RONKONKOMA, NY - (PRNewswire) - October 5, 2010 - API Technologies Corp. (OTCBB:ATNY), a provider of highly engineered products and services to the global defense sector, has been awarded a long term contract from the U.S. Army to develop and supply the Night Vision Electronic Systems Test Set. The five-year indefinite delivery, indefinite quantity (IDIQ) contract has a ceiling value of $22 million and an additional one-year option.
Steve Pudles, CEO of API Defense USA, said, “API has earned a reputation for engineering excellence in system design, development and production. These core competencies were critical in our Company winning this competitive award. We look forward to working with the Army to deliver the Night Vision Electronic Systems Test Set product and to continuing our focus on being a key supplier to both government and global defense companies.”
About API Technologies Corp.
The Company, through its subsidiaries, is a prime contractor in engineered systems, components and secure communications to the global defense and aerospace industry. API Technologies' customers include the governments of the U.S., Canada, the United Kingdom, NATO and the European Union, as well as many of the leading Fortune 500 companies. The Company is engaged in providing innovative design, engineering and manufacturing solutions to its customers. API Technologies trades on the OTC Bulletin Board under the symbol ATNY. For further information, please visit the company website at www.apitech.com.
Safe Harbor for Forward-Looking Statements
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. All forward-looking statements are subject to certain risks, uncertainties and assumptions which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties, which are more fully described in the Company's Annual and Quarterly Reports filed with the Securities and Exchange Commission, include but are not limited to, general economic and business conditions, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, and the effect of growth on our infrastructure. Should one or more of these risks or uncertainties materialize, or should the assumptions prove incorrect, actual results may vary in material aspects from those currently anticipated. All information in this release is as of the date hereof. We undertake no duty to update any forward-looking statement to conform the statement to actual results or changes in the Company's expectations. Except as required by law, the Company assumes no obligation to update or revise any forward-looking statements in this press release, whether as a result of new information, future events, or otherwise.
Executive Vice President
API Technologies Corp.