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Microcap & Penny Stocks : MKRS (Mikros) Big Mover -- Ignore unavailable to you. Want to Upgrade?

To: pinajr who wrote (226)	6/8/2005 7:18:01 PM
From: cavan	Respond to of 274

DRS Technologies Awarded Contract to Produce Upgrade Kits for Radar Systems on U.S. Navy Surface Ships Wednesday June 8, 9:25 am ET PARSIPPANY, N.J.--(BUSINESS WIRE)--June 8, 2005--DRS Technologies, Inc. (NYSE: DRS - News) announced today that it has received a contract from the U.S. Navy to provide AN/SPS-67(V)5 Surface Search Radar System modernization kits for installation in the AN/SPS-67(V)3 Radar Systems on the Navy's DDG-51 Aegis class combatants. The $9.2 million contract was received by DRS from the Naval Sea Systems Command (NAVSEA) in Washington, D.C. For this award, DRS will develop and produce back-fit kits supporting the AN/SPS-67(V)5 Radar Systems program. The kits will provide performance and reliability improvements to existing AN/SPS-67(V)3 Radar Systems. Work for this order will be accomplished by the company's DRS Surveillance Support Systems unit in Largo, Florida. Deliveries are expected to begin in June 2006 and continue through February 2008. DRS was previously awarded contracts to manufacture and provide design agent services for the AN/SPS-67(V)3 Radar Systems and a contract to design the AN/SPS-67(V)5 upgrade for the Navy's DDG-51 Aegis class destroyers. The award of this most recent contract increases the value of the company's total potential contract value including options to $54.5 million. "This award establishes DRS as a leader in the design and manufacture of Commercial Off-The-Shelf (COTS)-based radar systems for the U.S. Navy and ensures that our equipment will remain an integral part of a ship's combat system," said Steven T. Schorer, president of DRS's C4I Group. "Our demonstrated success on this program has resulted in customer confidence in our ability to efficiently produce these systems and to provide design, engineering and technical services support. Our experience as a key supplier of radar systems positions the company to support future radar system designs and the forward- and back-fit upgrade of existing systems." The AN/SPS-67 Radar System is a surface surveillance radar that provides highly accurate detection and tracking of surface targets and low flying aircraft, in addition to supporting ships' navigation requirements. The system has demonstrated superior performance in adverse weather conditions and can be utilized to detect buoys and other small objects in harbor navigation efforts. The AN/SPS-67(V)5 Surface Search Radar System, the newest configuration in the AN/SPS-67 Radar System family, will provide state-of-the-art radar signal processing and tracking capabilities, as well as gun weapon system target designations via the Aegis command and decision interface. DRS produces a number of systems for the Navy's DDG-51 Aegis class destroyers, including advanced, integrated COTS-based display workstations, power conversion, distribution and control equipment and networks, in addition to the AN/SPS-67 Radar System. DRS Technologies, headquartered in Parsippany, New Jersey, provides leading edge products and services to defense, government intelligence and commercial customers. Focused on defense technology, DRS develops and manufactures a broad range of mission critical systems. The company employs 5,700 people worldwide. For more information about DRS Technologies, please visit the company's web site at drs.com. -------------------------------------------------------------------------------- Contact: DRS Technologies, Inc. Patricia M. Williamson, 973-898-1500