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| REMEC Completes Delivery of First New RF Subsystem for ATK Advanced Missile Program |
SAN DIEGO--(BUSINESS WIRE)--Nov. 9, 2004--REMEC, Inc. (NASDAQ:REMC) announced today that it has delivered its first advanced Anti-Radiation Homing (ARH) RF Processor assembly to ATK (NYSE:ATK) in support of the Navy's Precision Strike Advanced Anti-Radiation Guided Missile (AARGM) program. REMEC is under contract to deliver 37 RF Processors over the next two years under a System Development and Demonstration (SD&D) contract of approximately $7 million. The contract includes production options with a potential contract value exceeding $100 million. The new AARGM RF Processor assembly was designed and manufactured by REMEC's Defense and Space Group headquartered in San Diego, CA. The AARGM is a planned upgrade to the currently deployed Navy High-Speed Anti-radiation Missile (HARM) system and will employ a multi-sensor guidance system capable of selectively engaging enemy air defenses even after they are shutdown. It will provide the U.S. Navy and Marine forces with significantly improved system enhancements to search, identify, and ultimately destroy enemy air defense targets. ATK management presented the REMEC design team with a banner in congratulations on the achievement of the first hardware delivery for the AARGM program. Michael Chiodo, ATK Missile Systems Company, LLC Vice President of Programs, stated that "REMEC is to be complimented for their outstanding performance in the achievement of this delivery. Excellent technical performance was achieved on the first SD&D unit. This superior RF Processor performance is key to achieving system level performance enhancement for this missile. REMEC's delivery will enable ATK to start system level integration and testing early in the SD&D program." The REMEC Defense and Space group employs over 1,000 people developing and producing advanced microwave products for defense and avionics applications in missile, 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. |