EAST AURORA, N.Y., April 9, 2015 (GLOBE NEWSWIRE) -- Astronics Corporation (Nasdaq:ATRO), a leading provider of advanced technologies for the global aerospace, defense, consumer electronics and semiconductor industries, announced today that Astronics' subsidiary, DME Corporation, has been awarded a contract to provide Virtual Instrument Portable Equipment Repair/Test (VIPER/T) systems and Application Program Sets (APSs) to the United States Marine Corps Program Manager-Light Armored Vehicles (PM-LAV) Foreign Military Sales office on behalf of the Kingdom of Saudi Arabia's Ministry of National Guard (MNG). The test systems are required to support the MNG's fleet of various Light Armored Vehicles.
The contract, valued at $3.6M and issued by Naval Surface Warfare Center Corona, is for First Article and initial production units of the systems and APSs that will be produced and delivered within a 30-month period of performance. Procurement of additional production units is expected at a later date.
The VIPER/T MNG systems will feature Astronics' new T940 Digital Subsystem which is a replacement for obsolete, legacy VIPER/T digital test instrumentation. The Astronics T940 digital solution provides improved system performance, preserves legacy test program sets' investment and offers lower life cycle costs.
Peter J. Gundermann, President and CEO of Astronics commented "As the provider of the original VIPER/T systems, we are ideally suited to support the requirements of the U.S. Marine Corps and the Saudi program for advanced automated test systems and test program sets. Our advanced technology provides the flexibility needed for the increasingly complex requirements of electrical and electro-optic circuitry within weapons systems, radar, navigational systems and communication equipment. We look forward to additional opportunities to advance this effort with the U.S. Marine Corps."
ABOUT ASTRONICS CORPORATION
Astronics Corporation (Nasdaq:ATRO) is a leading supplier of products and technology to the aerospace, defense, consumer electronics and semiconductor industries. Our products include advanced, high-performance electrical power generation and distribution systems, lighting and safety systems, avionics products, aircraft structures and automatic test and simulation systems. Astronics' strategy is to increase its value by developing technologies and capabilities, either internally or through acquisition, and using those capabilities to provide innovative solutions to our targeted markets and other markets where our technology can be beneficial. Astronics Corporation, through its wholly-owned subsidiaries, has a reputation for high-quality designs, exceptional responsiveness, strong brand recognition and best-in-class manufacturing practices. The Company routinely posts news and other important information on its website at www.astronics.com.
For more information on Astronics and its products, visit its website at: www.Astronics.com.
Safe Harbor Statement
This news release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expressions. Because such statements apply to future events, they are subject to risks and uncertainties that could cause actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the capabilities of the acquired company, achieving expected revenue levels, successfully leveraging complementary capabilities in the Test Systems segment, the state of the aerospace and defense industries, the market acceptance of newly developed products, internal production capabilities, the timing of orders received, the status of customer certification processes, the demand for and market acceptance of new or existing aircraft which contain the Company's products, customer preferences, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this news release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise.
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