REMEC Announces Missile Systems Subcontract Modification
Aug 5, 2003
SAN DIEGO, Aug. 5 /PRNewswire-FirstCall/ -- REMEC, Inc. (NASDAQ:REMC) today announced that it has received an add-on subcontract modification to its recent competitive award as part of the Advanced Anti-Radiation Guided Missile (AARGM) System Development and Demonstration (SD&D) program from ATK Missile Systems Company LLC. Under the terms of the revised subcontract, REMEC will deliver additional advanced integrated avionics assemblies for the planned upgrade of the Navy Precision Strike AARGM program. The subcontract modification brings the current contract value to $6.7 million for this program phase, which includes product development and delivery of 37 Anti- Radiation Homing (ARH) Processor units. Initial prototype delivery will start in 2004 with contract completion scheduled in 2005 for this program phase. Following the development and test program, firm options exist for over 1750 follow-on production ARH units, which have a total contract value of well over $100 million.
The AARGM, designated AGM-88E by the U.S. Navy, 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 their 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.
Recently, the preliminary design review was successfully completed with ATK and the U.S. Navy in attendance. Jack A. Giles, President of the REMEC Defense and Space Group, stated, "REMEC is an integral supplier to U.S. prime contractors for complex integrated microwave assemblies. This program award enables REMEC to further demonstrate increased technical performance through integrated functionality in a very small missile envelope."
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 economic conditions, competition, development factors, operating costs and other risks and uncertainties that are detailed form 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: Thomas H. Waechter, Chief Operating Officer, +1-858-505-3725,
thomas.waechter@remec.com , or David Morash, Chief Financial Officer,
+1-858-505-3690, david.morash@remec.com , both of REMEC, Inc.
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