ORLANDO, Fla. and LONDON, UK – (PR Newswire) – November 18, 2014 — API Technologies Corp. (NASDAQ:ATNY) ("API" or the "Company"), a leading provider of high performance RF/microwave, power, and security solutions for high-reliability applications, today announced that it has received a follow-on order for $1.3 million to provide microwave modules for latest generation radar. The customer program, anticipated to continue through 2025, is expected to add an additional $20 million in revenue. The product features the use of a proprietary Glass Microwave Integrated Circuit (GMIC) fabrication process, which offers shorter cycle time and affordability compared to traditional MMIC (monolithic microwave integrated circuit)-based solutions.
GMIC is a medium-volume substrate process where passive components and wire bonds, or airbridges, are fabricated at wafer level. The resulting product is a circuit that combines the small footprint of a MMIC (gallium arsenide monolithic microwave integrated circuit) with the high performance characteristics of hybrid MICs (microwave integrated circuits). Glass offers excellent thermal management capabilities, compared to alumina based products, which results in products offering peak performance even at extreme temperatures.
API Technologies has successfully leveraged the process in a variety of Company-designed subsystems, modules, and across a variety of standalone products, including Voltage Controlled Oscillators (VCOs), limiters, mixers, and detectors. Featured applications include flight instrumentation, airborne jammers, missile systems, and phased array radar.
“This follow-on order from a strategic customer gives testament to the competitive advantage our RF / microwave products deliver in terms of functionally, performance, and affordability,” said Bel Lazar, president and chief executive officer, API Technologies.
API Technologies is a leading provider of RF / microwave and millimeter wave products, including subsystems, modules, and components. Featured solutions include the Active Antenna Array Unity (AAAU) for AESA and e-scan radar, advanced transmitter / receiver products, limiters, and high power amplifiers. For more information, visit http://micro.apitech.com or call +44 (0) 1908 574324.
About API Technologies Corp.
API Technologies (NASDAQ: ATNY) is an innovative designer and manufacturer of high performance systems, subsystems, modules, and components for technically demanding RF, microwave, millimeter wave, electromagnetic, power, and security applications. A high-reliability technology pioneer with over 70 years of heritage, API Technologies products are used by global defense, industrial, and commercial customers in the areas of commercial aerospace, wireless communications, medical, oil and gas, electronic warfare, unmanned systems, C4ISR, missile defense, harsh environments, satellites, and space. Learn more about API Technologies and our products 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 include but are not limited to, general economic and business conditions, government regulations, our ability to integrate and consolidate our operations, our ability to expand our operations in both new and existing markets, the ability of our review of strategic alternatives to maximize stockholder value 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. The forward-looking statements in this news release should be read in conjunction with the more detailed descriptions of the above factors located in our Annual Report on Form 10-K under Part I, Item 1A “Risk Factors” as well as those additional factors we may describe from time to time in other filings with the Securities and Exchange Commission. 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.