Giga-tronics Receives Second $783,000 Order for Electronic Warfare Threat Emulation System
Second order placed through new multi-year task order under existing Department of Defense $28 billion contract vehicle
DUBLIN, Calif., Aug. 10, 2022 (GLOBE NEWSWIRE) — (OTCQB: GIGA) Giga-tronics Incorporated (the “Company”), a producer of functional test solutions for the RADAR/Electronic Warfare (“Radar/EW”) segment of the defense electronics market, today announced that it has received a second $783,000 order for the RADAR/EW Threat Emulation System (“TEmS”) from the United States Department of Defense (“DoD”) Corporation (“US”). The company’s technology will play a critical role in the development, testing and fielding of a new advanced weapon system for the US Air Force’s F-35 program. The order was placed as part of a new multi-year task order under a $28 billion DoD contract.
Lutz Henckels, Executive Vice President, Chief Financial Officer and Chief Operating Officer, said, “This is the second order for our RADAR/EW TEmS solution and was placed through a new task order under the $28 billion DoD contract. This high-visibility program has caught the attention of other military programs and organizations that need more flexible, reprogrammable, and cost-effective threat emulation systems. We are poised to establish a more consistent cadence of contracting activity for the DoD and look forward to capitalizing on broader market interest in our advanced TEmS solutions. The timing of order shipment depends on the US Air Force schedule and is expected to be later this calendar year.
About Giga-tronics Incorporated
Giga-tronics is a publicly traded company, listed on the OTCQB capital market under the symbol “GIGA”. Giga-tronics produces RADAR filters and integrated microwave components for use in military defense applications as well as sophisticated RADAR/EW test products primarily used in electronic warfare emulation and test applications.
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical fact, are forward-looking statements. Generally, forward-looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may”, “could”, “should” or “will” occur. Forward-looking statements include, but are not limited to, those regarding future product developments, future prospects, future operating results (including, for example, future revenues, growth, expenses, margin and profitability), market share growth, product competitiveness and expected and potential sales to customers. Forward-looking statements are necessarily based on estimates and assumptions which, although considered reasonable by the Company and its management, are inherently uncertain. Actual tests differ materially from current expectations, including the Company’s ability to successfully manufacture its RADAR/EW test products; identify customer needs and design and implement add new features; timely receipt of components from third-party suppliers; the receipt or timing of future orders for products or services and cancellations or postponements of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage its expenses; the results of pending or impending litigation; the Company’s ability to successfully implement its business plan; the need for the Company to modify its business plan due to these or other risks; the volatility of the market price of the Company’s common stock; and circumstances related to the COVID-19 pandemic and government responses. You should not place undue reliance on forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to publicly update these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting the forward-looking statements. For further details, see the Company’s most recent Annual Report on Form 10-K for the fiscal year ended March 26, 2022, Part I, under the heading “Risk Factors” and Part II, under the heading “Analysis. by Management Financial Statements and Results of Operations” and those contained in other public documents that the Company may file with the Security and Exchange Commission.
CONTACT: Contact: Lutz Henckels Executive Vice President, CFO, COO (925) 328-4650 ext. 4698 [email protected] Investor Relations Contact: John Nesbett/Jennifer Belodeau IMS Investor Relations 203.972.9200 [email protected]