PHPG...this just out-
(PR NEWSWIRE) MRC Optics Receives Arrowhead Lot II Components Contract From Loc
heed Martin
MRC Optics Receives Arrowhead Lot II Components Contract From Lockheed Martin
NORTHVALE, N.J., Sept. 27 /PRNewswire-FirstCall/ -- Photonic Products
Group, Inc. (OTC Bulletin Board: PHPG) announced today that its MRC Optics
subsidiary was awarded a contract for precision optical components from
Lockheed Martin (LM) Electronics and Missiles Control Div. in Orlando, Florida
for their Lot II production of the Arrowhead(R) Electro-Optical System. This
is the third consecutive award to MRC Optics for Arrowhead since 2002, each
for increased quantities. This year's award covers double-digit deliveries per
month through October 2006. The dollar value of the contract was not
disclosed.
Arrowhead is the advanced electro-optical fire control system that AH-64
Apache helicopter pilots will use for safe flight in day, night, or bad
weather missions. It is the U.S. Army's Modernized Target Acquisition
Designation Sight/Pilot Night Vision Sensor (M-TADS/PNVS) system and is
leading edge in its design. Arrowhead's advanced technology improves both
system performance and system reliability by more than 150 percent while
maintenance actions decrease approximately 60 percent. According to LM,
streamlining field maintenance from three to two levels will save nearly
$1 billion in operation and support costs over the 20-year life of the system.
Its modular architecture accommodates a field-retrofit from original TADS/PNVS
to the new Arrowhead configuration on both Apache A and D models.
The U.S. Army fielded its first unit equipped with Arrowhead in June 2005.
It plans to buy 700+ systems to outfit its AH-64 fleet, with an additional 240
systems to be delivered to the United Kingdom, and additional foreign military
sales. Production Lot II was awarded to LM in May of this year.
Dan Lehrfeld, President and CEO of Photonic Products Group commented, "Our
MRC Optics team and I are pleased to have been the supplier of these precision
components on Lockheed Martin's Arrowhead team since the inception of their
system upgrade concept. The Apache platform has proven itself to be an
indispensable tactical war-fighting system, and we believe the Arrowhead
upgrade will therefore remain a high priority program in the Congress and in
the DOD."
Steve Hobert, MRC Optics VP of Sales and Marketing added, "Based on this
third successive award, we anticipate Lockheed Martin will initiate
discussions with MRC Optics to establish a multi-year pricing agreement that
will offer continuous hardware support through 2008, or beyond."
Photonic Products Group, Inc. develops, manufactures, and markets products
and services for use in diverse Photonics industry sectors via its expanding
portfolio of branded businesses. INRAD specializes in crystal-based optical
components and devices, laser accessories and instruments. Laser Optics
specializes in precision custom optical components, assemblies, and optical
coatings. MRC Optics specializes in precision metal and diamond turned optics,
and opto-mechanical and electro-optical assemblies. PPGI's customers include
leading corporations in the Defense and Aerospace, Laser Systems, and Process
Control and Metrology sectors of the Photonics Industry, as well as the U.S.
Government. Its products are also used by researchers at National
Laboratories and Universities world-wide.
Safe Harbor Statement under the Private Securities Litigation Reform Act
of 1995: The statements contained in this press release that are not purely
historical are forward looking statements within the meaning of Section 27A of
the Securities Act of 1933 and Section 21E of the Securities Act of 1934.
These statements may be identified by their use of forward-looking terminology
such as "believes", "expects", "will", "plan", or similar words. Such
forward-looking statements involve risks and uncertainties that could cause
actual results to differ materially from those projected. Risks and
uncertainties that could cause actual results to differ materially from such
forward looking statements are, but are not limited to, uncertainties in
future funding of the Apache upgrade program, uncertainties in award of future
production lots to the Company, market demand for the company's products or
the products of its customers, future actions by competitors, and other
factors discussed from time to time in the Company's filings with the
Securities and Exchange Commission. The forward looking statements made in
this news release are made as of the date hereof and Photonic Products Group,
Inc. does not assume any obligation to update publicly any forward looking
statement.
SOURCE Photonic Products Group, Inc.
Contact Information:
Daniel Lehrfeld, CEO, +1-201-767-1910, +1-201-767-9644 fax, dlehrfeld@inrad.com
WebSite:
ppgrpinc.com
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