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COSTA MESA, Calif., May 1 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN; Boston Stock Exchange: ISC) announced today that its subsidiary, Optex Systems Inc., located in Richardson, Texas, has received a definitive production order, firming up an initial letter contract, from Textron, Inc. for 218 M-36 Optical Day/Night Sights to be installed on the Armored Security Vehicle (ASV). Optex believes this order represents approximately 30% of the current ASV production quantity for the U.S. Government. Future orders are anticipated by Optex as more ASVs are produced. Optex's deliveries of M-36 optical sights are expected to begin in the July-August 2006 time frame.
Tim Looney, president of Optex Systems stated, "This multi-million dollar order places us in a position to grow our optical sight product line with a new customer and a new platform. We see this opportunity as the first step in providing M-36 sights, and upgraded M-36 sights with full thermal imaging, for various military vehicles to support our U.S. troops and those of our Allies. Our goal is to increase our share in this market niche."
Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies, the sale of optical systems and components through its Optex Systems, Inc. subsidiary 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 news release 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," "projects," "intends," "plans," "believes," "seeks," "estimates," "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, our ability to successfully meet the specified requirements of our development contract to obtain additional orders for future ASV products and to expand our optical sight product line. 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 demand for ASVs and other vehicles that incorporate our products; our ability to meet production volume, schedule and price requirements of, and complete the production orders for, Textron and other potential customers; capacity constraints and manufacturing challenges we may face; our ability to obtain adequate sources of supply for components used in the manufacture of our optical sights; our ability to successfully broaden our optical sight product line and develop new products; the potential unforeseen impact of product offerings from competitors; our ability to maintain or obtain adequate capital resources; changes in governmental agencies' funding priorities and procurement procedures; the competitive funding pressure on government budgets resulting from demands of current military operations; and general economic and political conditions and specific conditions in the markets we address. 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).