05/15/2019 | Press release | Distributed by Public on 05/15/2019 07:33
MELVILLE, N.Y.--(BUSINESS WIRE)--May 15, 2019-- May 15, 2019-- Comtech Telecommunications Corp. (NASDAQ:CMTL) announced today that during its third quarter of fiscal 2019, its Command & Control Technologies group, which is part of Comtech's Government Solutions segment, through its Maryland-based subsidiary, Comtech Mobile Datacom Corporation, was awarded option period two of contract GS03Q17DSC0002 with an overall potential value of approximately $8.5 million. To date funding in the overall amount of $5.2 million has been applied to option period two via contract modifications. The overall funded value of the contract inclusive of the Base, Option Year 1 and Option Year 2 is approximately $19.2 million.
These contract modifications are part of the five-year BFT-1 sustainment support contract for the U.S. Army's Project Manager Mission Command Blue Force Tracking ('BFT-1') program. Comtech continues to perform engineering services, satellite network operations and program management through a Firm Fixed Price contract with Time & Materials and Cost Reimbursement elements. Option period two performance period began April 15, 2019 and ends April 14, 2020, and the contract provides for two additional twelve-month option periods, exercisable by GSA.
'This funding further illustrates the important services Comtech continues to provide to the U.S. Army and the warfighter,' said Fred Kornberg, President and Chief Executive Officer of Comtech Telecommunications Corp. 'We are pleased to see the continuing investments made by the U.S. Army for our BFT-1 systems.'
BFT-1 is a battle command, real-time situational awareness and control system. Under the five-year BFT-1 sustainment contract, Comtech performs engineering services, satellite network operations and program management. The Command & Control Technologies group is a leading provider of mission-critical, highly-mobile C4ISR solutions.
Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company sells products to a diverse customer base in the global commercial and government communications markets.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company's Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
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Source: Comtech Telecommunications Corp.
Michael D. Porcelain, Senior Vice President and Chief Operating Officer