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BUSINESS: Sypris Wins Award For Electronic Warfare & Countermeasure Program

business:-sypris-wins-award-for-electronic-warfare-&-countermeasure-program
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By Daniel Webster, dWeb.News Publisher

TAMPA, Fla.–(BUSINESS WIRE)–Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received an award from a U.S. DOD contractor to produce and test multiple power supply modules for the upgrade of the electronic warfare suite of certain U.S. fighter jets. Production is expected to begin in 2021. The terms of the agreement have not been disclosed.

The system will provide fully integrated radar warning and situational awareness. It also provides self-protection capabilities. This will allow the aircraft to survive in high-conflict environments. The all-digital system is capable of deeper penetration against modern integrated defenses systems and offers rapid response capabilities to protect aircrew.

The system will also give future and current aircraft greater survivability in close-in or in contested airspace. The system allows pilots to monitor, locate and jam enemy radars, as well as deceive them about the aircraft’s position and heading, by collecting and processing electromagnetic energy and instantaneously creating a comprehensive, 360-degree picture of the battlespace. Mark Kane, Vice-President & General Manager at Sypris Electronics said that the system was a cutting-edge technology program for fighter aircraft platforms and that he is excited to be part of this technologically-advanced enhancement. “Our customer is a world leader in advanced electronic systems for warfighters. We are happy to have the opportunity to continue our relationship avec this important customer.”

Sypris Electrics is a trusted provider for electronic solutions. They address customers’ requirements for complex, mission-critical electro-mechanical and electronic devices as well as integrated systems. Backed by 50 years of experience, Sypris’ engineering and manufacturing services span our customers’ product life cycle all within a culture of continuous improvement and Six Sigma/Lean thinking. Sypris partners with multiple agencies and tier-one companies in Military, Space, Undersea, Industrial and other markets to provide high-reliability electronics that meet all regulatory requirements. For more information, please visit http://www.sypriselectronics.com.

Forward-Looking Statements

This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by the current coronavirus disease COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters.

Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our failure to achieve and maintain profitability on a timely basis by steadily increasing our revenues from profitable contracts with a diversified group of customers, which would cause us to use existing cash resources; volatility of our customers’ forecasts and our contractual obligations to meet current scheduling demands and production levels, which may negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; cost, quality and availability or lead times of raw materials electronic components parts; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of tariffs, product recalls or related liabilities, employee training, working capital, production schedules and cycle times; dependence on, retention or recruitment of key employees and distribution of our human capital; disputes or litigation involving governmental, supplier, customer, employee, creditor, product liability, warranty or environmental claims; our inability to develop new or improved products or new markets for our products; our reliance on a few key customers, third party vendors and sub-suppliers; inventory valuation risks including excessive or obsolescent valuations or price erosions of raw materials or component parts on hand or other potential impairments, non-recoverability or write-offs of assets or deferred costs; failure to adequately insure or to identify product liability, environmental or other insurable risks; unanticipated or uninsured product liability claims; our inability to patent or otherwise protect our inventions or other intellectual property from potential competitors; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on products and services, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force or import and export as needed; risks of foreign operations; currency exchange rates; war, terrorism, or political uncertainty; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. Other than as required by law, we are not obliged to revise forward-looking statements.

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