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Herley Awarded Multi-million Dollar Contract From South Korean Navy; Accompanying Shore Infrastructure Contract Will More Than Double Total Award.

Business Editors

LANCASTER, Pa--(BUSINESS WIRE)--Oct. 18, 2000

Herley Industries, Inc. (NASDAQ:HRLY), announced today that it has been awarded a $3.5 million contract to provide high frequency microwave communication systems for three South Korean Navy KDX destroyers.

John M. Kelley, Senior Vice President of Herley stated, "We were previously awarded the initial contract to install the communication system on the first batch of KDX destroyers. This award covers batch two in the multi-ship, multi-year program. South Korea's current schedule plans for the construction of twelve additional KDX destroyers. We have developed a strong relationship with the South Korean Navy and look forward to continuing our role as a valued supplier of high frequency communications systems and identification friend or foe (IFF) systems."

"In addition to the naval shipboard communication system, an accompanying contract to provide naval shore infrastructure business is expected to more than double the total amount awarded to Herley under the combined contracts," said Kelley.

Herley Industries, Inc. is a global leader in the design, development and manufacture of complex microwave solutions for the commercial wireless and defense industries. Based in Lancaster, PA, Herley has five manufacturing facilities and approximately 600 employees worldwide. Additional information about the company can be found on the Internet at www.herley.com.

Safe Harbor 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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Publication:Business Wire
Geographic Code:1USA
Date:Oct 18, 2000
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