LANCASTER, Pa., Sept. 17 Herley Industries, Inc.(Nasdaq: HRLY) announced today that Micro Systems, Inc. ("MSI"), a whollyowned subsidiary of Herley located in Ft. Walton Beach, Florida, has receivedan award for approximately $850,000 from Itochu Aviation, Inc. for the upgradeof the Japanese Target Tracking Control System (TTCS).
Wayne Armstrong, General Manager of MSI, commented, "We are very pleasedto continue our support of Itochu and the Japanese Ministry of Defense. MicroSystems sold the TTCS to the Japanese MOD more than ten years ago, and thiscontract is for the upgrade of the Japanese TTCS#3. We received a contract toupgrade the TTCS#4 last year. MSI recently announced a $1.8 million contractfor transponders to be used by the Japanese Ministry of Defense in sub-sonicaerial targets which are controlled by the Target Tracking Control System(TTCS), and we anticipate receiving additional contract awards from Itochuwithin the next few months."
Myron Levy, Herley Chairman and CEO, commented, "I want to congratulateMicro Systems on these important awards. Growth in the international marketis an important goal for Herley, and awards such as these demonstrate theconfidence of our long-term international customers.
Herley Industries, Inc. is a leader in the design, development andmanufacture of microwave technology solutions for the defense, aerospace andmedical industries worldwide. Based in Lancaster, PA, Herley has eightmanufacturing locations and approximately 985 employees. Additionalinformation about the company can be found on the Internet at www.herley.com
Safe Harbor Statement - Except for the historical information containedherein, this release may contain forward-looking statements. Such statementsare inherently subject to risks and uncertainties. When used in this report,words such as "anticipated," "believes," "could," "estimates," "expects,""may," "plans," "potential" and "intends" and similar expressions, as theyrelate to the Company or its management, identify forward-looking statements.Such forward-looking statements are based on the belief of the Company'smanagement, as well as assumptions made by and information currently availableto the Company's management. The Company's results could differ materiallybased on various factors, including, but not limited to, cancellation ordeferral of customer orders, difficulties in the timely development of newproducts, difficulties in manufacturing, increased competitive pressures, theeffects of the indictment of the Company and general economic conditions. TheCompany undertakes no obligation to update forward-looking statements as aresult of future events or developments.For information at Herley contact: Tel: (717) 735-8117 Peg Guzzetti www.herley.com Investor Relations
SOURCE Herley Industries, Inc.