KVH Receives $1.9 Million Order for TACNAV Military Navigation Technology
May 05 2005 - 6:30AM
Business Wire
KVH Industries, Inc., (Nasdaq: KVHI) announced today that it has
received a new order worth approximately $1.9 million from a
defense prime contractor for elements of its TACNAV(R) military
vehicle navigation system. The TACNAV components included within
the order will be used to upgrade KVH's TACNAV navigation systems
already in the field, allowing the navigation system to connect
with the U.S. Army's FBCB2 digital battlefield system. The company
expects to recognize all of the revenue from this contract in 2005.
"Our defense navigation business remains a significant strategic
area for KVH both through new sales and, in the case of this recent
order, ongoing component sales to support expanded operational
capabilities and ongoing fielding requirements with our existing
customers," said Dan Conway, vice president of business development
for KVH Industries. "TACNAV has consistently proven its ability to
support applications in demanding military environments, including
vehicle navigation, integration with digital battlefield management
systems, and precision stabilization and pointing." Due to
contractual restrictions, additional details regarding the customer
cannot be disclosed. KVH's TACNAV military vehicle navigation
systems employ KVH's digital compass and fiber optic gyro (FOG)
technology as well as proprietary software algorithms to provide
uninterrupted navigation, heading, and pointing data for vehicle
drivers, commanders, and crews. While TACNAV complements GPS, its
self-contained sensors operate independently of GPS. As a result,
TACNAV continues to provide mission-critical data for troops in the
vehicle as well as to the digital battlefield system, even if GPS
is blocked, jammed, or is otherwise unavailable. TACNAV can also
serve as a link between each vehicle and the overall digital
battlefield, making each unit a node in a secure military network
that consolidates a wide range of tactical data to provide detailed
information to individual units and military commanders. KVH TACNAV
navigation systems are currently in use on U.S. and allied vehicles
participating in ongoing operations in Iraq. TACNAV systems have
been sold for use aboard U.S. Army, Marine Corps, and Navy vehicles
as well as to many allied customers, including Canada, Sweden,
Great Britain, Germany, Spain, Australia, New Zealand, Saudi
Arabia, Taiwan, Malaysia, Switzerland, and Italy. Complete details
regarding KVH's defense navigation and guidance products are
available at http://www.tacnav.com. Note to editors:
High-resolution images of KVH's defense navigation products are
available for download and editorial use at
http://www.kvh.com/mediasupport. KVH Industries, Inc., designs and
manufactures products that enable mobile communication, navigation,
and precision pointing through the use of its proprietary mobile
satellite antenna and fiber optic technologies. The company is
developing next-generation systems with greater precision,
durability, and versatility for communications, navigation, and
industrial applications. An ISO 9001-certified company, KVH has
headquarters in Middletown, Rhode Island, with a fiber optic and
military navigation product manufacturing facility in Tinley Park,
Illinois, and a European sales, marketing, and support office in
Kokkedal, Denmark. This press release may contain certain
forward-looking statements that involve risks and uncertainties.
For example, the statements regarding the company's financial goals
for 2005 are forward-looking statements. The actual results
realized by the company could differ materially from the statements
made herein. Factors that might cause such differences include, but
are not limited to: lack of reliable vendors, service providers,
and outside products; uneven military sales cycles and changes in
procurement priorities; the ability of the government and its
contractors to cancel orders at their convenience; unforeseen
changes in competing technologies and products; and worldwide
economic variances. Additional factors are discussed in the
company's most recent Form 10-K, filed with the SEC on March 16,
2005. Copies are available through the company's Investor Relations
department and web site, www.kvh.com. KVH assumes no obligation to
update its forward-looking statements to reflect new information
and developments.
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