TIK - resumes $12.7M contract - $3.20 on 8.6K
Tel-Instrument Electronics Corp Announces ITATS Protest Dismissal
BusinessWire - January 24, 2007 12:58 PM ET
Tel-Instrument Electronics Corp (AMEX: TIK) has been notified by the U.S. Navy that the protests filed with the Government Accountability Office (GAO) relating to the award of the Intermediate Level TACAN Test Set (ITATS) contract to the Company have been dismissed. As a result, Tel and its subcontractors, will resume work immediately on this important product.
The ITATS award value for the firm-fixed price; indefinite-delivery/indefinite-quantity is estimated at $12,700,000, including future deliverables of up to 180 units. The Company has received the first delivery order valued at $4,443,816 for systems engineering, fabrication, testing, and associated logistics costs for six First Article Test units.
Jeff O'Hara, the Company's Chief Operating Officer, said, "Tel-Instrument is proud that the U.S. Navy has selected the Tel solution for its Intermediate Level TACAN test requirements. The ITATS design combines advanced digital technology with state of the art automated testing capabilities. This contract, when taken in conjunction with the current CRAFT contract (AN/USM-708), should represent a solid base for the future profitable growth of the Company."
[DISCLAIMER OMITTED]
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
Innerspace Technology, Inc. (www.innerspacetechnology.com), a division of the Company, designs, manufactures and distributes a variety of shipboard and underwater instruments to support hydrographers, oceanographers, researchers, engineers, geophysicists, and surveyors worldwide.
The Company's stock is traded in the American Stock Exchange under the symbol TIK.
SOURCE: Tel-Instrument Electronics Corp
For Tel-Instrument Electronics
Mr. Joseph P. Macaluso, 201-933-1600 |
