Sypris Receives Releases Under New Multi-Year Contract
22 Junho 2022 - 9:30AM
Business Wire
Full-Rate, Multi-System Production to Scale
Beginning In 2022
Precision-Guided Anti-Ship Missile
System
Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc.
(Nasdaq/GM: SYPR), announced today that it has recently received
releases under a new, multi-year production contract that was first
announced in February of this year. The order, which provides for
Sypris to begin full-rate production beginning in 2022, calls for
the manufacture and test of power supplies for an initial five
systems to be supplied to a U.S. DOD contractor. Terms of the award
were not disclosed.
The modules produced by Sypris will be integrated into an
electronic warfare improvement program for the U.S. Navy. According
to news sources, the upgrade will provide the capability to
actively jam incoming missiles that threaten a warship, cue decoys
and adapt quickly to evolving threats. The improvements to the
electronic attack portion will provide integrated countermeasures
against radio frequency-guided threats and extended frequency range
coverage according to the U.S. Navy.
The system’s capability for non-kinetic electronic attack
options can be further deployed in additional critical areas. From
advanced communications to multi-role waveforms, the multi-function
applications of the system will provide enhanced mission
capabilities to the U.S. Navy Fleet while presenting opportunities
for future reductions in cost, size, weight, and power according to
the U.S. Naval Institute.
“We are pleased to receive this first production award under our
new multi-year contract with this important customer,” said Mark R.
Kane, Vice President & General Manager of Sypris Electronics.
“We have provided manufacturing and engineering services for this
critical program for years, originating with the Engineering and
Manufacturing Development phase, before transitioning into Low-Rate
Initial Production and now into Full-Rate Production. We are
certainly proud to increase our support for this strategic,
long-term program of the U.S. Navy.”
Sypris Electronics is a trusted provider of engineering and
manufacturing services for complex, mission-critical electronic
solutions for customers in the Defense, Space, Deep Sea
Communications, and Industrial markets. Backed by over 50 years of
experience, the Company specializes in producing electronics for
high-cost-of-failure applications. For more information, please
visit www.sypriselectronics.com.
Forward-Looking Statements
This press release contains “forward-looking” statements
within the meaning of the federal securities laws. Forward-looking
statements include our plans and expectations of future financial
and operational performance. Each forward-looking statement herein
is subject to risks and uncertainties, as detailed in our most
recent Form 10-K and Form 10-Q and other SEC filings. Briefly,
we currently believe that such risks also include the following:
our failure to achieve and maintain profitability on a timely basis
by steadily increasing our revenues from profitable contracts with
a diversified group of customers, which would cause us to continue
to use existing cash resources; our failure to successfully
complete final contract negotiations with regard to our announced
contract “orders”, “wins” or “awards”; our failure to successfully
win new business or develop new or improved products or new markets
for our products; volatility of our customers’ forecasts, which may
negatively impact our operational capacity and our effectiveness to
integrate new customers or suppliers, and in turn cause increases
in our inventory and working capital levels; cost, quality and
availability or lead times of raw materials such as component parts
or utilities including increased cost relating to inflation; the
impact of the current coronavirus disease (“COVID-19”) and economic
conditions on our future operations; possible public policy
response to the pandemic, including U.S. or foreign government
legislation or restrictions that may impact our operations or
supply chain; the cost, quality, timeliness, efficiency and yield
of our operations and capital investments, including the impact of
inflation, tariffs, product recalls or related liabilities,
employee training, working capital, production schedules, cycle
times, scrap rates, injuries, wages, overtime costs, freight or
expediting costs; dependence on, retention or recruitment of key
employees and highly skilled personnel and distribution of our
human capital; the termination or non-renewal of existing contracts
by customers; inaccurate data about markets, customers or business
conditions; disputes or litigation involving governmental,
supplier, customer, employee, creditor, product liability or
warranty; our reliance on a few key customers, third party vendors
and sub-suppliers; inventory valuation risks including excessive or
obsolescent valuations or price erosions of raw materials or
component parts on hand or other potential impairments,
non-recoverability or write-offs of assets or deferred costs;
failure to adequately insure or to identify product liability,
environmental or other insurable risks; unanticipated or uninsured
product liability claims, disasters, public health crises, losses
or business risks; the costs of compliance with our regulatory or
contractual obligations; health care or other benefit costs; our
inability to patent or otherwise protect our inventions or other
intellectual property from potential competitors; adverse impacts
of new technologies or other competitive pressures which increase
our costs or erode our margins; U.S. government spending on
products and services that Sypris Electronics provides, including
the timing of budgetary decisions; changes in licenses, security
clearances, or other legal rights to operate, manage our work force
or import and export as needed; war, geopolitical conflict,
terrorism, or political uncertainty, including disruptions
resulting from the conflict between Russia and Ukraine arising out
of international sanctions; cyber security threats and disruptions,
including ransomware attacks on our systems and the systems of
third-party vendors and other parties with which we conduct
business, all of which may become more pronounced in the event of
geopolitical conflicts and other uncertainties, such as the
conflict in Ukraine; or unknown risks and uncertainties. We
undertake no obligation to update our forward-looking statements,
except as may be required by law.
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version on businesswire.com: https://www.businesswire.com/news/home/20220622005282/en/
Lawrence J. Bernicky Vice President of Finance
(813) 972-6040
Sypris Solutions (NASDAQ:SYPR)
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