Arotech's Power Systems Division Awarded $10.7 M in New Contracts and Follow-On Work Orders
Arotech Corporation (Nasdaq GM: ARTX) announced today that its Power System Division, which includes UEC Electronics, has been awarded $10.7 million in orders since the Company's last press release in August. Delivery of the products and services associated with these contracts and work orders is anticipated to begin in 2015 and to run through calendar year 2016 and beyond. These awards support the company's current outlook and are included within their previously issued guidance.
The contracts and follow-on work orders received include hybrid power systems orders and vehicle power distribution products. The company's Power Systems Division continues to win important developmental contracts that should lead to larger production efforts in the future.
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"We are excited about these recent awards, as they represent the culmination of our patient, hard work in research and development, and in marketing and sales," commented Steven Esses , Arotech's President and CEO. "We believe these orders are the result of a long-term strategy that is focused on successful delivery of cost effective, innovative solutions and products that provide enhanced operational capability and represent significant savings for our customers."
Source : Arotech Corporation - view original press release