MITCHEL FIELD, N.Y., March 17, 2008 (PRIME NEWSWIRE) -- Frequency Electronics (Nasdaq:FEIM) has been selected to supply an additional approximately $4 million of satellite payload products for a military satellite program. The products consist of timing and frequency generator systems to be delivered over the next eighteen months. This $4 million is in addition to approximately $6 million of contracts awarded and products supplied over the past several years on this important long-term space program.
Frequency has been selected as a mission-critical supplier to larger space programs because of its unsurpassed level of technical competence and capability and a long history of successful performance. A small company, such as Frequency, must also demonstrate adequate financial resources to ensure support of such space programs over time. Frequency Electronics' strong financial position meets this essential requirement. Chief Financial Officer Alan Miller added, "Frequency's balance sheet reflects an excellent working capital position. Frequency has not invested in any of the toxic financial products at the root of the current turmoil in credit markets. Our financial strength allows us to concentrate on the exciting opportunities that are in the immediate future for Frequency Electronics."
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, missiles, UAVs, aircraft, GPS, secure radios, SCADA, energy exploration and wireline and wireless communication networks. Frequency has received over 60 awards of excellence for achievements in providing high performance electronic assemblies for over 120 space programs. The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets. 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. Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components. Elcom Technologies provides added resources for state-of-the-art RF microwave products. 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.