Astronics Wins Exclusive Supplier Status for Exterior Lighting System on Eclipse 500 Jet.Business Editors EAST AURORA, N.Y.--(BUSINESS WIRE)--March 31, 2004 Astronics Corporation (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on : ATRO ATRO Actual Time of Return to Operation ), a leader in advanced, high performance lighting and electronics systems for the global aerospace and defense industry, today announced that its subsidiary, Luminescent lu·mi·nes·cent adj. Capable of, suitable for, or exhibiting luminescence. [Latin l  men, l Systems, Inc. (LSI LSI: see integrated circuit. (Large Scale Integration) Between 3,000 and 100,000 transistors on a chip. See SSI, MSI, VLSI and ULSI. ), was chosen by Eclipse Aviation Eclipse Aviation Corporation is an Albuquerque, New Mexico based manufacturer of the Eclipse 500 and Eclipse ECJ very light jets (VLJs). Founded in 1998 by former Microsoft employee Vern Raburn, the company employs about 1,300, which is more than twice the number from only a few to be the sole supplier of the exterior lighting system for the Eclipse 500 jet. The Eclipse 500 is a revolutionary, new six-seat twin-turbofan aircraft designed to provide jet travel convenience that is more economical to own and operate than piston and turboprop turboprop: see turbine. turboprop Hybrid engine that provides jet thrust and also drives a propeller. It is similar to the turbojet except that an added turbine, behind the combustion chamber, works through a shaft and speed-reducing gears to turn a aircraft. The "Very Light Jet" aircraft is on track for FAA certification in early 2006. Astronics' exterior lighting system will comprise an entire suite of lights including: landing, taxi, anti-collision, ground recognition, wing inspection and position/navigation lights. The lighting fixtures will utilize light emitting diode See LED. (LED) and high intensity discharge (HID) technology to provide a significant increase in reliability in comparison to the incandescent based lighting technology used on most current generation aircraft. The HID and LED lighting technology was developed by LSI in conjunction with its work on the F-35 Joint Strike Fighter program The Joint Strike Fighter (JSF) became synonymous with the later F-35 Lightning II, however until 2001 the term was applied to the competition between the Boeing X-32 and Lockheed Martin X-35. . Peter Gundermann, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of Astronics Corporation, commented, "We are excited to be part of the world class supplier team that Eclipse has assembled for this aircraft. This contract win highlights the significant market opportunities in the commercial aerospace arena for our high-reliability exterior lighting technology. Originally developed for the military market, our new products are increasing the amount of Astronics lighting content being designed into next generation commercial aircraft as well." The terms of the agreement have not been disclosed and the ultimate value of the contract is estimated to have a value in excess of $10 million, depending on the commercial success of the aircraft. Eclipse has received deposits from prospective customers for over 2,000 aircraft. More information on Eclipse Aviation and the Eclipse 500 can be found at its website: www.eclipseaviation.com. ABOUT ASTRONICS CORPORATION Astronics Corporation is a manufacturer of specialized lighting and electronics for the cockpit, cabin and exteriors of military, commercial transport and private business jet aircraft. Its strategy is to advance from a components and subsystems supplier to an aircraft lighting systems integrator, increasing the value and content it provides to a growing number of aircraft platforms. Luminescent Systems, Inc. is Astronics' primary operating subsidiary An operating subsidiary is a business term frequently used within the United States railroad industry. In the case of a railroad, it refers to a company that is a subsidiary but operates with its own identity and rolling stock. which produces its aerospace and defense products. For more information on Astronics and its products, visit its website at www.astronics.com. Safe Harbor Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. Statement This press release contains forward-looking statements as defined by the Securities Exchange Act of 1934. One can identify these forward-looking statements by the use of the words "expect," "anticipate," "plan," "may," "will," "estimate" or other similar expression. Because such statements apply to future events, they are subject to risks and uncertainties that could cause the actual results to differ materially from those contemplated by the statements. Important factors that could cause actual results to differ materially include the Company's ability to successfully execute the contract, that Eclipse Aviation will be successful in producing its aircraft, that the demand for the aircraft or current orders will remain over 2,000 aircraft, that the estimated value of the production contract will be realized, that there are other opportunities for the transfer of the technology, the state of the aerospace industry, and other factors which are described in filings by Astronics with the Securities and Exchange Commission. The Company assumes no obligation to update forward-looking information in this press release whether to reflect changed assumptions, the occurrence of unanticipated events or changes in future operating results, financial conditions or prospects, or otherwise. |
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