NETANYA, Israel, January 14 /PRNewswire-FirstCall/ -- RADA Electronic Industries Ltd. (NASDAQ:RADA) has announced today that it has received a $1.4 million purchase order from RAFAEL Advanced Defense Systems Ltd. to develop a new generation Inertial Measurement Unit (IMU) for the Litening Airborne Targeting pod.
RADA's IMU is the third product in its continuously-growing family of inertial navigation system (INS) solutions, and is the outcome of internal R&D investments made in 2007 and which are continuing in 2008.
The current order calls for the development, production of prototypes, integration and qualification efforts. It is part of a framework agreement between both companies to develop, produce and deliver a substantial quantity of units.
The total value of the agreement is $9 million, including the $1.4 million development order. Production orders are expected to be received in 2009, following the completion of the development phase.
Zvi Alon, RADA's CEO, commenting on this purchase order, said: "The order from RAFAEL, which is a major player in the defense market, demonstrates the trust it has placed in the maturity of RADA's technology and is a confirmation of RADA's strategic decision to expand its product lines to include INS solutions. We expect that the whole Litening fleet, estimated to be in the hundreds, will eventually be upgraded with RADA's IMU." About RADA 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), Trainers Upgrades, Avionics systems for the UAV market, and Optronics (cameras for airplanes and 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.
Company Contact:
Dubi Sella (V.P Marketing & Sales)
Tel: +972-9-892-1111
DATASOURCE: RADA Electronic Industries Ltd CONTACT: Company Contact: Dubi Sella (V.P Marketing & Sales),Tel: +972-9-892-1111,
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