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Updated: October 27th, 2008 09:38 AM CDT

Irvine Sensors Books $2.1M in New Awards

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via PRNewswire

COSTA MESA, Calif. , Oct. 27 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) announced today that it has booked an aggregate of approximately $2.1 million in new development contracts and follow-on awards in the last few weeks. The new bookings include funding for development, enhancement and flight testing of various advanced and thermal imaging sensors. These awards are largely funded from government carry-over budgets and do not include any of the anticipated $2.4 million funding from new budgets for start-up production of advanced thermal imaging products that Irvine Sensors recently announced.

John Carson , Irvine Sensors' Chairman and CEO, said, "This is a promising start for fiscal 2009 procurement activities. Early visibility into the timing of such jobs makes resource planning for the year easier. Plus, one of these new awards bears directly on an important strategic marketing thrust for our thermal imaging products."

Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California , is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This message may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "think," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, anticipated contract awards, future performance and our strategic direction. Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, the availability of sufficient working capital to support fulfillment of our contracts; severe market conditions; our ability to meet the technical, schedule and cost requirements of the new contract awards; budgetary issues, constraints and funding delays; the impact of competitive products and technologies; our ability to raise additional debt or equity financing; and the general economic and political conditions and specific conditions that may impact our operations. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).

SOURCE Irvine Sensors Corporation


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