Intevac Photonics, a subsidiary of Intevac, Inc., (Nasdaq:IVAC) announced today it has received a $10 million contract from the U.S. Army’s Apache Helicopter Program Office. This fixed price contract covers the manufacturing transition of Intevac’s extreme low light digital camera from the prototype phase to the initial production phase, and includes the initial delivery of these cameras for use in the Apache Pilot Night Vision System. The camera is based on Intevac’s patented EBAPS® (Electron Bombarded Active Pixel Sensor) design. This award represents the first of several production phases for integration on all AH-64 Apache helicopters.
“The award of this contract represents the first major production opportunity for our digital camera on a critical platform for the U.S. Army, and demonstrates their confidence in our extreme low light sensor technology. This is an important win for our business and the first step towards expanding our family of digital sensors to other key U.S. Military applications," commented Drew Brugal, executive vice president and general manager of Intevac Photonics.
Intevac was founded in 1991 and has two businesses: Equipment and Intevac Photonics.
In our Equipment business, we are a leader in the design, development and manufacturing of high-productivity, vacuum process equipment solutions. Our systems are production-proven for high-volume manufacturing of small substrates with precise thin film properties, such as those required in the hard drive and solar cell markets we currently serve.
In the hard drive industry, our 200 Lean® systems process approximately 60% of all magnetic disk media produced worldwide. In the solar cell manufacturing industry, our recently-introduced LEAN SOLAR™ platform, with applications including deposition, texture etch and ion implant, increases the conversion efficiency of silicon solar cells.
In our Photonics business, we are a leader in the development and manufacture of leading-edge, high-sensitivity imaging products and vision systems as well as materials identification instruments utilizing Raman technology. Our products primarily address the defense markets in addition to the industrial, medical and scientific industries.
Safe Harbor Statement
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: expected delivery of cameras, timing and award of additional production phases and ability to complete camera development. These 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: our ability to meet the technical requirements and delivery date 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 regular filings with the U.S. Securities and Exchange Commission.