Herley Lancaster Receives a $7.5 million Contract from the Republic of Korea Navy

LANCASTER, Pa., April 27 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that the Republic of Korea ("ROK") Navy has awarded Herley Industries a follow-on contract valued at approximately $7.5 million for IFF (Identification Friend or Foe) shipboard Interrogators, transponders and ancillary equipment for installation on a series of patrol vessels.  Herley's IFF system will interface with the ship's air search radar, surface search radar, and central fire control system, along with the ESM (Electronic Support Measure) equipment.   Herley Lancaster will produce the equipment and will also provide the necessary on-site field engineering while performing the ship's radar integration and assisting in the cryptographic certification.

Richard F. Poirier, Herley CEO and President, commented, "We are very pleased to have received this follow-on contract from the ROK Navy during a recent visit to South Korea.  This significant follow-on award demonstrates our customer's continued confidence in Herley products and support."

John A. Thonet, Chairman of Herley's Board of Directors congratulated Mr. Poirier and Howard Eckstein, Division President for Herley Lancaster, on the award, commenting, "Mr. Poirier and Mr. Eckstein were both in South Korea to receive this contract, having traveled to East Asia to meet with Herley's customers and key representatives to explore areas where Herley can further expand its presence in the international marketplace.  A continued focus on foreign sales remains an important part of Herley's strategy to grow the Corporation organically."

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 1000 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, the outcome of pending litigation, 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 release and in our public filings with the Securities and Exchange Commission.

SOURCE Herley Industries, Inc.

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