Frequency Electronics, Inc. Awarded $5.9M Lockheed Martin Contract To Qualify Atomic Clocks for Potential Use on Next Gen GP...
14 March 2019 - 7:15AM
As a risk reduction effort for the U.S. Air Force’s GPS III Follow
On (GPS IIIF) satellite program, Frequency Electronics, Inc.
(NASDAQ-FEIM) received a contract from Lockheed Martin Space,
valued at $5.9 million, for the qualification of FEI’s Digital
Rubidium Atomic Frequency Standard (DRAFS). The contract’s intent
is to qualify FEI’s DRAFS for potential use on the new GPS IIIF
satellites, securing the industrial base for high-accuracy Global
Positioning System atomic clocks.
To help the Air Force modernize its GPS
satellite constellation with new technology and capabilities,
Lockheed Martin Space designed and built the most powerful GPS
satellite, GPS III. With 10 satellites under contract, in 2018, the
Air Force selected Lockheed Martin to build up to 22 additional GPS
IIIF satellites, adding new features and resiliency to the flexible
satellite design. The Air Force began launching GPS III satellites
in December 2018. Today, more than 4 billion users rely on GPS.
Stanton Sloane, FEI’s CEO commented, “We are
extremely pleased to be awarded this contract and the opportunity
to play a significant role in the GPS IIIF program. This
award is the culmination of 50+ years of research and development
of advanced quartz and atomic clocks based on FEI’s proprietary
technologies. We are also pleased to continue our long-standing
relationship with Lockheed Martin Space on critical national
security programs.”
Martin Bloch, FEI’s Executive Chairman added, “I congratulate
the FEI team on the development of this digital Rubidium clock for
GPS IIIF program. FEI will continue the development of advanced
clock technologies for future generations of Satellites and
Terrestrial applications.”
About Frequency
ElectronicsFrequency Electronics, Inc. is a world leader
in the design, development and manufacture of high precision
timing, frequency control and synchronization products for space
and terrestrial applications. Frequency’s products are used
in satellite payloads and in other commercial, government and
military systems including C4ISR and EW markets, missiles, UAVs,
aircraft, GPS, secure radios, energy exploration and wireline and
wireless communication networks. Frequency has received over
100 awards of excellence for achievements in providing high
performance electronic assemblies for over 150 space and DOD
programs. The Company invests significant resources in
research and development to expand its capabilities and
markets.
Frequency’s Mission Statement: “Our mission is
to provide precision time and low phase noise frequency generation
systems from 1 Hz to 50 GHz, for space and other challenging
environments.”
Subsidiaries and Affiliates: FEI-Zyfer provides
GPS and secure timing ("SAASM") capabilities for critical military
and commercial applications; FEI-Elcom Tech provides sub-systems
for the Electronic Warfare (“EW”) markets and added resources for
state-of-the-art RF microwave products. Additional information is
available on the Company’s website:
www.frequencyelectronics.com.
Safe Harbor Statement under the Private
Securities Litigation Reform Act of 1995:The Statements in
this press release regarding the future constitute
"forward-looking" statements pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995.
Forward-looking statements inherently involve risks and
uncertainties that could cause actual results to differ materially
from the forward-looking statements. Factors that would cause
or contribute to such differences include, but are not limited to,
inability to integrate operations and personnel, actions by
significant customers or competitors, general domestic and
international economic conditions, consumer spending trends,
reliance on key customers, continued acceptance of the Company's
products in the marketplace, competitive factors, new products and
technological changes, product prices and raw material costs,
dependence upon third-party vendors, competitive developments,
changes in manufacturing and transportation costs, the availability
of capital, and other risks detailed in the Company's periodic
report filings with the Securities and Exchange Commission.
By making these forward-looking statements, the Company undertakes
no obligation to update these statements for revisions or changes
after the date of this release.
Contact information: Stanton Sloane, President, Chief Executive
Officer: Steven Bernstein, Chief Financial Officer; Martin Bloch,
Executive Chairman of the Board: TELEPHONE: (516) 794-4500
WEBSITE: www.frequencyelectronics.com
A photo accompanying this announcement is available at
http://www.globenewswire.com/NewsRoom/AttachmentNg/a5d0fdb7-3086-48d3-82fc-e1ec491fe0a1
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