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COSTA MESA, Calif. , Nov. 24 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN) announced today that it is one of a limited number of businesses named by the U.S. Army to be a Commercialization Pilot Program ("CPP") Company in the current government fiscal year. CPP companies are eligible to receive additional support from the Army, over and above any potential Small Business Innovation Research ("SBIR") funding, to help transition of their products into use by the military. The Army's CPP selection process involves a rigorous analysis of SBIR companies that have Phase II projects that have prospects to meet high-priority requirements.
John Carson , Irvine Sensors' Chairman and CEO, said, "Our Phase II SBIR proposal that led to CPP eligibility is for further development of a clip-on thermal imager that could be attached to the roughly half-million night vision goggles that are currently in the Army's inventory. The existing goggles work by intensifying images created by very low light. Our clip-on creates images from heat emissions and is designed to compatibly work with the goggle's image intensifier. This combination would offer the wearer an enhanced view of the scene, plus the ability to still have vision even in total darkness or other adverse viewing conditions."
Irvine Sensors Corporation (http://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, the successful final development of and the Army's subsequent acceptance of the Company's thermal clip-on product. 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 scope of the support provided by the Army to its CPP companies in general and to the Company, if any; the availability of sufficient working capital to support fulfillment of our clip-on development; our ability to successfully coordinate our suppliers; budgetary issues, constraints and funding delays, as well as market conditions, international conflicts, natural disasters and other events beyond our control; our ability to resolve technological challenges; the impact of competitive products and technologies; our ability to raise additional debt or equity financing; general market conditions; 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 (http://www.sec.gov).
SOURCE Irvine Sensors Corporation