News Release
Merrimac Receives Sub-Contract for SBIRS High Components From Lockheed Martin Space Systems Company
WEST CALDWELL, N.J., August 23, 2001: Merrimac Industries, Inc. (AMEX: MRM), a leader in the design and manufacture of RF Microwave components, assemblies and micro-multifunction modules (MMFM®), today announced that it will provide a variety of products, such as power dividers, couplers, vector modulators, and biphase modulators for the Space Based Infrared System (SBIRS) High constellation to the program's prime contractor Lockheed Martin Space Systems Company (NYSE: LMT) of Sunnyvale, California. Lockheed Martin has released orders for the contract, initially valued at $600,000.
Lockheed Martin selected Merrimac Industries for its expertise to design space-qualified components and subsystems for use in several integrated panels, boxes and interconnect assemblies throughout the SBIRS spacecraft.
Mason N. Carter, Chairman and CEO stated, "This contract illustrates clearly our space and defense heritage in satellite communications coupled with a strong RF Microwave core competency in providing innovative design and manufacture of high-reliability products. Merrimac is positioned to receive additional SBIRS Program orders and projects that this and possible future orders could be up to $1.2 million."
Carter continued, "We have long been a strategic partner of Lockheed Martin for unique space and defense applications solutions. The SBIRS Program allows Merrimac to provide a wide-range of enabling technology in this mission-critical application."
Lockheed Martin leads a team that is designing the next generation space-based early warning system to provide early detection of missile launches worldwide. SBIRS replaces the 25-year old Defense Support Program (DSP) satellites and ground station. The SBIRS High component is designed to detect and track both strategic and tactical launched ballistic missiles. SBIRS data supports the technical intelligence community, helps characterize the battlefield and provides reliable, timely information to combat forces and decision makers. SBIRS is a part of an integrated "system of systems" that enables the Air Force to achieve Air and Space Superiority and Precision Engagement to dominate air and space. It includes multiple space constellations and an evolving ground element.
About Lockheed Martin
Headquartered in Bethesda, Maryland, Lockheed Martin is a global enterprise principally engaged in the research, design, development, manufacture and integration of advanced technology systems, products and services. The Corporation's core businesses are systems integration, space, aeronautics and technology services. Employing more than 140,000 people worldwide, Lockheed Martin had 2000 sales surpassing $25 billion.
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 commercial applications. Merrimac is focused on providing Total Integrated Packaging SolutionsTM 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 9000, an internationally developed set of quality criteria for manufacturing operations.
Merrimac Industries, Inc. and its subsidiary Filtran Microcircuits Inc., with locations in West Caldwell, NJ, San Jose, Costa Rica and Ottawa, Ontario, Canada, have approximately 240 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 www.merrimacind.com and 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: 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; the risk that the Company will not be able to continue to raise sufficient capital to expand its operations as currently contemplated by its business strategy; risks relating to governmental regulatory actions in communications and defense programs; risks associated with demand for and market acceptance of existing and newly developed products; 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.
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Contact:
Merrimac Industries, Inc.
Mason N. Carter, Chairman & CEO
973.575.1300, Ext. 1202
E-mail: mnc@merrimacind.com
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