News Release Merrimac Receives $1.1 Million GPS Satellite Order From Boeing WEST CALDWELL, N.J., February 5, 2004: Merrimac Industries, Inc. (AMEX: MRM), today announced that it received an order valued at $1.1 million from The Boeing Company (NYSE: BA) Integrated Defense Systems, Seal Beach, California, to supply Beamforming Networks, and RF/ Microwave signal processing components on Boeing's GPS (Global Positioning System) IIF Satellites.
Boeing exercised its first contract option
for Merrimac to provide additional signal processing components
on Space Vehicles 4, 5, and 6. Today’s order is part
of the contract from Boeing estimated to reach $4.4 million
that Merrimac announced on September 3, 2003.
Designed for flexibility and growth, the IIF
satellites will provide new capabilities, including improved
anti-jam, increased accuracy, higher integrity and critical
secure Operational Military codes.
Chairman and CEO Mason N. Carter commented,
“We are continuing to work very closely with Boeing
as our long term relationship continues on this critical defense
satellite program. As a valued member of the Boeing GPS IIF
team, we are also looking forward to further supporting Boeing
on the assembly of the remaining satellites that are expected
to be completed over the next few years.”
About Merrimac
Merrimac Industries, Inc. is a leader in the
design and manufacture of Multi-Mix PICO™ RF Microwave
components, assemblies and micro-multifunction modules (MMFM®),
serving the wireless telecommunications industry worldwide
with enabling technologies for space, defense and commercial
applications. Merrimac is focused on providing Total Integrated
Packaging Solutions®with Multi-Mix® Microtechnology,
a leading edge competency providing value to our customers
through miniaturization and integration. The Multi-Mix®
process for microwave, multilayer integrated MMFM circuitry
is a patented method developed by Merrimac Industries based
on fluoropolymer composite substrates. The fusion bonding
of multilayer structures provides a homogeneous dielectric
medium for superior electrical performance at microwave frequencies.
The bonded layers may incorporate embedded semiconductor devices,
MMICs, etched resistors, passive circuit elements and plated-through
via holes to form a three-dimensional subsystem enclosure
that requires no further packaging. Merrimac Industries facilities
are registered under ISO 9001:2000, an internationally developed
set of quality criteria for manufacturing operations.
Merrimac Industries, Inc. and its subsidiary Filtran Microcircuits Inc., are located in West Caldwell, NJ, San Jose, Costa Rica and Ottawa, Ontario, Canada, and have approximately 220 co-workers dedicated to the design and manufacture of signal processing components, gold plating of high-frequency microstrip, bonded stripline and thick metal-backed Teflon (PTFE) micro-circuitry and subsystems providing Total Integrated Packaging Solutions® for wireless applications. Merrimac (MRM) is listed on the American Stock Exchange. Multi-Mix®, Multi-Mix PICO™, MMFM® and Total Integrated Packaging Solutions® are trademarks of Merrimac Industries, Inc. For more information about Merrimac Industries, Inc. and Filtran Microcircuits Inc., please visit http://www.merrimacind.com and http://www.filtranmicro.com. This press release contains statements relating to future results of the Company (including certain projections and business trends) that are "forward-looking statements" as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties. These risks and uncertainties include, but are not limited to: risks associated with demand for and market acceptance of existing and newly developed products as to which the Company has made significant investments, particularly its Multi-Mix® products; general economic and industry conditions; slower than anticipated penetration into the satellite communications, defense and wireless markets; the risk that the benefits expected from the acquisition of Filtran Microcircuits Inc. are not realized; the ability to protect proprietary information and technology; competitive products and pricing pressures; risks relating to governmental regulatory actions in communications and defense programs; and inventory risks due to technological innovation and product obsolescence, as well as other risks and uncertainties, including but not limited to those detailed from time to time in the Company's Securities and Exchange Commission filings. These forward-looking statements are made only as of the date hereof, and the Company undertakes no obligation to update or revise the forward-looking statements, whether as a result of new information, future events or otherwise. Contact: Mason N. Carter, Chairman & CEO
973.575.1300, ext. 1202
E-mail: mnc@merrimacind.com
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