Sypris Solutions Awarded $7.3 Million Contract by Department of Defense.LOUISVILLE, Ky.--(BUSINESS WIRE)--July 1, 1998--Sypris Solutions, Inc. (Nasdaq/NM:SYPR) today announced that its wholly owned subsidiary Wholly Owned Subsidiary A subsidiary whose parent company owns 100% of its common stock. Notes: In other words, the parent company owns the company outright and there are no minority owners. , Group Technologies Corporation ("GroupTech"), has been awarded a contract to manufacture secure communications equipment for the Department of Defense. The contract is valued at $7.3 million and contains options for future units. The equipment will be manufactured over the next 20 months. Commenting on the award, Thomas W. Lovelock love·lock n. A lock of hair hanging separately from the rest of the hair, as one tied with ribbon and worn by courtiers during the 17th and 18th centuries. , president and chief executive officer of GroupTech, said, "GroupTech has a strong legacy in the Federal Systems market. We have built secure communications equipment for the Department of Defense successfully for over 30 years and enjoy a reputation for successfully manufacturing these complex systems." "We believe the government values the experienced, dedicated workforce at GroupTech." Lovelock continued, "The tenure of the people who will actually be building this product averages more than 15 years. Each of these individuals has been involved in building previous systems. This experience allows us to manufacture these systems efficiently, and our customer can rest assured that it will receive a product built to the highest quality standards." Sypris Solutions is a diversified manufacturer of integrated data acquisition and storage systems, magnetic instruments, current sensors A current sensor is a device that detect electrical current (AC or DC) in a wire, and generates a signal proportional to it. The sensed current and the output signal can be:
 “Louisville” redirects here. For other uses, see Louisville (disambiguation). , Sypris Solutions employs approximately 1,600 people in approximately 30 manufacturing and service locations throughout 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. .
CONTACT: Sypris Solutions Inc.
David D. Johnson, 502/585-5544
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