01/09/2020 | Press release | Distributed by Public on 01/09/2020 08:34
MITCHEL FIELD, N.Y., Jan. 09, 2020 (GLOBE NEWSWIRE) -- Frequency Electronics, Inc. ('FEI' or the 'Company') (NASDAQ-FEIM) announced its next generation Rubidium atomic clock successfully completed a Critical Design Review (CDR) by prime contractor Lockheed Martin Space for potential use on the U.S. Air Force's GPS III Follow On (GPS IIIF) satellite program.
The Digital Rubidium Atomic Frequency Standard (DRAFS) clock is an evolution of previous generation Rubidium atomic clocks designed for space applications. The DRAFS clock leverages technology developed by FEI and currently in operation on several government satellites. The successful CDR allows the new DRAFS clock to move forward into fabrication and testing to verify performance.
In February 2019, Lockheed Martin Space awarded FEI a contract now valued at about $7 million for the qualification of the company's DRAFS for potential use on the new GPS IIIF satellites. The risk reduction effort also helps secure the industrial base for high-accuracy GPS satellite atomic clocks.
The Air Force's GPS IIIF satellites will add new capabilities, technology and resiliency to the next-generation GPS III satellites currently in production and launching to help modernize today's GPS satellite constellation. Up to 22 GPS IIIF satellites are expected to be ordered. More than 4 billion military, commercial and civilian users utilize GPS every day.
Stanton Sloane, FEI CEO added, 'We are very pleased to have completed this critical milestone with Lockheed Martin Space and look forward now to completing fabrication and qualification of the DRAFS clocks.'
About Frequency Electronics
Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications. Frequency's products are used in satellite payloads and in other government, military and commercial, systems including C4ISR, EW, missiles, UAVs, aircraft, secure communications, energy exploration and wireline and wireless communication networks. With over one thousand systems delivered to defense department and commercial customers, Frequency has received more than 100 awards for excellence in providing high performance electronic assemblies for over 150 space and DOD programs. The Company invests significant resources in research and development to expand its capabilities and markets.
Frequency's Mission Statement: 'Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 50 GHz, for space and other challenging environments.'
Subsidiaries and Affiliates: FEI-Zyfer provides GPS and secure timing ('SAASM') capabilities for critical military and commercial applications; FEI-Elcom Tech provides sub-systems for Electronic Warfare ('EW') and added resources for state-of-the-art RF microwave products. Additional information is available on the Company's website: www.frequencyelectronics.com
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:
The Statements in this press release regarding the future constitute 'forward-looking' statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements. Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission. By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.
Contact information: Stanton Sloane, President, Chief Executive Officer, Steven Bernstein, Chief Financial Officer
Martin Bloch, Executive Chairman of the Board
TELEPHONE: (516) 794-4500
Source: Frequency Electronics, Inc.