Kopin Receives $22.9 Million Order for the FWS-I Eyepiece Assembly
Kopin Corporation (NASDAQ: KOPN), a leading developer and provider of active matrix liquid crystal and organic light emitting diode (OLED) microdisplays and display subassemblies, today announced it has received an approximately $22.9 million order from Leonardo DRS, Inc. (DRS) for its eyepiece assembly which is included in the Family of Weapon Sight-Individual (FWS-I) weapon sight.
FWS-I is a stand-alone, clip-on thermal weapon sight that gives users the ability to acquire targets day or night and in smoke or fog, significantly increasing survivability and lethality margins on the battlefield. This follow-on order has Kopin providing DRS with FWS-I eyepiece assemblies through 2021 as the program ramps up to full-scale production.
"Kopin has been a strong partner supporting our efforts on the FWS-I program," said Jerry Hathaway, senior vice president and general manager of the Leonardo DRS Electro-Optical Infrared Systems business. "DRS has a long history of supplying the Army with advanced Electro-Optical Infrared technologies, and working with partners like Kopin enables us to equip our soldiers with the best tools to ensure a successful mission," he said.
"This eyepiece assembly incorporates the very latest advances in our liquid crystal displays together with custom Kopin optics and electronics, packaged in a highly ruggedized assembly designed to withstand the extreme mechanical and thermal stresses of a rifle sight environment," said Bill Maffucci, Kopin's Vice President/General Manager of Government and Professional Products, "The unique optical solution within our eyepiece assembly allows it to work in concert with multiple optical rifle scopes as well as in a stand-alone configuration, providing maximum flexibility for the Warfighter. Our demonstrated performance in supplying nearly 300,000 high performance microdisplays and subsystems to multiple generations of thermal weapon sight programs has once again been validated by this order and we look forward to supporting DRS on this and other mission critical prorams."
About Leonardo DRS
Leonardo DRS is a prime contractor, leading technology innovator and supplier of integrated products, services and support to military forces, intelligence agencies and defense contractors worldwide. With over fifty years of experience, its Electro-Optical and Infrared Systems business unit develops and produces industry-leading and trusted sensor technology and integrated solutions for land, sea, air and space systems as well as commercial customers. Headquartered in Arlington, Virginia, Leonardo DRS is a wholly owned subsidiary of Leonardo S.p.A. See the full range of capabilities at www.LeonardoDRS.com and on Twitter (News - Alert) @LeonardoDRSnews.
Kopin Corporation is a leading developer and provider of innovative display and optical technologies sold as critical components and subassemblies for military, industrial and consumer products. Kopin's technology portfolio includes ultra-small Active Matrix Liquid Crystal displays (AMLCD), Liquid Crystal on Silicon (LCOS) displays and Organic Light Emitting Diode (OLED) displays, a variety of optics, and low-power ASICs. For more information, please visit Kopin's website at www.kopin.com.
Statements in this press release may be considered "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, as amended (the "Securities Act"), and Section 21E of the Securities Exchange Act of 1934, as amended (the "Exchange Act"), which are subject to the safe harbor created by such sections. Words such as "expects," "believes," "can," "will," "estimates," and variations of such words and similar expressions, and the negatives thereof, are intended to identify such forward-looking statements. We caution readers not to place undue reliance on any such "forward-looking statements," which speak only as of the date made, and advise readers that these forward-looking statements are not guarantees of future performance and involve certain risks, uncertainties, estimates, and assumptions by us that are difficult to predict. These forward-looking statements may include statements with respect to: This $22.9 million follow-on order has Kopin providing DRS with FWS-I eyepiece assemblies through 2021 as the program ramps up to full-scale production Various factors, some of which are beyond our control, could cause actual results to differ materially from those expressed in, or implied by, such forward-looking statements. This follow-on order has Termination for Convenience clause which would allow the U.S. government to cancel the order before completion. All such forward-looking statements, whether written or oral, and whether made by us or on our behalf, are expressly qualified by these cautionary statements and any other cautionary statements that may accompany the forward-looking statements. In addition, we disclaim any obligation to update any forward-looking statements to reflect events or circumstances after the date of this press release, except as may otherwise be required by the federal securities laws. These forward-looking statements are only predictions, subject to risks and uncertainties, and actual results could differ materially from those discussed. Important factors that could affect performance and cause results to differ materially from management's expectations are described in Part I, Item 1A. Risk Factors; Part II, Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations; and other parts of our Annual Report on Form 10-K for the fiscal year ended December 28, 2019, or as updated from time to time in the Company's Securities and Exchange Commission filings.