Herley's Israel Subsidiary Awarded $5 Million in Contracts for U.S. Customers

LANCASTER, Pa., Oct. 12 /PRNewswire/ -- Herley Industries, Inc. (Nasdaq: HRLY) announced today that its General Microwave Israel subsidiary has received contracts valued at more than $5 million.  Approximately $3 million is a follow-on award to GMI Eyal to provide various complex microwave switch assemblies for an existing U.S. customer and program to be used for ongoing upgrades to a U.S. aircraft.  

Awards for an additional $2 million were received at Herley GMIC in Jerusalem for the production of phase shifters and integrated microwave assemblies to be provided to two other U.S. prime contractors.

Richard Poirier, Herley's Chief Executive Officer and President, commented, "We are proud of the work that we have done for many years in support of this U.S. aircraft upgrade program, and look forward to continuing the successful business relationship with our long-term customer.  This follow-on award and the new orders from U.S. prime contractors are the kind of orders that are routinely handled by our Herley Israel subsidiaries.  GMIC Jerusalem and Herley GMIC Eyal are very well established in the industry and are key suppliers for numerous defense programs worldwide."

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 six 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, 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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