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| REMEC Awarded Contract for Components in Joint Common Missile Seeker |
SAN DIEGO, Calif.--(BUSINESS WIRE)--Oct. 20, 2004--REMEC, Inc. (NASDAQ:REMC) announced today it has received an initial contract award from Lockheed Martin (NYSE:LMT) for the design and development of three integrated microwave assemblies (IMA's) for the Joint Common Missile (JCM) program's phase 1 Risk Reduction System Design and Development (SDD) contract. The value of this first increment of the SDD program to REMEC is approximately $2.5 million over the next 12months. The JCM is the next-generation, multi-purpose, air-to-ground precision missile that will replace Hellfire, Longbow and Maverick in the U.S. arsenal. It is a multi-service, multi-user, multi-platform missile designed to engage and destroy stationary, relocatable and moving targets. The long-term U.S. production run is estimated at 54,000 missiles. The IMA's provided by REMEC are an integral part of the millimeter wave (MMW) sensor within the sophisticated tri-mode seeker that is key to the JCM's multi-mission capability and operational flexibility. The tri-mode seeker combines a semi-active laser, for precision-strike, single-shot kill capability with low collateral damage; an imaging infrared sensor, for passive fire-and-forget and countermeasure robustness; and MMW radar, for active fire-and-forget, day, night and in adverse weather. "We selected REMEC to provide the integrated microwave assemblies for JCM's seeker because they share our commitment to providing products that deliver the best performance to the warfighter," said Steven Barnoske, Lockheed Martin JCM program manager. "Their management also shares our commitment to continuous improvement, to ensure an affordable, best-value solution for our customer. This is particularly critical with the seeker because it is the highest-value subsystem in the missile." "This is a tremendous design win for REMEC with production follow-on potential in excess of $100 million," stated Jack A. Giles, president of the REMEC Defense & Space Group. "Our leading-edge technology and our ability to provide higher levels of microwave integration provide our customers an affordable product solution with outstanding technical performance. We look forward to working closely with Lockheed Martin in providing our nation's aviators an outstanding new weapon system in the defense of our country." This work will be performed by the REMEC Defense & Space Group headquartered in San Diego. 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. Forward-looking Statements 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.
CONTACT: SOURCE: REMEC, Inc. |