WEST CALDWELL, N.J., Oct. 31 /PRNewswire-FirstCall/ -- Merrimac
Industries, Inc. (Amex: MRM), today announced that it has received a
contract that could reach a maximum value of $4.3 million over its
five-year term from ITT Corporation (NYSE: ITT) to continue to provide a
sophisticated Multi- Mix(R) multilayer filter assembly for use in an
Airborne Electronic Countermeasures (ECM) application. The initial order
placed on this contract is valued at $708,000 and is scheduled to be
recognized during 2007. Under the terms of this contract, ITT will be able
to order varying numbers of filter assemblies to support its Department of
Defense contract managed by ITT's Electronic Systems Division.
Chairman and CEO Mason N. Carter commented, "Merrimac designed these
Multi-Mix(R) filter assemblies and has been supplying these filter
assemblies to ITT for nine years. We are pleased to continue our long-term
relationship with ITT in supporting their future requirements. Initially,
we provided ITT with an innovative and cost effective Multi-Mix(R) 3D
multilayer solution that exceeded their expectations. Through continuous
process improvements, Merrimac has been able to provide ITT substantial
reductions in size, weight, bill of materials (BOM) and total cost savings
for this mission critical airborne application."
ITT Electronic Systems is a leading supplier of information and
electronic warfare (EW) technologies, systems and services that enable
mission success and survivability for a broad range of military aircraft.
Its Gilfillan radar systems provide state-of-the-art air defense,
surveillance, multifunction and air traffic control radar systems for U.S.
and international land and maritime applications.
About Merrimac
Merrimac Industries, Inc. is a leader in the design and manufacture of
RF Microwave signal processing components, subsystem assemblies, and
Multi-Mix(R) micro-multifunction modules (MMFM(R)), for the worldwide
Defense, Satellite Communications (Satcom), Commercial Wireless and
Homeland Security market segments. Merrimac is focused on providing Total
Integrated Packaging Solutions(R) with Multi-Mix(R) Microtechnology, a
leading edge competency providing value to our customers through
miniaturization and integration. Multi-Mix(R) MMFM(R) provides a patented
and novel packaging technology that employs a platform modular architecture
strategy that incorporates embedded semiconductor devices, MMICs, etched
resistors, passive circuit elements and plated-through via holes to form a
three-dimensional integrated module applicable to High Power, High
Frequency and High Performance mission-critical applications. Merrimac
Industries facilities are registered under ISO 9001:2000, an
internationally developed set of quality criteria for manufacturing
operations.
Merrimac Industries, Inc. has facilities located in West Caldwell, NJ,
San Jose, Costa Rica and Ottawa, Ontario, Canada, and has approximately 230
co- workers dedicated to the design and manufacture of signal processing
components, gold plating of high-frequency microstrip, bonded stripline and
thick metal-backed Teflon (PTFE) micro-circuitry and subsystems providing
Total Integrated Packaging Solutions(R) for wireless applications. Merrimac
(MRM) is listed on the American Stock Exchange. Multi-Mix(R), Multi-Mix
PICO(R), MMFM(R), System In A Package(R), SIP(R) and Total Integrated
Packaging Solutions(R) are registered trademarks of Merrimac Industries,
Inc. For more information about Merrimac Industries, Inc. and its Canadian
subsidiary Filtran Microcircuits Inc., please visit
http://www.merrimacind.com and http://www.filtranmicro.com .
This press release contains statements relating to future results of
the Company (including certain projections and business trends) that are
"forward- looking statements" as defined in the Private Securities
Litigation Reform Act of 1995. Actual results may differ materially from
those projected as a result of certain risks and uncertainties. These risks
and uncertainties include, but are not limited to: risks associated with
demand for and market acceptance of existing and newly developed products
as to which the Company has made significant investments, particularly its
Multi-Mix(R) products; the possibilities of impairment charges to the
carrying value of our Multi-Mix(R) assets, thereby resulting in charges to
our earnings; risks associated with adequate capacity to obtain raw
materials and reduced control over delivery schedules and costs due to
reliance on sole or limited suppliers; slower than anticipated penetration
into the satellite communications, defense and wireless markets; failure of
our Original Equipment Manufacturer, or OEM, customers to successfully
incorporate our products into their systems; changes in product mix
resulting in unexpected engineering and research and development costs;
delays and increased costs in product development, engineering and
production; reliance on a small number of significant customers; the
emergence of new or stronger competitors as a result of consolidation
movements in the market; the timing and market acceptance of our or our OEM
customers' new or enhanced products; general economic and industry
conditions; the risk that the benefits expected from the Company's
acquisition of Filtran Microcircuits Inc. are not realized; the ability to
protect proprietary information and technology; competitive products and
pricing pressures; our ability and the ability of our OEM customers to keep
pace with the rapid technological changes and short product life cycles in
our industry and gain market acceptance for new products and technologies;
foreign currency fluctuations between the U.S. and Canadian dollars; risks
relating to governmental regulatory actions in communications and defense
programs; and inventory risks due to technological innovation and product
obsolescence, as well as other risks and uncertainties as are detailed from
time to time in the Company's Securities and Exchange Commission filings.
These forward-looking statements are made only as of the date hereof, and
the Company undertakes no obligation to update or revise the
forward-looking statements, whether as a result of new information, future
events or otherwise.
Contact: Mason N. Carter, Chairman & CEO
973-575-1300, ext. 1202
mnc@merrimacind.com
SOURCE Merrimac Industries, Inc.
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Related links:
http://www.merrimacind.com
http://www.filtranmicro.com
http://www.prnewswire.com/comp/567525.html/
CONTACT:
Mason N. Carter, Chairman & CEO,
+1-973-575-1300, ext. 1202, mnc@merrimacind.com
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