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| REMEC Announces TOW Missile Production Upgrade Contract |
SAN DIEGO--(BUSINESS WIRE)--June 7, 2004--REMEC, Inc. (NASDAQ: REMC) today announced it has received an initial $9.9 million production contract from Raytheon Missile Systems for the TOW (Tube-Launched, Optically-Tracked, Wire-Guided) missile second-generation upgrade program. This contract is a result of Raytheon's recent demonstrated success to prove feasibility to add expanded capability to the TOW weapon system. With the production option for additional microwave units, the total contract value has a potential of greater than $17 million for the first three production lots for REMEC. This program is the result of an earlier development success for the TOW Gen 1 system in which over 1,000 production upgrade units were produced by REMEC for this missile configuration. The new TOW Gen 2 production contract includes delivery of 1,501 Integrated Microwave Assemblies (IMA's), production rate tooling, and long lead material funding for an additional 807 IMA's. Delivery is scheduled to begin in 2004 with contract completion in early 2006. The TOW 2 Weapon System, with the multi-mission TOW 2A and TOW 2B missile capability, is the premier anti-armor/anti-bunker/anti-fortification/anti-amphibious landing weapon system used throughout the world today. TOW is presently in service with over 40 countries and has been integrated on over 15,000 ground, vehicle and helicopter platforms worldwide. TOW is also the preferred anti-armor weapon system for NATO and Peacekeeping Operations worldwide. "We are pleased to continue our strong customer relationship with the Raytheon development team on the upgrade of the TOW 2B missile," stated Jack A. Giles, president of REMEC Defense & Space. "This contract applies our advanced integrated microwave technology for retrofit on a production update program for an existing tactical missile weapon system with a very large embedded world wide base." This work will be performed by REMEC Defense & Space, with headquarters located in San Diego, California. REMEC Defense & Space 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 designs and manufactures 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. REMEC, Inc., 2004. All rights reserved.
CONTACT: SOURCE: REMEC, Inc. |