Eltek receives five purchase orders totaling $3.8 million

Rhea-AI Summary

Eltek Ltd. (NASDAQ: ELTK) announced receiving $3.8 million in purchase orders for two projects, one being an existing legacy strategic project and the other a new project with high-technological specifications. The orders are expected to be fulfilled by Eltek during 2024, showcasing the company's capabilities in meeting high-level technological production and the use of exotic materials.

Positive

• Eltek's successful proof of concept for the new project demonstrates its ability to meet high-technological specifications, potentially leading to future orders at the cutting edge of technology.

Negative

• None.

PETACH TIKVA, Israel, Nov. 20, 2023 /PRNewswire/ -- Eltek Ltd. (NASDAQ: ELTK), a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, announced today that it has received five purchase orders in a total amount of $3.8 million. The orders are in connection with two projects for a customer. Most of the orders will be supplied by Eltek during 2024.

"One of the projects is an existing legacy strategic project and the second project is new, with very high-technological specifications. We received this second project's order after providing successful proof of concept. The proof of the concept required us to meet a high level of technological production and the use of exotic materials. I am sure that the development of these capabilities will serve us in the future with additional orders that are at the cutting edge of technology," commented Eli Yaffe, CEO of Eltek.

About Eltek

Eltek – "Innovation Across the Board", is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs) and is an Israeli leading company in this industry. PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high-quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek is ITAR compliant and has AS-9100 and NADCAP electronics certifications. Its customers include leading companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia.

Eltek was founded in 1970. The Company's headquarters, R&D, production and marketing center are located in Israel. Eltek also operates through its subsidiary in North America and by agents and distributors in Europe, India, South Africa and South America.

For more information, visit Eltek's web site at www.nisteceltek.com

Forward Looking Statement

Some of the statements included in this press release may be forward-looking statements that involve a number of risks and uncertainties including, but not limited to expected results in future quarters, the impact of the Coronavirus on the economy and our operations, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's Annual Report on Form 20-F and other filings with the United States Securities and Exchange Commission. Any forward-looking statements set forth in this press release speak only as of the date of this press release. The information found on our website is not incorporated by reference into this press release and is included for reference purposes only.

Investor Contact

Ron Freund
Chief Financial Officer
Investor-Contact@nisteceltek.com
+972-3-939-5023

Logo - https://mma.prnewswire.com/media/881148/Eltek_Logo.jpg

 

                                                           

View original content:https://www.prnewswire.com/news-releases/eltek-receives-five-purchase-orders-totaling-3-8-million-301993623.html

SOURCE Eltek Ltd.

FAQ

What did Eltek announce?

Eltek announced receiving $3.8 million in purchase orders for two projects, showcasing its capabilities in meeting high-level technological production and the use of exotic materials.

When will the orders be fulfilled?

Most of the orders will be supplied by Eltek during 2024.

Who commented on the announcement?

Eli Yaffe, CEO of Eltek, commented on the announcement, expressing confidence in the company's future capabilities.

What type of projects are the orders for?

The orders are for an existing legacy strategic project and a new project with high-technological specifications.

What is the potential impact of the new project?

The successful proof of concept for the new project demonstrates Eltek's ability to meet high-technological specifications, potentially leading to future orders at the cutting edge of technology.