PENC Article coming true "PRESS RELEASE"
Company Press Release
SOURCE: Pen Interconnect, Inc.
Pen Interconnect Receives $4 Million Contract
Contract Increases Annual Revenues By Over 25 Percent
IRVINE, Calif., March 17 /PRNewswire/ -- Pen Interconnect, Inc. (Nasdaq: PENC - news) announced today that it has signed a new contract manufacturing agreement for circuit board assembly at its InCirT division for over $4 million in annual revenues. This contract is for turnkey services where InCirT is providing the board and system assembly, testing, packaging and shipping for its OEM customer. Pen had earlier announced its intentions to focus on its core business and this order reflects that direction.
Steve Fryer, President and CEO of Pen commented, ''The business activity at our InCirT facility is increasing substantially. We currently have more than $18 million in proposals outstanding with several different companies and expect to announce a number of new contracts in the near future. With this one order we have already replaced the revenue that we spun off with the sale of our unprofitable Cable division in February.''
Pen Interconnect, Inc. provides the total manufacturing solution including circuit design, board design from schematic, mechanical and product design, prototype assembly, volume board assembly, system services and end-user distribution. Pen Interconnect, Inc. has manufacturing support facilities in California, Utah and China. For a complete package on the Company's product data, visit their web site at pen-interconnect.com
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