|Frequency Electronics Reports Contract Awards at Sidoti Investor Conference|
GlobeNewswirePress Release: Frequency Electronics, Inc. –
MITCHEL FIELD, N.Y., June 14, 2012 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (FEIM)
made a presentation to investors and analysts at the Sidoti & Co
Semi-Annual Micro Cap Conference held at the Grand Hyatt Hotel, New
York. At the conference, the Company reported that it had received
numerous contracts with strategic implications and aggregating over $15
million, confirming the Company's positive growth outlook. These
contracts include follow-ons to long-term, existing programs, contracts
involving common designs for systems previously operating in space,
upgrades to electronic systems on existing government platforms and, of
special significance, several new contracts on hosted satellite
payloads. The growth in demand for hosted payloads presents a major
business opportunity for Frequency.
Hosted payloads allow other users to "piggyback" their own additional
separate payloads on a satellite. Frequency was an early participant in
hosted payloads having applied its technology to several payloads
already operating in orbit. Currently contract and development activity
Martin Bloch, President and CEO, emphasized that economic circumstances
require that military and other government procurement be focused on
achieving better functionality and performance from existing systems and
platforms with lower additional costs. He confirmed that Frequency
greatly benefits from this requirement to "do more with less."
Frequency's world-leading technologies in precision time, low
phase-noise, low g, ruggedized microwave frequency sources and
ultra-fast synthesizers are key enablers for improved performance in
electronic systems. According to Mr. Bloch, "Applying our proprietary
technology to achieve more at lower cost is a key foundation for
Frequency's continued growth this year, next year and beyond."
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design,
development and manufacture of high precision timing, frequency control
and synchronization products for space and terrestrial applications.
Frequency's products are used in commercial, government and military
systems, including satellite payloads, C4ISR markets, missiles, UAVs,
aircraft, GPS, secure radios, energy exploration and wireline and
wireless communication networks. Frequency has received over 100 awards
of excellence for achievements in providing high performance electronic
assemblies for over 150 space and DOD programs. The Company invests
significant resources in research and development and strategic
acquisitions world-wide to expand its capabilities and markets.
Frequency's Mission Statement: "Our mission is to provide
precision time and low phase noise frequency generation systems from 1
Hz to 42 GHz, for space and other challenging environments."
Subsidiaries and Affiliates: Gillam-FEI provides expertise in
wireline network synchronization and SCADA; FEI-Zyfer provides GPS and
secure timing ("SAASM") capabilities for critical military and
commercial applications; FEI-Asia provides cost effective manufacturing
and distribution capabilities in a high growth market; FEI-Elcom Tech
provides added resources for state-of-the-art RF microwave products.
Frequency's Morion affiliate supplies high-quality, cost effective
quartz oscillators and components. Additional information is available
on the Company's website: www.frequencyelectronics.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The Statements in this press release regarding the future constitute
"forward-looking" statements pursuant to the safe harbor provisions of
the Private Securities Litigation Reform Act of 1995. Forward-looking
statements inherently involve risks and uncertainties that could cause
actual results to differ materially from the forward-looking statements.
Factors that would cause or contribute to such differences include, but
are not limited to, inability to integrate operations and personnel,
actions by significant customers or competitors, general domestic and
international economic conditions, consumer spending trends, reliance on
key customers, continued acceptance of the Company's products in the
marketplace, competitive factors, new products and technological
changes, product prices and raw material costs, dependence upon
third-party vendors, competitive developments, changes in manufacturing
and transportation costs, the availability of capital, and other risks
detailed in the Company's periodic report filings with the Securities
and Exchange Commission. By making these forward-looking statements, the
Company undertakes no obligation to update these statements for
revisions or changes after the date of this release.