To: Kimberly Lee who wrote (41904 ) 12/9/1999 1:46:00 PM From: Dave Gore Read Replies (2) | Respond to of 108040
NEWS ON PVAT : Paravant Wins $4 MILLION Contract from Lockheed Martin Unit PS- Really cheap now: 2-1/8 x 2-3/8; guess everyone has Linus tunnel-vision MELBOURNE, Fla., Dec 9, 1999 /PRNewswire via COMTEX/ -- Paravant Inc. (Nasdaq: PVAT) said today that it has won a subcontract valued at $4 million from Sanders, a Lockheed Martin Company. Under the terms of the contract, Paravant will provide technology upgrades for computers used by the U.S. Air Force for its Enhanced Diagnostics Aid (EDNA) program. Deliveries begin immediately. Richard P. McNeight, president of Paravant Computer Systems division, said that the upgrades will be made to existing EDNA computers which were originally designed in 1995. On September 23, 1999, the Company announced that it had begun to perform on a similar but separate subcontract to Sanders valued at $2.4 million. "Our internally generated growth comes not only from expanding into new markets, but from growing the value of our business from existing relationships, "McNeight said. "In many ways, these two recent contract announcements were especially rewarding because they reflect our ability to serve our customers well. There can be no better reference for new customers than the continuation and expansion of business from existing customers," he said. The computers monitor certain aircraft flight data which is downloaded and interpreted for diagnostic purposes, thereby increasing the efficiency and accuracy of the maintenance of U.S. Air Forces aircraft. Paravant is a defense electronics and communications company. Paravant manufactures rugged, customized, portable computers and communication interfaces, utilized in outdoor military settings and the medical marketplace. The Company also produces signal and processing equipment for the intelligence community and offers upgrade design and installation services for select special operations aircraft. Paravant's products are sold to the military and other governmental agencies, as well as to the medical product marketplace because of their reliability, complete configuration control and ability to meet stringent design specifications. Sanders is an operating company of the Lockheed Martin Corporation. Sanders is a major producer of aircraft self-protection systems and tactical surveillance and intelligence systems for all branches of the armed forces. Other major business areas include microwave, mission and space electronics, and automated mission planning systems. Lockheed Martin is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced-technology systems, products and services. The Corporation's core businesses are systems integration, space, aeronautics and technology services. Certain statements made herein that are not historical are forward-looking within the meaning of the Private Securities Litigation reform Act of 1995. The words "estimate," "project," "intend," "expect," "believe," and similar expressions are intended to identify forward-looking statements. These forward-looking statements involve known and unknown risks and uncertainties. For additional information regarding these and other risks and uncertainties associated with the Company's business, reference is made to the Company's reports filed from time to time with the Securities and Exchange Commission. SOURCE Paravant Inc. (C) 1999 PR Newswire. All rights reserved. prnewswire.com -0- CONTACT: Company contact: Kevin Bartczak, 407-727-3672, ext. 3043; or Investor Contact: Doug Poretz, 703-506-1778, ext. 222, or Doug@poretz.com WEB PAGE: paravant.com GEOGRAPHY: Florida INDUSTRY CODE: CPR ARO SUBJECT CODE: CON *** end of story ***