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Frequency Electronics, Inc., Announces Award of a Contract for High Performance Oscillators for Space

MITCHEL FIELD, N.Y., Dec. 12, 2019 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. (“FEI” or the “Company”) (NASDAQ-FEIM) announces a contract award for precision oscillators for a next-generation satellite application. Under this contract, FEI will develop, manufacture, test and deliver state of the art oscillators which provide the primary frequency reference for the spacecraft and enhance its mission effectiveness. These high-performance, space qualified oscillators are an evolution of FEIs technology which has been proven on numerous US Government and commercial satellite programs over the last 58 years. The contract is valued at approximately $4.2m, if all options are exercised.

Commenting on the award, FEI CEO, Stanton Sloane said, “We are extremely pleased to have been selected for this critical sub-system and proud to play a part in providing key capabilities for this state of the art satellite.”

About Frequency Electronics

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications.  Frequency’s products are used in satellite payloads and in other government, military and commercial, systems including C4ISR, EW, missiles, UAVs, aircraft, secure communications, energy exploration and wireline and wireless communication networks.  With over one thousand systems delivered to defense department and commercial customers, Frequency has received more than 100 awards for excellence in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development to expand its capabilities and markets.  

Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for Electronic Warfare (“EW”) and added resources for state-of-the-art RF microwave products.  Additional information is available on the Company’s website: www.frequencyelectronics.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.  By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact information: Stanton Sloane, President, Chief Executive Officer, Steven Bernstein, Chief Financial Officer
      Martin Bloch, Executive Chairman of the Board
      TELEPHONE:  (516) 794-4500                       WEBSITE:     www.frequencyelectronics.com