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RADA Signs a $1.6 Million Agreement With a Strategic Customer for the Production of its Digital Video Recorder
Jan 09, 2008 (10:01 AM EST)
NETANYA, Israel, January 9 /PRNewswire-FirstCall/ -- Electronic Industries Ltd. announced today that it has signed an agreement with a strategic customer to transfer on a non-exclusive basis the production capabilities for its digital video recorder (DVR).
The DVR is one of RADA's largest selling products worldwide and has been in production for several years.
The agreement is divided into phases. The initial phase, which is valued at approximately $1.6 million, is for the delivery of test equipment and training in connection with the establishment by the strategic customer of the production infrastructure for the product and for some integration efforts.
RADA expects to receive approximately $3 million in orders for DVR units in 2008 from the strategic customer in addition to payments for the first phase, and believes that the contract has the potential to generate approximately $9 million in revenues over the period 2009 through 2014 for the sale of parts, components, sub-assemblies and ground debriefing systems.
RADA Electronic Industries Ltd. is an Israel based company involved in the military and commercial aerospace industries. The Company specializes in Avionics Systems (Digital Video Recorders, Ground Debriefing Stations, Stores Management Systems, Flight Data Recorders, Inertial Navigation Systems), Trainer Aircraft Upgrades, Avionics Systems for UAVs, and Optronics (Head-Up Display Cameras for fighter aircraft, and cameras for armored vehicles).
Note: Certain statements in this press release are "forward-looking statements" within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company's Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.
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