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| REMEC Receives AMRAAM Missile Award for $4.2 Million |
SAN DIEGO, Aug. 12 /PRNewswire-FirstCall/ -- REMEC, Inc. (Nasdaq: REMC) today announced it has received a $4.2 Million subcontract award from Raytheon (NYSE: RTN) for the Advanced Medium-Range Air-to-Air Missile (AMRAAM) program. REMEC will deliver 17 different microwave product types to Raytheon Missile Systems, including converters, filters, switches and multipliers for a total quantity of over 6,800 microwave units under this award. Deliveries will commence in December 2003 and are scheduled to complete in December 2005. When complete, REMEC will have delivered over 120,000 microwave products for the AMRAAM missile program since the production start in 1985. The current Raytheon Lot 17 & 18 AMRAAM missile award is part of a five-year agreement for Lots 17 through 21. The AMRAAM is a combat-proven missile with well-documented success. In addition to the United States Air Force F-15, F-16 and Navy F/A-18, AMRAAM is now used by 18 other nations. AMRAAM is also planned for installation on the new F/A-22 and Euro fighter. "We're very pleased to be a key part of Raytheon's production program on the AMRAAM missile and continue to make very important contributions to our nation's security," said Jack A. Giles, President of the REMEC Defense & Space Group. "We expect continued growth in missile business through our differentiating microwave technology leadership with expansion into millimeter wave subsystems and further functional integration." This work will be performed by the REMEC Defense & Space Group with headquarters located in San Diego, California. The REMEC Defense & Space Group employs over 1,000 people developing and producing advanced microwave products for defense and avionics systems for radar, electronic warfare, communication, navigation and identification systems. About REMEC REMEC provides design and manufacture of microwave and millimeter wave subsystems used in the transmission of voice, video and data traffic over wireless communications networks and provides advanced microwave subsystem solutions for defense and space electronics applications. REMEC is located at 3790 Via de la Valle, Del Mar, CA 92014. For more information, visit the company's Web site at http://www.remec.com or call (858) 505-3713. Statements in this press release that are not historical are forward- looking statements, which involve known and unknown risks and uncertainties. Actual results could differ materially from those implied by such forward- looking statements due to a variety of factors, including, general and industry economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed from time to time in our filings with the Securities and Exchange Commission. REMEC is a registered trademark of REMEC, Inc. Other brand or product names are registered trademarks or trademarks of their respective holders. (C) REMEC, Inc., 2003. All rights reserved. SOURCE REMEC, Inc. CONTACT: |