Corporate News Blog - RADA Obtains Follow-on Order for Counter-UAV Radar Peripherals for US Military
Research Desk Line-up: Micronet Enertec Technologies Post Earnings Coverage
LONDON, UK / ACCESSWIRE / August 28, 2017 / Pro-Trader Daily takes a look at the latest corporate events and news making the headlines for RADA Electronic Industries Ltd (NASDAQ: RADA) ("RADA"), following which we have published a free report that can be viewed by signing up at http://protraderdaily.com/optin/?symbol=RADA. The Company announced on August 25, 2017, that it has accepted a follow-on order for peripheral equipment to support the installation and operation of its Multi-Mission Hemispheric Radars (MHR), worth approximately $1 million. This is in continuation to the previous strategic order for radars, received by the Company in the mid of the same month. For immediate access to our complimentary reports, including today's coverage, register for free now at:
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The radars and the peripherals will be used by a key US military force, providing it with air surveillance with emphasis on counter-UAV with the most advanced on-the-move capabilities.
Order Likely to Enable Installation & Operation of Radars under Demanding Conditions
Commenting on the follow-on-order, Dov Sella, RADA's Chief Executive Officer, stated that this follow-on order will enable the installation and operation of the Company's radars under the demanding operational and environmental conditions under which these systems will be fielded. This includes tactical, on-the-move surveillance of hostile drones and other aerial targets, as part of the protection solution for the maneuver forces.
RADA Received First Strategic Order for US Military on August 16
RADA received a first strategic order for dozens of MHR totaling over $8 million, on August 16, 2017. The radars will be used by a key US military force, being the Company's first delivery to a US military customer. RADA has been awarded this order following long, demanding, and detailed trials.
RADA's Recent Announcement
Press release suggests that on August 21, 2017, RADA received and accepted purchase offers from several Israeli institutional investors to purchase 4,604,500 ordinary shares for $2.15 per ordinary share, or approximately $10 million in the aggregate. Among these investors were Yelin-Lapidot Investment House, More Investment House, Noked Capital, and The Phoenix Insurance Company.
About Multi-Mission Hemispheric Radars (MHR)
MHR family provides advanced force and border protection solutions. Based on AESA (Active Electronically Scanned Array) antenna, the MHR can be integrated with any C4I system and other radars/sensors, and can operate stand-alone or as part of a large-scale surveillance system.
RADA's MHR introduces sophisticated beam forming capabilities and advanced signal processing, which can provide for various missions on each radar platform and demonstrate an unprecedented performance-to-price ratio. The Company has sold over 300 radar systems to various global defense customers.
About RADA Electronic Industries
Founded in 1970, RADA is a defense electronics system house that has sold over 300 radar systems to-date, to various global defense customers, specializing in the design, development, production, and sales of advanced electronic systems for airborne and land applications. The Company provides complete system solutions designed primarily for the aerospace and defense market and is a leading provider in the field of airborne video and data recorders. RADA's product lines include Tactical Land Radars, Inertial Navigation Systems, and Avionics Systems and Upgrades. The Company is headquartered in Netanya, Israel.
Last Close Stock Review
On Friday, August 25, 2017, the stock closed the trading session at $3.00, slightly up 0.67% from its previous closing price of $2.98. A total volume of 763.82 thousand shares have exchanged hands, which was higher than the 3-month average volume of 408.41 thousand shares. RADA Electronic Industries' stock price soared 97.37% in the last three months, 143.90% in the past six months, and 154.24% in the previous twelve months. Furthermore, since the start of the year, shares of the Company have skyrocketed 158.62%. At Friday's closing price, the stock's net capitalization stands at $83.01 million.
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