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

Rhea-AI Summary

Frequency Electronics (NASDAQ-FEIM) has secured a $3.9 million contract to provide precision oscillators for secure communication satellites serving the US Government. The contract spans approximately 2.5 years, highlighting FEI's expertise in high-stability frequency references. CEO Stan Sloane emphasized the significance of this award, showcasing the reliability of FEI's products in military applications. The company has a proven track record, having received over 100 awards for excellence in electronic assemblies for various defense and space programs.

Positive

• Awarded a $3.9 million contract for precision oscillators.
• Contract duration of approximately 2.5 years, indicating sustained revenue.
• Strengthens FEI's position as a trusted supplier in military satellite programs.

Negative

• None.

MITCHEL FIELD, N.Y., Feb. 04, 2021 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) is pleased to announce its selection for a $3.9M contract, including options, to provide precision oscillators as highly-stability frequency references for ultimate use on secure communications satellites for the US Government. The contract period of performance is approximately 2.5 years, including the options.

FEI CEO, Stan Sloane, commented, “We are extremely pleased that our precision oscillators have been selected for another critical military satellite program. FEI is a longtime supplier of frequency sources for important space programs, and this award reflects not only the superior performance and reliability of our oscillators, but our customer’s confidence in our ability to meet our commitments. We are proud that our products are a part of a very important military system that will support our warfighters around the globe.

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 recent contract announcement for FEIM?

Frequency Electronics announced a $3.9 million contract for precision oscillators for US Government satellites.

How long is the contract for Frequency Electronics?

The contract period is approximately 2.5 years.

What does the contract for FEIM involve?

It involves providing highly-stable frequency references for secure communications satellites.

What is the significance of the contract for FEIM?

It reflects customer confidence in FEI's ability to deliver reliable products for military applications.