Giga-tronics Receives Multi-Year Order Valued at up to $8.4 Million for High Performance RADAR Filter Products
DUBLIN, Calif., Nov. 06, 2019 (GLOBE NEWSWIRE) -- (OTCQB: GIGA) —Giga-tronics Incorporated (the “Company”) announced today that it has received a multi-year production order from a major prime contractor for its high-performance RADAR filters, which are a part of the Company’s custom microwave products used in airborne military applications. The order includes a firm commitment for the first year’s production valued at $2.9 million with options for additional units to be delivered in the second and third years valued at $5.5 million. The Company expects to begin recognizing revenue of this order beginning in the current quarter ending December 31, 2019.
John Regazzi, the Company’s chief executive officer stated, “I am pleased to have our customer's continued confidence in Giga-tronics as a sole source supplier of these high-performance filters. We remain committed to meeting their high standards for quality, reliability and on-time delivery.”
About Giga-tronics Incorporated
Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components (“MIC”) for use in military defense applications as well as sophisticated RADAR and Electronic Warfare (RADAR/EW) test products primarily used in electronic warfare test & emulation applications.
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. Statements preceded or qualified by words such as "believes", "expects", "anticipates", "intends", "projects", "estimates", "plans", and similar expressions are generally forward-looking in nature and not historical facts. Forward-looking statements include statements concerning future revenues and operating results, expected shipments and the Company’s ability to satisfy customer requirements. While management believes the expectations reflected in these forward-looking statements are reasonable, actual results may differ significantly due to risks and uncertainties, such as unanticipated production delays or difficulties, cancellations or deferrals of existing or future orders or the need for additional financing. For further discussion, see Giga-tronics' most recent annual report on Form 10-K for the fiscal year ended March 30, 2019 Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations."
Contact: Lutz Henckels
Executive Vice President & CFO
(925) 328-4650 ext. 4698
Released November 6, 2019