Herley Industries, Inc. Subsidiary, Micro Systems, Inc. Receives $19M Development and Production Contract

LANCASTER, Pa., July 7 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today announced that its Micro Systems, Inc. subsidiary in Fort Walton Beach, Florida has received a development and production contract with a potential value of $19 million from The Boeing Company, St. Louis, Mo.  The contract includes an initial award of $2.3 million for the development of a command and control transponder and a ground systems module in support of the Boeing QF-16 Program.  This development phase of the program is expected to result in a long term production program to supply hardware to be used in the conversion of older F-16 fighter jets to unmanned target drones.  The initial development and production contract includes options for the first five production years of the program and brings the potential value of the contract to $19M.  The QF-16 Program is expected to be in production for many years thereafter.      

Wayne Armstrong, Micro Systems' President commented, "We are very pleased to have been selected by Boeing as a member of their QF-16 Program team.  With our 20-year history of success on the preceding QF-4 Program, we offer a great deal of applicable experience and are committed to doing whatever it takes to make the program a success."  

Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide. Based in Lancaster, Pa., Herley has seven manufacturing locations and approximately 1,000 employees. Additional information about the company can be found on the Internet at www.herley.com

Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. Forward-looking statements involve various important assumptions, risks, uncertainties and other factors which could cause our actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this discussion can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "plan," "intend," "may," "should" or the negative of these terms or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievement. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, cancellation or deferral of customer orders, technological change or difficulties, difficulties in the timely development of new products, difficulties in manufacturing, commercialization and trade difficulties and current economic conditions, including the potential for significant changes in US defense spending under the current Administration which could affect future funding of programs and allocations within the budget to various programs as well as the factors set forth in this report and in our public filings with the Securities and Exchange Commission. We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

SOURCE Herley Industries, Inc.

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