Intevac Receives $8.1 Million Delta I Digital Night Vision Goggle Contract Award

Tue, January 14 2020

SANTA CLARA, Calif.--(BUSINESS WIRE)-- Intevac, Inc. (Nasdaq: IVAC) announced today it has received an $8.1 million contract award from the U.S. Army for the 24 month development of the Delta I fused digital night vision goggle incorporating advanced augmented reality (AR) capabilities. The program is in support of a Coalition Warfare Program for the special operations forces of the United States, Australia, Canada and the United Kingdom.

“This will be the first goggle system to incorporate Intevac’s newly-developed ISIE 19 EBAPS^® sensor,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “This award continues to demonstrate Intevac’s commitment to delivering the latest digital night vision technology to our Warfighters.”

“We are very proud to have received this system development order for our digital night vision technology,” added Wendell Blonigan, president and chief executive officer of Intevac.

Intevac’s digital night-vision sensors, based on its patented Electron Bombarded Active Pixel Sensor (EBAPS^®) technology, provide state-of-the-art capability to the most advanced avionic fighting platforms in the U.S. Department of Defense inventory.

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 multi-year award for goggle 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: changes in 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.

Distribution Statement A; Approved for Public Release

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James Moniz
Chief Financial Officer
(408) 986-9888

Claire McAdams
Investor Relations
(530) 265-9899

Source: Intevac, Inc.