Herley Receives Multi-year Contract From Lockheed Martin; Contract's Total Value Expected to Exceed $23 Million.Business Editors/Hi-Tech Writers LANCASTER, Pa.--(BUSINESS WIRE)--June 5, 2001 Herley Industries Herley Industries, based in Lancaster, Pennsylvania, is an American company that specializes in supplying microwave and millimeter wave products to defense and aerospace industries. , Inc. (Nasdaq:HRLY HRLY Hourly HRLY Herley Industries, Inc. (stock symbol) ) announced today that it has received a contract from Lockheed Martin For the former company, see . Lockheed Martin (NYSE: LMT) is a leading multinational aerospace manufacturer and advanced technology company formed in 1995 by the merger of Lockheed Corporation with Martin Marietta. Corporation to supply telemetry telemetry Highly automated communications process by which data are collected from instruments located at remote or inaccessible points and transmitted to receiving equipment for measurement, monitoring, display, and recording. data acquisition systems dedicated to system performance monitoring on the Trident II D-5 Test Missile Kit program. After initial engineering development, annual production is expected to continue for approximately 13 years with total revenue expected to exceed $23 million. The U.S. Navy takes a tactical Ohio-class submarine off patrol and conducts an Operational Evaluation The test and analysis of a specific end item or system, insofar as practicable under Service operating conditions, in order to determine if quantity production is warranted considering: a. the increase in military effectiveness to be gained; and b. Test to monitor the safety, reliability, readiness and performance of the Trident II D-5 Strategic Weapon System. The Operational Evaluation Test uses a test head on a test missile kit. Howard M. Eckstein, Senior Vice President and General Manager of Herley Microwave Systems said, "We are very pleased to be working closely with Lockheed to provide this cost effective solution for the U.S. Navy. We expect to gain additional insight into the Operating Evaluation Test procedures and expect to increase our involvement in this program with Lockheed Martin." The Trident II D-5 is a three-stage, solid propellant solid propellant n. A rocket propellant in solid form, combining both fuel and oxidizer in the form of a compact, cohesive grain. , inertially guided Fleet Ballistic Missile with a range of more than 4,000 nautical miles. Within about two minutes, after the third stage motor ignites, the missile is traveling in excess of 20,000 feet per second. Herley Industries Inc. is a leader in the design, development and manufacture of microwave technology solutions for the commercial wireless and defense/aerospace industries. Based in Lancaster, PA, Herley has five manufacturing facilities and approximately 650 employees worldwide. Additional information about the company can be found on the Internet at www.herley.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 - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. The Company's results could differ materially based on various factors, including, but not limited to cancellation or deferral of customer orders, difficulties in the timely development of new products, difficulties in manufacturing, increased competitive pressures, and general economic conditions. |
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