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| REMEC Announces Standard Missile Production Contract |
SAN DIEGO--(BUSINESS WIRE)--July 7, 2004--REMEC, Inc. (Nasdaq: REMC) today announced it has received a $4.7 million production contract from Raytheon Missile Systems for the Standard Missile (SM-2) production. This Standard Missile (SM-2) production contract includes delivery of 950 integrated microwave assemblies (IMAs), with delivery scheduled to begin in early 2005 with contract completion in late 2006. Additional production quantities exist under this initial contract award. The Standard Missile 2 (SM-2) is the world's premier surface-to-air air defense system and is an integral part of the Aegis Weapon System aboard the latest U.S. destroyers. The SM-2 Missile configuration provides area defense against enemy aircraft and anti-ship missiles. The SM-2 Missile is now operational on guided missile cruisers, destroyers, and frigates in the U.S. Navy and is in operation with seven allied navies worldwide. In addition to providing significant increases in ship area defense capability, the SM-2 Block-4A configuration is the development stepping stone for the Navy's Theater Ballistic Missile Defense (TBMD) missile system. "We are pleased to be a part of the Raytheon production upgrade team to add additional microwave & RF capability for enhanced SM performance against hostile threats for improved fleet protection," stated Jack A. Giles, president of REMEC Defense & Space. "We look forward to continuing our development efforts with Raytheon to expand the capability on the TBMD missile system." 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. |