Metrologic Receives Contract Modification for Additional Funding From a Customer for its Advanced Optical Systems Division.
BLACKWOOD blackwood, name for several trees, especially an acacia. , N.J. -- Metrologic Instruments Metrologic Instruments is an automated identification and data capture (AIDC) company headquartered in Blackwood, New Jersey.
Metrologic Instruments designs, manufactures and markets bar code decoding hardware, adaptive optical solutions and high-speed image processing , Inc. (NASDAQ-NMS:MTLG), experts in optical image capture and processing solutions, who design, manufacture and market worldwide sophisticated imaging and bar code scanning solutions for a variety of applications, today announced that the Advanced Optical Systems Division of its Adaptive Optics optics, scientific study of light. Physical optics is concerned with the genesis, nature, and properties of light; physiological optics with the part light plays in vision; and geometrical optics with the reflection and refraction of light as encountered in the study Associates Inc. ("AOA AOA American Optometric Association; American Orthopsychiatric Association; American Osteopathic Association.
AOA 1 American Orthopaedic Association 2 American Osteopathic Association, see there ") subsidiary has received a contract modification valued at approximately $850 thousand under a contract from a proprietary customer bringing the total value of the contract to $1.5 million. The additional funding is associated with efforts scheduled for completion in the second quarter of 2005. Payments under the contract will be made to AOA on a cost-plus-fixed-fee basis.
"We are pleased to be awarded additional funding on this effort and look forward to supporting our customer's needs" stated Jeffrey Yorsz, AOA's President and General Manager. "This additional funding illustrates our continued commitment and focus on growth in the optical systems portion of our business."
For proprietary reasons, this customer has requested that Metrologic not release its name.
About Metrologic and AOA
Metrologic Instruments, Inc. ("Metrologic" or the "Company") designs, manufactures and markets bar code scanning and high-speed automated au·to·mate
v. au·to·mat·ed, au·to·mat·ing, au·to·mates
1. To convert to automatic operation: automate a factory.
2. data capture systems solutions using laser, holographic See holographic storage. and vision-based technologies. Metrologic offers expertise in 1D and 2D bar code reading, portable data collection, optical character recognition optical character recognition (OCR), method for the machine-reading of typeset, typed, and, in some cases, hand-printed letters, numbers, and symbols using optical sensing and a computer. , image lift, and parcel dimensioning and singulation detection for customers in retail, commercial, manufacturing, transportation and logistics, and postal and parcel delivery industries. In addition to its extensive line of bar code scanning and vision system equipment, the Company also provides a variety of highly sophisticated optical systems used by the commercial, government, and scientific communities. Metrologic products are sold in more than 110 countries worldwide through Metrologic's sales, service and distribution offices located in North and South America South America, fourth largest continent (1991 est. pop. 299,150,000), c.6,880,000 sq mi (17,819,000 sq km), the southern of the two continents of the Western Hemisphere. , Europe and Asia. For more information please call 1-800-ID-METRO or visit www.metrologic.com.
Forward-Looking Statement 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.
Forward-looking statements contained in this release are highly dependent upon a variety of important factors which would cause actual results to differ materially from those reflected in such forward looking statements. Specifically, the timing and extent to which the Company's subsidiary receives additional funding awards under the contract could cause actual results to differ from expectations. When used in this release and documents referenced, the words "believes," "expects," "may," "should," "seeks," or "anticipates," and similar expressions as they relate to Metrologic or its management are intended to identify such forward-looking statements. For additional factors, please see Metrologic's reports filed with the Securities and Exchange Commission.