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Technology Stocks : KVH Industries, Inc. -- Ignore unavailable to you. Want to Upgrade?

To: Sector Investor who wrote (1028)	1/25/2002 11:01:34 AM
From: Roy F	Read Replies (1) \| Respond to of 7249

house.gov KENNEDY OBTAINS $2 MILLION FOR KVH OF MIDDLETOWN TO PRODUCE TECHNOLOGY TO ASSIST SPECIAL FORCES WASHINGTON – Congressman Patrick J. Kennedy (D-RI) has announced that he has been successful in including $2 million in the House Defense Appropriations Act for KVH Industries of Middletown for its production of digital compass technology for U.S. military Special Forces’ vehicles. The defense spending bill for Fiscal Year 2002 has been approved by the House Appropriations Committee, of which Kennedy is a member, and will be considered by the full House in the coming weeks. With the funding, KVH will provide Special Forces’ high-mobility vehicles with an accurate day and night navigation capability, especially in rugged or urban terrain. The system will operate regardless of Global Positioning System in the event that it is blocked due to terrain or intentional interference. “This special earmark will allow KVH to help dramatically improve the level of tactical war fighting capabilities of our Special Forces, who continue to be on the front lines of our national defense strategy in the war on terrorism,” said Kennedy. “The digital compass represents the next generation of high tech navigation equipment designed specifically to meet the challenges of the most complicated battlefields.” KVH, with a workforce of about 145 employees, is one of the leading defense contractors in Newport County. The company develops and manufactures innovative sensor-based mobile satellite communications systems and navigation products. “We are proud to be contributing to the safety and success of the United States’ military forces through the development and fielding of our tactical navigation systems,” remarked Martin Kits van Heyningen, president and chief executive officer of KVH Industries. “This contract is the result of several years of testing and trials, and we greatly appreciate Congressman Kennedy’s enthusiastic and unflagging support throughout the entire process.” Kennedy had also worked closely with KVH last year to obtain a $1 million appropriation in the Fiscal Year 2001 defense budget to support the Army’s use of the electronic digital compass system. After the expected full House approval of the new funding, the Senate will consider its defense funding bill. A final defense bill will then be sent to President Bush after a conference of House and Senate members to iron out the differences in the two defense bills. <courtesy of the Yahoo! board...>