IRVINE SENSORS CORP. ANNOUNCES CONTRACT FROM GRUMMAN CORP.
IRVINE SENSORS CORP. ANNOUNCES CONTRACT FROM GRUMMAN CORP. COSTA MESA, Calif., Oct. 13 /PRNewswire/ -- Irvine Sensors Corp. (NASDAQ: IRSN) announced today the receipt of a 13-month, $800,000 contract award from Grumman Corp. (NYSE: GQ) to demonstrate Irvine's HYMOSS stacked circuitry sensor technology for next-generation space- based surveillance and earth-observation programs. Grumman is a leading developer and integrator of staring sensors. James Alexiou, Irvine Sensor's chief executive officer, said, "We originally formed Irvine Sensors to deal with precisely the surveillance problems that are now being addressed by Grumman. If Grumman's application of HYMOSS technology achieves anything like the longevity and scale of existing surveillance systems, success in the Grumman demonstration could lead to a substantial market for our focal plane products for years to come. This program also offers the same kind of opportunity to establish technology standards for the sensor community as our recent joint venture with IBM offers in the computer field. It is particularly gratifying that both of these initiatives are maturing at the same time. The objective of the Irvine Sensors contract, a joint activity with Grumman, is to demonstrate a HYMOSS module which is interoperable with Grumman's existing focal plane module design, but which is substantially smaller and which adds the ability to "see" in several different infrared wavelengths simultaneously. Such features would be expected to materially enhance the performance of the satellite sensor and the competitive strength of Grumman designs. Successful demonstration could also lead to other joint activities between the parties utilizing Irvine's chip-stacking technology across broad elements of the electro-optical sensor market. Irvine Sensors, headquartered in Costa Mesa, is primarily engaged in the development of infrared devices and high-density packages of computer electronics which are intended to have broad applications in military and commercial systems. -0- 10/13/92 /CONTACT: John J. Stuart, CFO of Irvine Sensors, 714-549-8211; or Edda Brown of The Wall Street Financial Corp., 310-552-1555, for Irvine Sensors/ (IRSN GQ) CO: Irvine Sensors Corp.; Grumman Corp. ST: California IN: ARO CPR SU: CON
BP-LS -- LA008 -- 9109 10/13/92 08:02 EDT
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|Date:||Oct 13, 1992|
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