Gresham Worldwide Subsidiary Microphase Corporation Announces $5.4 Million Contract Award

Rhea-AI Summary

Gresham Worldwide (OTCQB: GIGA) announces Microphase Corporation has received $5.4 million orders for RF filters from a major defense contractor. The technology will be used to counter improvised explosive devices for the U.S. military, with deliveries starting in Q1 2024 and continuing throughout the year. CEO Jonathan Read emphasizes the validation of Gresham's strategic focus on mission critical solutions, while COO Timothy Long expects positive impact on Microphase's backlog, revenue, and profitability.

Positive

• RF filters orders worth $5.4 million from a major defense contractor
• Technology to be used for countering improvised explosive devices for U.S. military
• Expected positive impact on Microphase's backlog, revenue, and profitability

Negative

• None.

Delivery of RF Filters to Major Strategic Defense Customer Contemplates All Deliveries in 2024

SCOTTSDALE, Ariz.--(BUSINESS WIRE)-- Giga-tronics, Inc. dba Gresham Worldwide (OTCQB: GIGA) (“Gresham Worldwide”), a provider of purpose-built electronic technology solutions for defense and other mission critical applications, today announced its subsidiary, Microphase Corporation (“Microphase”), has received orders for RF filters from a major strategic defense contractor with an aggregate value of $5.4 million. Microphase technology will be used as part of a platform designed to counter improvised explosive devices to protect troops in the U.S. military.

Microphase anticipates initial deliveries to begin in the first quarter of 2024 with the balance delivered throughout calendar year 2024. This production order builds on eight years of close collaboration with this strategic customer to develop and refine these RF components. Microphase expects to receive at least one additional production order for the RF filters late in 2024.

Jonathan Read, CEO of Gresham Worldwide, Microphase’s parent, stated, “These orders provide further validation of Gresham Worldwide’s strategic focus on delivering purpose-built solutions for mission critical requirements that build enduring customer relationships. Wars in the Middle East and Ukraine with tensions high in the South China Sea and multiple low-intensity conflicts elsewhere will continue to drive demand for Gresham Worldwide’s defense and force protection offerings for the foreseeable future.”

Timothy Long, COO of Gresham Worldwide and CEO of Microphase, added, “We are well-positioned with the workforce, equipment, and facilities to satisfy these orders on schedule. This business builds on our proven RF filter technology platform. We expect these orders and others like them will have a positive impact on Microphase’s backlog, revenue, and profitability going forward.”

About Microphase Corporation, a Gresham Worldwide Company

Microphase Corporation designs, engineers and manufacturers RF, microwave and millimeter wave devices, components and subsystems known for high performance and ultra-high reliability for mission critical applications in the defense industry. Microphase serves militaries and top tier defense contractors who support them with platforms in the air, on land and at sea around the world.

About Gresham Worldwide

Gresham Worldwide works through its operating companies in the United States, the United Kingdom and Israel to deliver purpose-built electronic technology solutions that save, protect, and enhance life. Gresham Worldwide focuses on providing turnkey electronic solutions for defense, test and training applications, power electronics and displays, and radio frequency, microwave and n\millimeter wave systems and components. Gresham Worldwide primarily supports the defense and aerospace industry as well as mission-critical applications in medical technology, transportation, telecommunications, and industrial market sectors. www.greshamworldwide.com.

Forward-Looking Statements

This press release contains “forward looking statements” within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements regarding the delivery of the RF filters, the timing of a new order for the RF filters and the expected results of these and other orders on Microphase’s backlog, revenue and profitability, and future demand for Gresham Worldwide’s products. These forward-looking statements generally include statements that are predictive in nature and depend upon or refer to future events or conditions, and include words such as “believes,” “plans,” “anticipates,” “projects,” “estimates,” “expects,” “intends,” “strategy,” “future,” “opportunity,” “may,” “will,” “should,” “could,” “potential,” or similar expressions. Statements that are not historical facts are forward-looking statements. Forward-looking statements are based on current beliefs and assumptions that are subject to risks and uncertainties. Such risk and uncertainties include, among other factors:(i) the impact of the outbreak of war in Israel, (ii) political factors that may affect Microphase and its receipt of an order, (iii) whether ongoing geopolitical military conflict (including, the Russian war on Ukraine, tensions with China and Taiwan and unrest in the Middle East) will continue, (iv) the effect of any supply chain turmoil, and inflation, and (v) reductions in defense budgets. There can be no assurance that any of the foregoing assumptions will be accurate. Forward-looking statements speak only as of the date they are made, and Gresham undertakes no obligation to update any of them publicly in light of new information or future events. Actual results could differ materially from those contained in any forward-looking statement as a result of various factors. More information, including potential risk factors, that could affect Gresham’s business and financial results are included in Gresham’s filings with the U.S. Securities and Exchange Commission, including, but not limited to, Gresham’s Form S-1. All filings are available at www.sec.gov and on the Company’s website at www.greshamworldwide.com.

View source version on businesswire.com: https://www.businesswire.com/news/home/20231108980311/en/

Gresham Worldwide Investor Contact:

info@greshamworldwide.com

(833) 457-6667

Source: Gresham Worldwide

FAQ

What is the ticker symbol for Gresham Worldwide?

The ticker symbol for Gresham Worldwide is OTCQB: GIGA.

What are the orders received by Microphase Corporation?

Microphase Corporation has received orders for RF filters from a major defense contractor with an aggregate value of $5.4 million.

What is the purpose of the technology provided by Microphase?

The technology will be used as part of a platform designed to counter improvised explosive devices to protect troops in the U.S. military.

Who emphasized the validation of Gresham's strategic focus on mission critical solutions?

CEO Jonathan Read emphasized the validation of Gresham's strategic focus on mission critical solutions.

Who expects a positive impact on Microphase's backlog, revenue, and profitability?

COO Timothy Long expects a positive impact on Microphase's backlog, revenue, and profitability.