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Order placed through new multi-year Task Order under an existing $28 billion Department of Defense contract vehicle
New Test Range Market Segment Significantly Expands Company’s Total Addressable Market
DUBLIN, Calif., June 07, 2022 (GLOBE NEWSWIRE) -- (OTCQB: GIGA Giga-tronics Incorporated (the “Company”), a producer of functional test solutions for the RADAR/EW segment of the defense electronics market, today announced that it has received an order valued at $783,000 for the Company’s RADAR/Electronic Warfare Threat Emulation System (TEmS). The Company’s technology will play a critical role in the development, testing, and fielding of a new advanced weapon system program of record for the United States Air Force F-35 program. The order was placed through a new multi-year Task Order under a $28 billion Department of Defense (“DoD”) contract vehicle.
Lutz Henckels, Executive Vice President, Chief Financial Officer and Chief Operating Officer stated, “We are pleased to be a preferred supplier as part of the new $28B contract vehicle with the DoD. This is the first order made through this new program for our RADAR/Electronic Warfare Threat Emulation System (TEmS), and we look forward to establishing a more consistent cadence of contract award activity with the DoD. The range market segment is relatively new for Giga-tronics with the TEmS product being utilized for emulating legacy, current, and rapidly emerging Integrated Air Defense Systems on the test range for advanced weapon system development and testing, as well as pilot and aircrew training. TEmS is architected like a RADAR, with a programmable, digital front-end, and driven by sophisticated threat emulation software developed jointly with a prime contractor, providing a truly disruptive capability for range applications.“
About Giga-tronics Incorporated
Giga-tronics is a publicly held company, traded on the OTCQB Capital Market under the symbol "GIGA". Giga-tronics produces RADAR filters and Microwave Integrated Components for use in military defense applications as well as sophisticated RADAR/Electronic Warfare test products primarily used in electronic warfare test and emulation applications.
Forward Looking Statements
This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. All statements in this press release, other than statements of historical facts, are forward-looking statements. Generally, forward- looking statements and information can be identified by the use of forward-looking terminology such as “expects” or “anticipates”, or variations of such words and phrases or statements that certain actions, events or results “may,” “could,” “should," or “will” occur. Forward-looking statements include, among others, those concerning future product developments, future prospects, future operating results (including, for example, future revenue, growth, expenses, margin and profitability), growth in market share, product competitiveness and expected and potential sales to customers. Forward-looking statements are necessarily based upon estimates and assumptions that, while considered reasonable by the Company and its management, are inherently uncertain. Factors that may cause actual results to differ materially from current expectations include the Company’s ability to successfully manufacture its RADAR/Electronic Warfare test products; to identify customer needs and to design and implement new features; the timely receipt of components from third-party suppliers; the receipt or timing of future orders for products or services and cancellations or deferrals of existing or future orders; the adequacy of the Company’s capital resources; the Company’s ability to manage expenses; the results of pending or threatened litigation; the Company’s ability to successfully implement its business plan; the Company’s need to modify its business plan as a result of these or other risks; the volatility in the market price of the Company’s common stock; and the circumstances relating to the COVID-19 pandemic and governmental responses. You should not place undue reliance on any forward-looking statements, which are made as of the date of this press release. The Company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements. For further discussion, see the Company’s most recent annual report on Form 10-K for the fiscal year ended March 27, 2021, Part I, under the heading "Risk Factors" and Part II, under the heading "Management's Discussion and Analysis of Financial Condition and Results of Operations" and those in other public filings the Company may make with the Security and Exchange Commission.
Contact: Lutz Henckels
Investor Relations Contact:
Executive Vice President, CFO, COO
John Nesbett/Jennifer Belodeau
IMS Investor Relations
(925) 328-4650 ext. 4698