|[May 03, 2012]
Intevac Receives $10 Million Contract from U.S. Army
SANTA CLARA, Calif. --(Business Wire)--
Intevac (News - Alert) Photonics, a subsidiary of Intevac, Inc., (Nasdaq:IVAC)
announced today it has received a $10 million contract from the U.S.
Army's Apache Helicopter Program Office. This fixed price contract
covers the manufacturing transition of Intevac's extreme low light
digital camera from the prototype phase to the initial production phase,
and includes the initial delivery of these cameras for use in the Apache
Pilot Night Vision System. The camera is based on Intevac's patented
EBAPS® (Electron Bombarded Active Pixel Sensor) design. This
award represents the first of several production phases for integration
on all AH-64 Apache helicopters.
"The award of this contract represents the first major production
opportunity for our digital camera on a critical platform for the U.S.
Army, and demonstrates their confidence in our extreme low light sensor
technology. This is an important win for our business and the first step
towards expanding our family of digital sensors to other key U.S.
Military applications," commented Drew Brugal, executive vice president
and general manager of Intevac Photonics.
Intevac was founded in 1991 and hs two businesses: Equipment and
In our Equipment business, we are a leader in the design, development
and manufacturing of high-productivity, vacuum process equipment
solutions. Our systems are production-proven for high-volume
manufacturing of small substrates with precise thin film properties,
such as those required in the hard drive and solar cell markets we
In the hard drive industry, our 200 Lean® systems process approximately
60% of all magnetic disk media produced worldwide. In the solar cell
manufacturing industry, our recently-introduced LEAN SOLAR™ platform,
with applications including deposition, texture etch and ion implant,
increases the conversion efficiency of silicon solar cells.
In our Photonics business, we are a leader in the development and
manufacture of leading-edge, high-sensitivity imaging products and
vision systems as well as materials identification instruments utilizing
Raman technology. Our products primarily address the defense markets in
addition to the industrial, medical and scientific industries.
Safe Harbor Statement
This press release includes statements that constitute "forward-looking
statements" within the meaning of the Private Securities Litigation
Reform Act of 1995 (the "Reform Act"). Intevac claims the protection of
the safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterized by the
terms "may," "believes," "projects," "expects," or "anticipates," and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to:
expected delivery of cameras, timing and award of additional production
phases and ability to complete camera development. These forward-looking
statements contained herein involve risks and uncertainties that could
cause actual results to differ materially from the company's
expectations. These risks include, but are not limited to: our ability
to meet the technical requirements and delivery date which could have a
material impact on our business, our financial results, and the
company's stock price. These risks and other factors are detailed in the
company's regular filings with the U.S. Securities and Exchange
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