Eltek Penetrates the U.S. Market; Signs a 3-Year Framework Agreement with a U.S. Medical Equipment Manufacturer.PETACH-TIKVA, Israel Israel, in the Bible Israel (ĭz`rēəl, ĭz`rāəl) [as understood by Hebrews,=he strives with God], according to the book of Genesis, name given to Jacob as eponymous ancestor of the Hebrews, the chosen people of God. -- Key developments in the U.S. Market: --The Medical Equipment Customer Has Provided Eltek With Orders --A U.S. Defense Company Has Awarded Eltek with Initial Orders --Eltek Passes Advanced Stage Evaluation by a Major U.S. Aerospace Conglomerate conglomerate, in business conglomerate, corporation whose asset growth, often very rapid, comes largely through the acquisition of, or merger with, other firms whose products are largely unrelated to each other or to that of the parent company. Eltek Ltd. (NasdaqSC: ELTK), the leading Israeli manufacturer of advanced circuitry solutions, today announced the signing of a three-year framework agreement with a U.S. medical equipment manufacturer. This customer already begun to place orders for Eltek's flex-rigid PCBs. The company also reported the receipt of initial orders from a major U.S. defense company and the passing of key advanced stage evaluations by a U.S. aerospace manufacturer. "These multiple cross-industry achievements signify sig·ni·fy v. sig·ni·fied, sig·ni·fy·ing, sig·ni·fies v.tr. 1. To denote; mean. 2. To make known, as with a sign or word: signify one's intent. an important milestone in our penetration of the strategic U.S. market. Eltek's unique flex-rigid technological competencies are beginning to earn recognition among leading U.S.-based manufacturers," said Arieh Reichart, President and Chief Executive Officer of Eltek. "Increasing the revenue contribution of our international operations Internal Operations (I.O., IO or I/O) is a fictional American Intelligence Agency in Wildstorm comics. It was originally called International Operations. I.O. first appeared in WildC.A.T.S. volume 1 #1 (August, 1992) and was created by Brandon Choi and Jim Lee. in general and the U.S. in particular continue to be a key component of our strategic plan. The target benefits are clear: improved revenue mix, higher gross margin and improved overall corporate productivity and visibility," continued Reichart. "Therefore, I am very encouraged with our ability to successfully penetrate the lucrative U.S. market for high-end flex-rigid PCBs." "Looking forward, we will continue to focus our marketing efforts and business development initiatives on expanding our U.S. presence and further diversifying our U.S. customer base. Our strategic goal is to turn the U.S. market along with Europe, into a formidable and growing source of higher margin revenues for Eltek," he concluded. Amnon Shemer, CFO See Chief Financial Officer. of Eltek commented: "The framework agreement signed with the medical equipment manufacturer is our first multi-year agreement ever achieved in the U.S. market, while our early engagement with the defense customer, and our success in passing a thorough competitive evaluation process by the prospective aerospace conglomerate could lead to follow-on repeated orders, thus increasing our production efficiency and productivity." About the Company Eltek is one of Israel's leading manufacturers of printed circuit boards, the core circuitry of most electronic devices. It specializes in the complex high-end of PCB PCB: see polychlorinated biphenyl. PCB in full polychlorinated biphenyl Any of a class of highly stable organic compounds prepared by the reaction of chlorine with biphenyl, a two-ring compound. manufacturing, i.e., HDI HDI Human Development Index (UNDP yardstick of human welfare) HDI Help Desk Institute HDI Humpty Dumpty Institute (New York, New York) HDI High Density Interconnect , multi-layered and flex-rigid boards. Eltek's technologically advanced circuitry solutions are used in today's increasingly sophisticated and compact electronic products. The Company has invested heavily in upgrading its production facilities over the past five years. For more information, visit Eltek's World Wide Web site at www.eltekglobal.com. Certain matters discussed in this news release are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. that involve a number of risks and uncertainties including, but not limited to statements regarding expected results in future quarters, risks in product and technology development and rapid technological change, product demand, the impact of competitive products and pricing, market acceptance, the sales cycle, changing economic conditions and other risk factors detailed in the Company's filings with the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. Securities and Exchange Commission. |
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