RONKONKOMA, NY - (PRNewswire) - October 13, 2010 - API Technologies Corp. (OTC.BB: ATNY), a provider of highly engineered products and services to the global defense sector, announces that it has received a new, $1.7 million order from Raytheon Space and Airborne Systems (SAS) of El Segundo, California. API will supply Raytheon SAS with engineering services and assemblies for the radar system incorporated within the Bell-Boeing V-22 Osprey aircraft. The order will be will be designed and manufactured in the Company’s Pennsylvania facility.
Steve Pudles, CEO of API Defense USA, said, “We are very pleased that Raytheon has chosen API Technologies as a supplier for this unique product. Our Company will be working with Raytheon on the design, engineering and manufacturing for these circuit card assemblies. Raytheon’s confidence in API further demonstrates our growing capabilities to work with global partners at the cutting-edge of defense technology.”
About Raytheon Space and Airborne Systems
Raytheon Space and Airborne Systems (SAS) is a leading provider of sensor systems giving military forces the most accurate and timely actionable information available for the network-centric battlefield. For decades, we’ve supported military and civil customers with focused, forward-looking technology, and today we are playing an increasing role in mission systems integration. Our ability to understand and anticipate needs, and develop the right systems to meet them, has made us a valued long-term partner. Customers worldwide depend on us to provide best-value solutions, flawless system performance, and the full lifecycle support that assures mission success. Key SAS capabilities include: airborne radars and processors; electro-optic/infrared (EO/IR) sensors; electronic warfare and precision guidance systems; active electronically scanned array (AESA) radars; space and missile defense technology; and intelligence, surveillance and reconnaissance (ISR) systems. For further information, please visit http://www.raytheon.com/businesses/rsas/.
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.