KVH Industries, Inc., (Nasdaq:KVHI) announced today that its
guidance and stabilization business has been awarded two contracts
totaling $2.7 million: a $1.3 million contract to provide field
service representative (FSR) support to an allied country in the
Middle East related to KVH’s tactical navigation (TACNAV®) systems
installed on military vehicles; and, a $1.4 million contract for
the delivery of TACNAV systems for use by an international military
customer in an armored vehicle application.
KVH’s FSR support will include installation, operations, and
maintenance of KVH tactical navigation devices purchased by the
customer, and full-time technical support throughout the customer’s
territory. The $1.3 million contract covers two years of support
beginning immediately, with an extension option for three more
years and an additional $2.2 million.
For the $1.4 million contract, KVH will deliver a tactical
navigation system designed to help military vehicle crews maintain
100% situational awareness with or without GPS; the system is a
variant of KVH’s TACNAV TLS and TACNAV Light. The hardware
shipments for this order are expected to take place in the fourth
quarter of 2015.
“KVH’s TACNAV solution serves as a crucial resource for
navigation and battle management, keeping soldiers safe and out of
harm’s way wherever they travel,” says Dan Conway, executive vice
president of KVH’s guidance and stabilization group. “This new
order reaffirms the value of KVH’s TACNAV products as an important
tool for U.S. and allied warfighters, providing precision
navigation as well as coordination of vehicles in critical
situations, and adds to our backlog for the year.”
All of KVH’s TACNAV military vehicle navigation systems provide
unjammable precision navigation, heading, and pointing data for
vehicle drivers, crews, and commanders. TACNAV can also serve as a
heading and position source for situational awareness. The TACNAV
system ordered today features a compact design, continuous heading
and pointing data output, and a flexible architecture that allows
it to function as either a standalone navigation module or as the
heart of an expanded, multifunctional TACNAV system. The system is
designed to integrate with Battle Management Systems (BMS) and is a
vital component for effective battlefield management.
TACNAV systems are currently in use by the U.S. Army and Marine
Corps, as well as many allied customers including Canada, Sweden,
Great Britain, France, Germany, Spain, Egypt, Botswana, Australia,
New Zealand, Saudi Arabia, Taiwan, Romania, Poland, Turkey,
Malaysia, Switzerland, South Korea, Singapore, Brazil, and
Italy.
Note to Editors: For more information about KVH’s tactical
navigation systems, please visit the TACNAV website,
www.kvh.com/tacnav. High-resolution images of KVH products are
available at the KVH Press Room Image Library,
www.kvh.com/press-room/image-library.
About KVH Industries, Inc.
KVH Industries is a premier manufacturer of high-performance
sensors and integrated inertial systems for defense and commercial
guidance and stabilization applications, having sold more than
19,000 TACNAV systems and 87,000 fiber optic gyros. The company is
also a leading provider of in-motion satellite TV and
communications systems, having designed, manufactured, and sold
more than 175,000 mobile satellite antennas for applications on
vessels and vehicles. KVH is based in Middletown, RI, with
research, development, and manufacturing operations in Middletown,
RI, and Tinley Park, IL. The company’s global presence includes
offices in Belgium, Brazil, Cyprus, Denmark, Hong Kong, Japan, the
Netherlands, Norway, Singapore, and the United Kingdom.
This release may contain certain forward-looking
statements that involve risks and uncertainties. Forward-looking
statements include, for example, statements regarding the
functionality, characteristics, quality and performance of KVH’s
products and technology; anticipated innovation and product
development; customer preferences, requirements, and expectations;
and the potential value of military contracts. The actual results
could differ materially. Factors that may cause such differences
include, among others, the unpredictability of defense budget
priorities as well as the order timing, purchasing schedules, and
priorities for defense products and services, including possible
order cancellations; the uncertain impact of potential budget cuts
by government customers; potential changes in tax and accounting
requirements or assessments; uneven military sales cycles; changes
in military fielding and equipment requirements; and risks
associated with conducting business internationally and in places
where laws, business practices and customs are unfamiliar or
unknown, including, export and cross-border employment regulations,
delays in procuring export licenses, and changes in or
interpretations of foreign laws or policies that may adversely
affect the performance of our services abroad. These and other
factors are discussed in more detail in KVH’s Quarterly Report on
Form 10-Q filed with the Securities and Exchange Commission on
August 10, 2015. KVH does not assume any obligation to
update its forward-looking statements to reflect new information or
developments.
KVH and TACNAV are registered trademarks of KVH
Industries, Inc.
For further information, please contact:
Jill Connors, Media & Communications Manager
KVH Industries, Inc.
Tel: +1 401 851 3824
jconnors@kvh.com
KVH Industries (NASDAQ:KVHI)
Historical Stock Chart
From Jun 2024 to Jul 2024
KVH Industries (NASDAQ:KVHI)
Historical Stock Chart
From Jul 2023 to Jul 2024