Sypris Wins Defense Contract Award
25 February 2021 - 12:00AM
Business Wire
Electronic Modules for Precision-Guided
Anti-Ship Missile System
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received a
follow-on award from a U.S. DoD prime contractor to manufacture and
test electronic power supply modules for a mission-critical, long
range, precision-guided anti-ship missile system. Production will
begin in 2021. Terms of the agreement were not disclosed.
The program is designed to meet the needs of U.S. Navy and Air
Force warfighters. The missile system employs precision routing and
guidance, day or night in all weather conditions and is designed to
detect and destroy specific targets within groups of ships by
employing advanced technologies that reduce dependence on
intelligence, surveillance and reconnaissance platforms, and GPS
navigation in contested environments. The program provides range,
survivability and technology that no other current system provides
according to news releases.
“This is a follow-on award for a new program that is currently
ramping up into production volumes,” said Jim Long, Vice President
& General Manager of Sypris Electronics. “Our customer is a
worldwide leader in the development and delivery of advanced
technologies for the commercial and military electronics markets.
Our technical and operational experience in successfully scaling
early life cycle products in a collaborative way with our customer
were key to this win. We are excited to have this opportunity to
expand our relationship with this important customer.”
Sypris Electronics is a trusted provider of electronic
solutions, addressing customers’ needs for building complex,
mission-critical electronic and electro-mechanical devices and
integrated systems. Backed by 50 years of experience, Sypris’
engineering and manufacturing services span our customers’ product
life cycle all within a culture of continuous improvement and Six
Sigma/Lean thinking. Partners from multiple agencies and tier one
companies in Military (DoD), Space, Medical, Undersea, and
Industrial markets team with Sypris to deliver high-reliability
electronics built with strict adherence to regulated requirements.
For more information, please visit www.sypriselectronics.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws. Forward-looking
statements include our plans and expectations of future financial
and operational performance. Such statements may relate to
projections of the company’s revenue, earnings, and other financial
and operational measures, our liquidity, our ability to mitigate or
manage disruptions posed by COVID-19, and the impact of COVID-19
and economic conditions on our future operations, among other
matters.
Each forward-looking statement herein is subject to risks and
uncertainties, as detailed in our most recent Form 10-K and Form
10-Q and other SEC filings.
Briefly, we currently believe that such risks also include the
following: the impact of COVID-19 and economic conditions on our
future operations; possible public policy response to the pandemic,
including legislation or restrictions that may impact our
operations or supply chain; our failure to successfully complete
final contract negotiations with regard to our announced contract
“orders”, “wins” or “awards”; our failure to achieve additional
orders for existing projects; our failure to achieve and maintain
profitability on a timely basis by steadily increasing our revenues
from profitable contracts with a diversified group of customers,
which would cause us to continue to use existing cash resources or
other assets to fund operating losses; the fees, costs and supply
of, or access to, debt, equity capital, or other sources of
liquidity; the cost, quality, timeliness, efficiency and yield of
our operations and capital investments, including the impact of
tariffs, product recalls or related liabilities, employee training,
working capital, production schedules, cycle times, scrap rates,
injuries, wages, overtime costs, freight or expediting costs;
dependence on, retention or recruitment of key employees and
distribution of our human capital; disputes or litigation involving
governmental, supplier, customer, employee, creditor, product
liability or environmental claims; our inability to develop new or
improved products or new markets for our products; cost, quality
and availability or lead times of raw materials such as electronic
components; breakdowns or major repairs of machinery and equipment;
our reliance on a few key customers, third party vendors and
sub-suppliers; inventory valuation risks including excessive or
obsolescent valuations or price erosions of raw materials or
component parts on hand or other potential impairments,
non-recoverability or write-offs of assets or deferred costs;
unanticipated or uninsured disasters, public health crises, losses
or business risks; unanticipated or uninsured product liability
claims; volatility of our customers’ forecasts, scheduling demands
and production levels which negatively impact our operational
capacity and our effectiveness to integrate new customers or
suppliers, and in turn cause increases in our inventory and working
capital levels; adverse impacts of new technologies or other
competitive pressures which increase our costs or erode our
margins; U.S. government spending on products and services,
including the timing of budgetary decisions; changes in licenses,
security clearances, or other legal rights to operate, manage our
work force or import and export as needed; inaccurate data about
markets, customers or business conditions; or unknown risks and
uncertainties. We undertake no obligation to update our
forward-looking statements, except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20210224005044/en/
Lawrence J. Bernicky Vice President of Finance (813)
972-6040
Sypris Solutions (NASDAQ:SYPR)
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