2 new contracts
this and a new 500,000
Signal Technology Keltec Division Awarded $6 Million Development and Production Contract
DANVERS, Mass.--(BUSINESS WIRE)--March 23, 1999--Signal Technology Corp. (AMEX:STZ) Tuesday announced that it has signed a memorandum of agreement with Microwave Electronic Systems Inc. (MiKES) in Ankara, Turkey, to design, develop and supply production high-voltage power supplies for the SPEWS II radar warning and jamming system.
The contract is valued in excess of $6 million and includes an option which, if exercised, would bring the total potential value of the program to $8.2 million.
SPEWS II is an improved version of the radar warning and jamming system used on Turkish-manufactured F16s. The leading-edge design, as well as necessary qualification testing and production, will be completed by Signal Technology's Keltec Division in Fort Walton Beach, Fla.
"Providing the customer with reliable, state-of-the-art power supplies and amplifiers leads to long-term relationships," said Keltec Division President John Cotumaccio. "Signing this agreement continues our partnership with MiKES and our presence in the Turkish military market."
Commented George Lombard, Signal Technology's chairman and chief executive officer, "Contracts such as this one demonstrate a growing confidence in our company's ability to solve complex requirements and deliver quality systems to our customers." |
