Dec 21, 2018   SOURCE: BusinessWire

Intevac Receives $6.9 Million Production Contract from U.S. Army

Intevac Inc. (Nasdaq: IVAC), announced today it received a contract for $6.9 million for the production of night vision cameras for the Apache Helicopter's Pilot Night Vision Sensor (PNVS) program for the U.S. Army. This contract for 144 cameras, from the U.S. Army's PM Apache Office in Huntsville, Alabama, will provide cameras for new Apache Airframe builds, Foreign Military Sales (FMS) orders, and spares. This contract vehicle enables the U.S. Army to procure additional units through May 2020 at pre-negotiated pricing.

The Electronic Image Intensification camera is based on Intevac's patented EBAPS® (Electron Bombarded Active Pixel Sensor) digital imaging sensor for extreme low-light level detection.

“Intevac finished deliveries outfitting the U.S. Apache fleet, spares and initial FMS customer orders in September of 2017. We are excited to be delivering additional cameras to support our warfighters effort,” commented Timothy Justyn, executive vice president and general manager of Intevac Photonics. “Since becoming a Prime supplier in 2013, Intevac’s success in fielding cameras to the U.S. Army played a significant role in winning this business.”

About Intevac

Intevac was founded in 1991 and has two businesses: Thin-film Equipment and Photonics.

In our Thin-film Equipment business, we are a leader in the design and development of high-productivity, thin-film processing systems. Our production-proven platforms are designed for high-volume manufacturing of substrates with precise thin film properties, such as the hard drive media, display cover panel, and solar photovoltaic markets we serve currently.

In our Photonics business, we are a recognized leading developer of advanced high-sensitivity digital sensors, cameras and systems that primarily serve the defense industry. We are the provider of integrated digital imaging systems for most U.S. military night vision programs.

For more information call 408-986-9888, or visit the Company's website at www.intevac.com.

Forward-Looking Statements

This press release includes statements that constitute “forward-looking statements” within the meaning of the Private Securities Litigation Reform Act of 1995 (the “Reform Act”). Intevac claims the protection of the safe-harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms “may,” “believes,” “projects,” “expects,” or “anticipates,” and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to; the quantity of camera deliveries. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the company’s expectations. These risks include, but are not limited to: the failure to meet planned shipment dates, which could have a material impact on our business, our financial results, and the company's stock price. These risks and other factors are detailed in the Company’s periodic filings with the U.S. Securities and Exchange Commission.