Eltek Selected by a Tier - One European Military and Aerospace Conglomerate for a Three - Year Strategic High - End PCBs Production Agreement.* This new engagement: a multi - million dollar revenue potential for Eltek * The customer has begun to place orders for Eltek's high-end PCBs under the new agreement PETACH-TIKVA, Israel -- Eltek Ltd. (Nasdaq:ELTK), the leading Israeli manufacturer of advanced circuitry solutions, today announced that following a tender for the next three years, it has been selected as a provider of high-end high-reliability PCBs by a major European military and 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. for use in highly complex, mission critical avionics avionics (ā'vēŏn`ĭks), electronic instruments used in air or space flight; also the design and production of such instruments. Early planes had few instruments, but as aviation and aircraft became more complex, so did instrumentation. equipment and applications. The customer has begun to place orders for Eltek's high reliability PCBs under the new tender. Arieh Reichart, President and Chief Executive Officer of Eltek, said: "We are honoured and proud to have been chosen by this well-known conglomerate for a strategic relationship following a strict evaluation strict evaluation - Call-by-value evaluation order is sometimes called "strict evaluation" because, in a sequential system, it makes functions behave as though they were strict, in the sense that evaluation of a function application cannot terminate before evaluation of the process and highly competitive tender. This win has a multi - million dollar potential for Eltek as we expect our high-end PCBs to be incorporated in a growing variety of products and applications. Winning this tender marks another important achievement in our efforts to gain new tier-one customers, reinforce our strong position in key high-end verticals, further diversify diversify To acquire a variety of assets that do not tend to change in value at the same time. To diversify a securities portfolio is to purchase different types of securities in different companies in unrelated industries. our serial production customer base and exploit our tremendous long-term growth opportunities in the global high-end PCBs market." "This agreement adds an important multi-quarter serial production engagement to our customer base. As we had no revenues from this customer in previous years, we expect this win to have a growing impact on our overall growth." Mr. Reichart concluded. About the Company Eltek is Israel's leading manufacturer 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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