Sensytech, Inc. Receives Two Contract Awards Valued at $12M for the AN/SLQ-25A Surface Ship Torpedo Defense System
BUSINESS WIRE - December 18, 2002 08:31
NEWINGTON, Va., Dec 18, 2002 (BUSINESS WIRE) -- Sensytech, Inc. (NASDAQ:STST), today announced that its Defense Systems Group has received two contract awards having a total value of $12M for the AN/SLQ-25A Surface Ship Torpedo Defense System.
The first award from General Dynamics is valued at $8.9M, if all options are exercised, for production of Surface Ship Torpedo Defense System to support new ship construction for the U.S. Navy. Initial funding of $1.99M was provided with the contract award.
The second contract awarded by the Naval Sea Systems Command is fully funded in the amount of $3.1M to support the incorporation and production of engineering change improvements for existing and future Surface Ship Torpedo Defense Systems.
David Smith, COO and President of Sensytech, Inc., stated, "These two awards for our Defense Systems Group are in line with our business expectations and planning model for the first quarter of our present fiscal year. Demand remains strong for this technology both domestically and with select international customers. We have been the leading supplier of these systems since 1987 and have recently established a Test and Integration Center in Pennsylvania to further enhance the systems capability and useful life." |
