Giga-tronics Receives $1.5 Million Order for Upgrade Kits; Announces Completion of $550,000 Private Placement
DUBLIN, Calif., March 23, 2020 (GLOBE NEWSWIRE) -- Giga-tronics Incorporated (OTCQB: GIGA) (the “Company”) today announced that it has received a $1.5 million order to provide mission critical upgrade kits to existing fielded Radar Threat Generation Systems. The kits are necessary for the operational testing of advanced electronic warfare weapons systems.
These new upgrade kits greatly enhance the capability and threat coverage of the currently fielded Coherent Streaming RF Playback System in terms of Instantaneous Bandwidth (IBW), Dynamic Range, Signal to Noise Ratio (SNR), and Spectral Purity while maintaining or improving performance against very tight tolerances on Channel to Channel Timing Synchronicity, Phase Alignment and Coherence.
Armand Pantalone, Chief Technology Officer of the Company, commented “The performance and added capability afforded by our upgrade kit to this existing test system is truly state-of-the art; down to every single technical requirement including streaming rates, overall frequency coverage and instantaneous bandwidth, plus all other critical RF performance parameters. Additionally, this upgrade improves the ease of use and better addresses Information Assurance concerns of our Military and Defense customers.”
Daniel Kirby, Vice President, Business Development stated, “We’re pleased to have had our upgrade kits selected for this US Navy program. The kits’ improved capabilities will allow the warfighter to easily generate and playback the most current and rapidly emerging advanced threat signals necessary for the development, test and certification of their electronic warfare systems. We remain committed to the continual development of new products and solutions in support of all levels of System Design, Development, Verification, Validation, and Operational Testing of Radar and Electronic Warfare systems.”
The Company also announced the closing on March 12, 2020 of a private placement of 146,667 unregistered shares of common stock at $3.75 per share for total proceeds to the Company of $550,000.
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 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.
Forward Looking Statements
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 facts, 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", “would” or occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, margin and profitability), the timing and receipt of future orders, expected shipments, customer acceptance of products and the ability to meet customer needs. Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/EW test products, to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers, the receipt or timing of future orders for products or services, cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage costs; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s ability to pay off or refinance existing debt, the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; and general market conditions. You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s 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" and those in other public files the Company may make with the SEC.
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Released March 23, 2020