Intevac Receives $3.5M Subcontract Award for Sensor and Camera Technology

Intevac Photonics, a subsidiary of Intevac, Inc., (Nasdaq:IVAC) announced today it has received a $3.5M subcontract award from the U.S. Army for the development and evaluation of a two mega-pixel, digital night vision camera to be integrated onto the Apache helicopter. This camera will incorporate Intevac’s unique extreme low-light level detection sensor.

“This contract, for the evaluation of our digital night vision camera and sensor on an existing, major U.S. Army platform, is an important win for our business,” commented Joe Pietras, Executive Vice President and General Manager of Intevac Photonics. “This application represents a large-volume opportunity for our digital night vision camera and fits precisely with our strategy to be a leading supplier of digital low-light imaging products for vital U.S. military applications.”

About Intevac

Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.

Equipment Business: We are a leader in the design, development and marketing of high-productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We are the leading supplier of magnetic media processing systems to the hard drive industry and offer high-productivity technology solutions to the photovoltaic and semiconductor industries.

Intevac Photonics: We are a leader in the development and manufacture of leading edge, high-sensitivity imaging products and vision systems, as well as table-top and handheld Raman instruments. Markets addressed include military, industrial, medical and scientific.

For more information call 408-986-9888, or visit the company's website at www.intevac.com.

Safe Harbor Statement

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,“ “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, the expected value of the agreement and the ability to complete contract milestones. These forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: failure of the products to perform as expected and our ability to meet key contract milestones, each of which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the company’s regular filings with the U.S. Securities and Exchange Commission.

Contacts:

Intevac, Inc.
Jeff Andreson, 408-986-9888
Chief Financial Officer
Claire McAdams, 530-265-9899
Investor Relations

Data & News supplied by www.cloudquote.io
Stock quotes supplied by Barchart
Quotes delayed at least 20 minutes.
By accessing this page, you agree to the following
Privacy Policy and Terms and Conditions.