Comtech Telecommunications Corp. (NASDAQ:CMTL) announced today that its Maryland-based subsidiary, Comtech Mobile Datacom Corporation, received an additional $5.3 million of funding for its previously announced three-year sustainment contract to support the U.S. Army's Force XXI Battle Command Brigade and Below - Blue Force Tracking ("BFT-1") program, a battle command real-time situational awareness and control system.
With this funding, the Option Year 1 of both our BFT-1 sustainment contract and BFT-1 intellectual property license contract has now been fully funded at the $25.1 million value. The Option Year 1 of the BFT-1 sustainment contract began on April 1, 2015 and ends March 31, 2016. The Company's BFT-1 sustainment contract and related BFT-1 Intellectual Property license agreement, both of which were first awarded in April 2014, now have a combined not-to-exceed value of $71.2 million. Total funding received to-date for both contracts approximates $48.7 million.
Dr. Stanton Sloane, President and Chief Executive Officer of Comtech Telecommunications Corp., said, "We are pleased to receive this additional funding and the opportunity to continue to provide our support for the U.S. Army."
Source: Comtech Telecommunications Corp.
Date: Jul 21, 2015