Tel-Instrument Electronics Corp. (Tel, Tel-Instrument or the Company) (NYSE American:TIK), a leading designer and manufacturer of avionics test and measurement solutions, today reported that it received an initial purchase order totaling $520,000 from its European Distributor, Muirhead Avionics (Muirhead) for Mode 5 test sets from the contract awarded by the German military. This is a seven-year procurement contract with anticipated orders for the 2019 calendar year of approximately $3.5 million in total.
Jeff OHara, Tels President and CEO said, We are pleased to announce that the German military has selected one of TICs market-leading Mode 5 test sets for its flight-line testing requirements. This multi-year contract was originally announced last summer but had been delayed due to an unsuccessful protest from a competitor. The initial test sets will be delivered this summer, and we anticipate that additional orders will bring TICs 2019 calendar year bookings for this customer to approximately $3.5 million. This was an important win for our Company and we believe it will further our continued growth and profitability going into our next fiscal year. We continue to work on other substantial domestic and international orders that we hope to secure over the next few months.
About Tel-Instrument Electronics Corp.
Tel-Instrument is a leading designer and manufacturer of avionics test and measurement solutions for the global commercial air transport, general aviation, and government/military aerospace and defense markets. Tel-Instrument provides instruments to test, measure, calibrate, and repair a wide range of airborne navigation and communication equipment. For further information please visit our website at www.telinstrument.com.
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This press release includes statements that are not historical in nature and may be characterized as forward-looking statements, including those related to future financial and operating results, benefits, and synergies of the combined companies, statements concerning the Companys outlook, pricing trends, and forces within the industry, the completion dates of capital projects, expected sales growth, cost reduction strategies, and their results, long-term goals of the Company and other statements of expectations, beliefs, future plans and strategies, anticipated events or trends, and similar expressions concerning matters that are not historical facts. All predictions as to future results contain a measure of uncertainty and, accordingly, actual results could differ materially. Among the factors which could cause a difference are: changes in the general economy; changes in demand for the Companys products or in the cost and availability of its raw materials; the actions of its competitors; the success of our customers; technological change; changes in employee relations; government regulations; litigation, including its inherent uncertainty; difficulties in plant operations and materials; transportation, environmental matters; and other unforeseen circumstances. A number of these factors are discussed in the Companys previous filings with the U.S. Securities and Exchange Commission. The Company disclaims any intention or obligation to update any forward-looking statements as a result of developments occurring after the date of this press release. The safe harbor for forward-looking statements contained in the Securities Litigation Reform Act of 1995 (the Act) protects companies from liability for their forward-looking statements if they comply with the requirements of the Act.
Joseph P. Macaluso
Tel-Instrument Electronics Corp.