Intevac Receives $5 Million EVA Digital Night-Vision Sensor Contract

Rhea-AI Summary

Intevac, Inc. (Nasdaq: IVAC) has secured a $5 million development contract from Collins Aerospace to support the U.S. Navy's Enhanced Visual Acuity (EVA) Program. This initiative aims to enhance the effectiveness of Navy and Marine Corps pilots operating in low-light conditions. Intevac will supply its ISIE19 EBAPS® digital night-vision sensor for this project. The contract underscores the military's commitment to advancing digital night vision technology for future use. Intevac is known for its advanced digital sensors and night vision systems utilized by the U.S. Department of Defense.

Positive

• Awarded a $5 million contract from Collins Aerospace, indicating strong demand for advanced technology.
• Supplied ISIE19 EBAPS® sensor as a key component for the U.S. Navy's EVA program, showcasing product innovation.
• Demonstrates U.S. military's commitment to digital night vision, potentially leading to future contracts.

Negative

• Future production path is uncertain, may impact business and financial results.

Intevac, Inc. (Nasdaq: IVAC) announced today it has received a $5 million development contract award from Collins Aerospace in support of the U.S. Navy-funded Enhanced Visual Acuity (EVA) Program that will help U.S. Navy and Marine Corps pilots execute their missions more effectively under low-light conditions. Intevac will supply their latest ISIE19 EBAPS^® digital night-vision sensor as part of the development effort.

“This will be the first announced night-vision program with a future production path incorporating our latest ISIE19 EBAPS^® sensor,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “We are excited to provide the benefits this sensor brings to our naval aviators.”

“This contract award demonstrates the U.S. military’s continued commitment to digital night vision technology for the future,” added Wendell Blonigan, president and chief executive officer of Intevac.

Intevac's digital night-vision sensors, based on its patented Electron Bombarded Active Pixel Sensor (EBAPS^®) technology, provide state-of-the-art capability to the most advanced avionic fighting platforms in the U.S. Department of Defense inventory.

About Intevac

Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.

In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets we serve currently.

In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.

For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Forward-Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; the future production path of the EVA program. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: changes in the future production path, which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.

View source version on businesswire.com: https://www.businesswire.com/news/home/20201214005787/en/

FAQ

What is the $5 million contract awarded to Intevac for?

The contract supports the U.S. Navy's Enhanced Visual Acuity (EVA) Program, enhancing pilot effectiveness in low-light conditions.

What technology will Intevac provide under the contract?

Intevac will supply its ISIE19 EBAPS® digital night-vision sensor.

How does this contract impact Intevac's business?

It highlights sustained demand for Intevac's technology and could lead to future opportunities, although the production path remains uncertain.