API Nanotronics Corp. (OTCBB: APIO) ("API" or the "Company"), a leading supplier of electronic components to the defense and communications sectors, announced today that it has received over $2 million in new contracts.
These contracts include orders for API's Filtran Ltd. subsidiary totaling $600,000 for transformers, inductors and filters used in a variety of military and government radio communication systems and a 2 year blanket award of $1.8 million won by API's Keytronics Inc. subsidiary providing transformers, chokes, inductors, capacitor networks, to a leading defense company. Keytronics has also recently gained approval on 4 qualification items for the "787 Dreamliner Program" at Goodrich Aerospace, and the Airbus project, which is a 12-15 year program.
Phillip DeZwirek, Chairman and CEO of API, stated, "These new orders are substantial and speak to continued momentum in our core business. While we pursue our goal of advancing next generation products through nanotechnology, it is important to recognize the strength and consistency of our traditional business."
About API Nanotronics Corp.
API Nanotronics Corp. through its wholly owned subsidiaries API Electronics Inc., National Hybrid Inc., Filtran Group, TM Systems and Keytronics, is engaged in the manufacture of electronic components and systems for the defense and communications industries. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, and numerous other top technology-based firms around the world, API regularly ships off-the-shelf and custom designed products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, Connecticut and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Nanotronics trades on the OTC Bulletin Board under the symbol APIO. For further information, please visit the company website at www.apinanotronics.com
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ON BEHALF OF THE BOARD
API Nanotronics Corp.
Philip DeZwirek, CEO