Intevac Receives $28.6 Million Award to Supply Camera Modules for IVAS Program
Thu, December 20 2018
SANTA CLARA, Calif.--(BUSINESS WIRE)--
Intevac, Inc. (Nasdaq: IVAC) announced today it has received a $28.6
million contract award for the development and production of digital
night vision cameras to support the U.S. Army’s IVAS (Integrated Visual
Augmentation System) program. This contract, issued from SOSSEC, Inc. on
behalf of the Night Vision and Electronic Sensor Directorate (NVESD),
includes the development and delivery of 2,300 camera modules over the
next two years.
The Integrated Visual Augmentation System (IVAS) is a system designed to
incorporate head, body, and weapon technologies on individual Soldiers.
It is a single platform that Soldier/Marines can use to fight, rehearse,
and train that provides increased lethality, mobility, and situational
awareness necessary to achieve overmatch against our current and future
adversaries. This system includes a squad-level combat training
capability, which is vital for the repeated iterations of training and
rehearsals needed to ensure potential future battlefield success.
About Intevac
Intevac was founded in 1991 and has two businesses: Thin-film Equipment
and Photonics.
In our Thin-film Equipment business, we are a leader in the design and
development of high-productivity, thin-film processing systems. Our
production-proven platforms are designed for high-volume manufacturing
of substrates with precise thin film properties, such as the hard drive
media, display cover panel, and solar photovoltaic markets we serve
currently.
In our Photonics business, we are a recognized leading developer of
advanced high-sensitivity digital sensors, cameras and systems that
primarily serve the defense industry. We are the provider of integrated
digital imaging systems for most U.S. military night vision programs.
For more information call 408-986-9888, or visit the Company's website
at www.intevac.com.
Forward-Looking Statements
This press release includes statements that constitute “forward-looking
statements” within the meaning of the Private Securities Litigation
Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of
the safe-harbor for forward-looking statements contained in the Reform
Act. These forward-looking statements are often characterized by the
terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do
not reflect historical facts. Specific forward-looking statements
contained in this press release include, but are not limited to; the
timing of the camera deliveries. The forward-looking statements
contained herein involve risks and uncertainties that could cause actual
results to differ materially from the company’s expectations. These
risks include, but are not limited to: the failure to meet planned
shipment dates, which could have a material impact on our business, our
financial results, and the company's stock price. These risks and other
factors are detailed in the Company’s periodic filings with the U.S.
Securities and Exchange Commission.
View source version on businesswire.com: https://www.businesswire.com/news/home/20181220005822/en/
James Moniz
Chief Financial Officer
(408) 986-9888
Claire McAdams
Investor Relations
(530) 265-9899
Source: Intevac, Inc.
