CPS Technologies Announces Follow-On HybridTech Armor® Panel Purchase Order for U.S. Aircraft Carriers
NORTON, Mass., June 20, 2023 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced it received an additional follow-on purchase order, valued at $1.4 million, for HybridTech Armor® panels from Kinetic Protection, the U.S. Navy’s prime contractor. The panels are an integrated component of advanced ballistic shields developed in support of protection system upgrades on Naval Aircraft Carriers. This recent purchase order, an exercised option on Kinetic’s contract with the Department of Defense, will equip additional ships with enhanced ballistic protection for crew-served weapons stations.
“This additional follow-on order from Kinetic Protection ensures the enhanced ballistic protection that our combined technologies offer will continue to be outfitted on U.S. Naval Carriers,” said Chuck Griffith, acting President and CFO. “We are proud to be part of such an important program protecting our service personnel. The CPS team remains actively engaged with our partners at Kinetic to pursue further expansion of our maritime ballistic product offerings across the U.S. fleet and beyond.”
The metal-encapsulated ceramic armor system provides optimal, lightweight ballistic protection and environmental durability in extreme maritime environments. The HybridTech Armor® panels do not degrade in the face of harsh conditions including salt, spray, or sunlight. The integrated system containing HybridTech Armor® panels is modular, allowing for customized configuration and application across various ship types. HybridTech Armor® technology is covered by multiple patents owned by CPS Technologies.
The proprietary technology behind HybridTech Armor® can be utilized for any application or threat-level requirement. The flexibility of the armor system design and material combination options provide the ability to offer tailored solutions for any customer’s unique requirements, addressing Size, Weight, and Performance (SWaP) considerations.
About CPS
CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure, and others. CPS hermetic packages can be found in many Aerospace and Satellite applications including the GPS III satellite and the Mars rover. CPS armor products provide exceptional ballistic protection and environmental durability at a very lightweight. CPS is committed to innovation and to supporting our customers in building solutions to this planet's problems.
Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2023 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward-looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com
David Costello
(617) 875-2492
david@risingtidemhd.com
Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com
