KVH Industries (NASDAQ:KVHI)
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KVH Industries, Inc., (Nasdaq: KVHI) announced today
that it has received a new order worth approximately $1.5 million from
an existing U.S. military customer for the company's TACNAV(R)
military vehicle navigation system. The TACNAV systems purchased under
this contract will be deployed on existing U.S. military vehicles. The
company expects to recognize all of the revenue from this contract in
2005.
"Ongoing fielding requirements with our existing military
customers represent a significant revenue opportunity as well as
continued affirmation of the value and benefits TACNAV offers to
troops in the field who depend on this system for unjammable
navigation and heading data," said Dan Conway, vice president of
business development for KVH Industries. "TACNAV consistently
illustrates its ability to support applications in a wide range of
demanding military environments, including vehicle navigation,
integration with digital battlefield management systems, and precision
stabilization and pointing."
Due to contractual restrictions, additional details regarding the
customer and vehicle platform cannot be disclosed at this time.
KVH's TACNAV military vehicle navigation systems employ the
company's digital compass and fiber optic gyro (FOG) technology as
well as proprietary software algorithms to provide uninterrupted
navigation, heading, and pointing data for vehicle drivers,
commanders, and crews. While TACNAV complements GPS, its
self-contained sensors operate independently of GPS. As a result,
TACNAV continues to provide mission-critical data for troops in the
vehicle as well as to the digital battlefield system, even if GPS is
blocked, jammed, or is otherwise unavailable. TACNAV can also serve as
a link between each vehicle and the overall digital battlefield,
making each unit a node in a secure military network that consolidates
a wide range of tactical data to provide detailed information to
individual units and military commanders.
TACNAV navigation systems are currently in use on U.S. and allied
vehicles participating in ongoing operations in Iraq. TACNAV systems
have been sold for use aboard U.S. Army, Marine Corps, and Navy
vehicles as well as to many allied customers, including Canada,
Sweden, Great Britain, Germany, Spain, Australia, New Zealand, Saudi
Arabia, Taiwan, Malaysia, Switzerland, and Italy.
Complete details regarding KVH's defense navigation and guidance
products are available at http://www.tacnav.com.
Note to editors: High-resolution images of KVH's defense
navigation products are available for download and editorial use at
http://www.kvh.com/mediasupport.
KVH Industries, Inc., designs and manufactures products that
enable mobile communication, navigation, and precision pointing
through the use of its proprietary mobile satellite antenna and fiber
optic technologies. The company is developing next-generation systems
with greater precision, durability, and versatility for
communications, navigation, and industrial applications. An ISO
9001-certified company, KVH has headquarters in Middletown, Rhode
Island, with a fiber optic and military navigation product
manufacturing facility in Tinley Park, Illinois, and a European sales,
marketing, and support office in Kokkedal, Denmark.
This press release may contain certain forward-looking statements
that involve risks and uncertainties. For example, the statements
regarding the company's financial goals for 2005 are forward-looking
statements. The actual results realized by the company could differ
materially from the statements made herein. Factors that might cause
such differences include, but are not limited to: lack of reliable
vendors, service providers, and outside products; uneven military
sales cycles and changes in procurement priorities; the ability of the
government and its contractors to cancel orders at their convenience;
unforeseen changes in competing technologies and products; and
worldwide economic variances. Additional factors are discussed in the
company's most recent Form 10-Q. Copies are available through the
company's Investor Relations department and web site, www.kvh.com. KVH
assumes no obligation to update its forward-looking statements to
reflect new information and developments.