Pen Interconnect Signs Additional $4 Million in
Contracts
Company's Run Rate at Record Levels
IRVINE, Calif., March 29 /PRNewswire/ -- PEN INTERCONNECT, INC. (Nasdaq: PENC - news) announced today that it
has booked additional business from earlier announced customers for its contract manufacturing business at InCirT Technology
in Irvine, California. This new $4 million of business from Alaris Medical and Xtend Micro Products brings the total of newly
booked business for InCirT to over $19 million in the last 3 weeks. This puts Pen's annual run rate at over $30 million. Its
capacity at its new Irvine facility is greater than $60 million and has the ability to expand to over $100 million.
Pen's President and CEO, Steve Fryer said, ''Pen has never had such an influx of orders in its history and it is not over yet. Our
commitment to the expansion of our core business is really starting to pay off. We have the credit lines and a talented group of
employees that will be able to adjust to this rapid expansion of our business.''
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 support manufacturing facilities in California, Utah and China. For information on the Company's product
data, visit their web site at http//www.pen-interconnect.com
The statements contained in this news release that are not purely historical are forward-looking statements that may involve risks
and uncertainties. The Company's actual results may differ significantly from the results contained in the forward-looking
statements. Factors that might cause such differences include, but are not limited to, the effect of losses and other factors on the
Company's credit facilities, business and results of operations; the Company's limited capital resources and its ability to fulfill its
existing obligations and ongoing capital needs; risks associated with excess or obsolete inventory; the potential impairment of
assets, the Company's dependence on key customers and their financial viability; the impact of competition, and the Company's
abilities to effectively manage growth. These and other risk factors are discussed in the Company's filing on Forms 8-K, S-3,
10-QSB and 10-KSB.
CONTACT: Stephen Fryer, CEO of Pen Interconnect, Inc., 949-798-5800; or Richard Carpenter or Jeff Lamberson,
916-552-6532, both of American Financial Communication, for Pen Interconnect, Inc.
SOURCE: PEN Interconnect, Inc.
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