," said Signal Technology Chairman and Chief Executive Officer George Lombard. "With this contract release, we have surpassed our goal of achieving $100 million in bookings for 2002."
President and Chief Operating Officer John Cotumaccio said, "Signal Technology is widely recognized as a leader in designing and manufacturing sophisticated power management systems for electronic warfare applications on military aircraft. This leadership not only stems from the quality of our technology, but also from our record of consistently delivering products that meet our customers' requirements within budget and on time. We look forward to extending this record of performance in our relationship with MiKES."
About Signal Technology Corporation
Signal Technology is a leader in developing state-of-the-art electronic components, subsystems and system solutions for defense and space applications. The Company manufactures a wide range of RF, microwave and millimeter wave products, power conversion systems and power supplies. These devices are used in military communications networks, and systems related to electronic countermeasures, precision guidance, radar, intelligence, surveillance and reconnaissance. The Company sells its products to defense prime contractors worldwide. For further information about Signal Technology, please visit the Company's Web site at www.sigtech.com. |
