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

Rhea-AI Summary

Frequency Electronics, Inc. (NASDAQ-FEIM) has secured a $2.9 million contract for precision oscillators to support a significant US military program. These oscillators are vital for military communications on various airborne platforms, with a contract duration of approximately one year. CEO Stan Sloane expressed satisfaction regarding this award, noting its importance in supporting military communication systems and emphasizing the company's superior technology and proven track record.

Positive

• Award of $2.9 million contract for precision oscillators enhances revenue potential.
• Supports critical US military communication systems, indicating strong demand for products.
• Established track record in military contracts enhances credibility and market position.

Negative

• None.

MITCHEL FIELD, N.Y., Sept. 10, 2020 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is pleased to announce the award of a $2.9m contract for precision oscillators for end use on a key US military program. These oscillators are a critical component of military communications systems on various airborne platforms. Contract period of performance is approximately one year.

FEI CEO Stan Sloane commented, “We are extremely pleased about this award and an opportunity to provide key communication system components in support of our military. This is another of several contracts for these precision oscillators and results from not only our superior technology, but our track record for meeting customer commitments.”

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 significance of the $2.9 million contract awarded to Frequency Electronics (FEIM)?

The contract is crucial as it supports US military communications systems and represents a significant revenue opportunity for FEIM.

How long is the contract period for Frequency Electronics' recent military project?

The contract period of performance is approximately one year.

What products are being provided under the contract awarded to Frequency Electronics (FEIM)?

The contract is for precision oscillators, which are critical components of military communications systems.

Who commented on the contract award for Frequency Electronics (FEIM)?

CEO Stan Sloane commented on the award, expressing the company's pleasure in supporting military communications.

What role do the precision oscillators play in military applications for Frequency Electronics (FEIM)?

Precision oscillators are essential for military communications on various airborne platforms.