KVH Receives $1.5 Million Order from U.S. Military for TACNAV Navigation Systems
June 24 2005 - 6:30AM
Business Wire
KVH Industries, Inc., (Nasdaq: KVHI) announced today that it has
received a new order worth approximately $1.5 million from an
existing U.S. military customer for the company's TACNAV(R)
military vehicle navigation system. The TACNAV systems purchased
under this contract will be deployed on existing U.S. military
vehicles. The company expects to recognize all of the revenue from
this contract in 2005. "Ongoing fielding requirements with our
existing military customers represent a significant revenue
opportunity as well as continued affirmation of the value and
benefits TACNAV offers to troops in the field who depend on this
system for unjammable navigation and heading data," said Dan
Conway, vice president of business development for KVH Industries.
"TACNAV consistently illustrates its ability to support
applications in a wide range of 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 and vehicle platform cannot be disclosed at this time.
KVH's TACNAV military vehicle navigation systems employ the
company'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. 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-Q. 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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