Frequency Electronics, Inc. Announces Award of a Contract for Precision Oscillators

Rhea-AI Summary

Frequency Electronics, Inc. (FEIM) announced a $5.0 million contract for precision oscillators to be utilized in US military platforms, reinforcing its strong presence in the defense sector. This contract follows several prior agreements for similar oscillators and is set to last approximately two years. CEO Stan Sloane highlighted the company’s reputation for delivering high-performance components in dynamic environments.

Positive

• Awarded a $5.0 million contract for precision oscillators for US military applications.
• Reinforces established relationships with military platforms through prior contracts.
• CEO emphasizes long-standing reliability and performance excellence in products.

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• None.

MITCHEL FIELD, N.Y., Aug. 12, 2020 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) today announced the award of a contract for precision oscillators for end use on US military platforms. The oscillators are a key component of the communication systems for a variety of platforms and follow several previous contracts for similar high performance oscillators. The contract value is $5.0M. The contract period of performance is approximately two years.

FEI CEO Stan Sloane commented, “We are extremely pleased to receive this award and continue to supply these key components for US military applications. FEI’s precision oscillators continue to be selected for their excellent performance in dynamic environments, their high reliability and our track record of delivering on time.”

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency generation and RF control products for space and terrestrial applications. FEI’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR and electronic warfare, missiles, UAVs, aircraft, GPS, secure communications, energy exploration and wireline and wireless 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 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 50 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Elcom Tech provides Electronic Warfare (“EW”) sub-systems and state-of-the-art RF microwave products. Additional information is available on the Company’s website: www.frequencyelectronics.com

Contact information: Stanton Sloane, President & Chief Executive Officer; Steven
Bernstein, Chief Financial Officer;

TELEPHONE: (516) 794-4500 ext.5000       WEBSITE: www.freqelec.com

FAQ

What is the value of the new contract awarded to Frequency Electronics (FEIM)?

The new contract awarded to Frequency Electronics is valued at $5.0 million.

How long is the contract for precision oscillators expected to last?

The contract for precision oscillators is expected to last approximately two years.

What will the precision oscillators be used for?

The precision oscillators will be used in communication systems for various US military platforms.

Who commented on the contract award for FEIM?

The CEO of Frequency Electronics, Stan Sloane, commented on the contract award.