CPS Technologies Receives SBIR Award

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CPS Technologies Corporation receives $200,000 phase I SBIR award from the U.S. Department of Energy for modular radiation shielding study.

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• CPS Technologies Corporation receives $200,000 phase I SBIR award from the U.S. Department of Energy

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First from the U.S. Department of Energy

NORTON, Mass., Sept. 19, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced that it has received a phase I SBIR award, valued at approximately $200,000, from the U.S. Department of Energy, its first such grant from this agency. The study, entitled “Modular Radiation Shielding for Transportation and Use of Microreactors,” will be led by Matthew Karnick, a materials scientist at the Company.

“I am very pleased to announce this new phase I SBIR,” said Brian Mackey, President & CEO of CPS. “It is our fifth SBIR/STTR award since such work became a priority for CPS a little over a year ago. More importantly, it represents our first award from the U.S. Department of Energy, which demonstrates the relevance of our capabilities to the diverse needs of various federal agencies. I’m confident that CPS’ renewed focus on R&D will have a positive impact on our future growth. In addition, I’m very excited to recognize Matthew Karnick as the third CPS materials scientist to receive an award of this nature.”

About CPS

CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure, and others. CPS’ armor products provide exceptional ballistic protection and environmental durability at a very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.

Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2023 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com

Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com