KVH Receives $2.4 Million in Orders for TACNAV Military Navigation System Components
11 August 2005 - 9:30PM
Business Wire
KVH Industries, Inc., (Nasdaq: KVHI) announced today that it has
received three new orders for its TACNAV(R) vehicle navigation
systems and T-FOG(TM) fiber optic gyro (FOG) upgrade. Together, the
orders are valued at more than $2.4 million. The orders were placed
by U.S. defense prime contractors and a foreign military, all of
which are current KVH customers. KVH expects to recognize the
majority of the contract revenue during the second half of 2005.
"These new orders illustrate the steady demand among our customers
for new and replacement systems, including the powerful
enhancements offered by our fiber optic gyro systems," commented
Dan Conway, KVH's vice president for business development. "KVH's
TACNAV systems continue to prove themselves in navigation,
pointing, and battle management applications within a number of
operational theatres ranging from Iraq to Afghanistan." Due to
contractual restrictions, additional details regarding the
customers cannot be disclosed at this time. KVH's TACNAV military
vehicle navigation systems employ KVH's digital compass and FOG
technology as well as proprietary software algorithms to provide
uninterrupted navigation, heading, and pointing data for vehicle
drivers, commanders, and crews. While TACNAV complements the Global
Positioning System (GPS), its self-contained sensors operate
independently of GPS. As a result, TACNAV continues to provide
mission-critical data for troops in the vehicle as well as to the
digital battlefield system, even if GPS is blocked, jammed, or is
otherwise unavailable. TACNAV can also serve as a link between each
vehicle and the overall digital battlefield, making each unit a
node in a secure military network that consolidates a wide range of
tactical data to provide detailed information to individual units
and military commanders. KVH TACNAV navigation systems are
currently in use on U.S. and allied vehicles participating in
ongoing operations in Iraq, Afghanistan, and elsewhere. TACNAV
systems have been sold for use aboard U.S. Army, Marine Corps, and
Navy vehicles as well as to many allied customers, including
Canada, Sweden, Great Britain, Germany, Spain, Australia, New
Zealand, Saudi Arabia, Taiwan, Malaysia, Switzerland, and Italy.
Complete details regarding KVH's defense navigation and guidance
products are available at http://www.tacnav.com. Note to editors:
High-resolution images of the KVH TACNAV products and their
applications in the field are available for download and editorial
use on KVH's award-winning web site. The direct link is
http://www.kvh.com/mediasupport. KVH Industries, Inc., designs and
manufactures products that enable mobile communication, navigation,
and precision pointing through the use of its proprietary mobile
satellite antenna and fiber optic technologies. The company is
developing next-generation systems with greater precision,
durability, and versatility for communications, navigation, and
industrial applications. An ISO 9001-certified company, KVH has
headquarters in Middletown, Rhode Island, with a fiber optic and
military navigation product manufacturing facility in Tinley Park,
Illinois, and a European sales, marketing, and support office in
Kokkedal, Denmark. This press release may contain certain
forward-looking statements that involve risks and uncertainties.
For example, the statements regarding the company's financial goals
for 2005 are forward-looking statements. The actual results
realized by the company could differ materially from the statements
made herein. Factors that might cause such differences include, but
are not limited to: uneven military sales cycles and changes in
procurement priorities; the ability of the government and its
contractors to cancel orders at their convenience; and unforeseen
changes in competing technologies and products. Additional factors
are discussed in the company's most recent Form 10-Q filed with the
SEC. Copies are available through the company's Investor Relations
department and web site, www.kvh.com. KVH assumes no obligation to
update its forward-looking statements to reflect new information
and developments.
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