Irvine Sensors Receives ~$5.9 Million of New Awards

COSTA MESA, Calif., June 2 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) announced today that its 3D Systems and Technologies group has recently received new awards and add-ons to an existing contract, which aggregate to approximately $5.9 million.   The largest of the recent awards is for a new product that takes advantage of the firm's proprietary stacking technology to package a complete electronic system in a miniaturized cube.  This new product was developed for a government application.   The order permits the government customer to release funding for specified deliveries on an as-needed basis.  In addition, Irvine Sensors received an order for deliveries of additional units of another stacked chip product for a different government application and a contract to further the development of the firm's proprietary microgyro.

John Carson, CEO and Chairman, said, "These awards are the latest examples of our advanced technologies transitioning into products.  We have recently reorganized to facilitate these transitions."

Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California, is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and sale of higher level systems incorporating such products and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This message may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as ''anticipates,'' ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''seeks,'' ''estimates,'' ''may,'' ''will'' and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, our ability to satisfy the delivery requirements of our 3D Systems and Technologies orders.  Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, our ability to raise additional debt or equity financing to meet the working capital needs of our business and our 3D Systems and Technologies orders; the availability of components intended for integration into our 3D Systems and Technologies products; the emergence of presently unknown competitive products; and the general economic, market and political conditions and specific conditions that may impact our operations. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).

SOURCE Irvine Sensors Corporation