Frequency Electronics Inc. Awarded Multi-Satellite Payload Contract

MITCHEL FIELD, N.Y., Sept. 08, 2016 -- Frequency Electronics, Inc. (NASDAQ:FEIM) has received and commenced engineering design work on a new multi-satellite payload contract valued in excess of $6m. FEI will supply the master timing system and microwave frequency sources for satellites in a non-domestic advanced secure communication satellite constellation.  These assemblies provide state-of-the-art levels of frequency stability as well as exceptionally low phase-noise characteristics.  The capabilities provided by these next-generation space assemblies enable satellites to meet the ever-increasing demands for high throughput secure data.  Under the present contract the major portion of the work will be completed over the next eighteen months, with options for additional flight sets to follow.

Commenting on this award, Olie Mancini, Senior Vice President, Business Development said, “This strategic contract reflects the exceptional confidence that FEI has earned with key customers with our unique highly reliable precision time and frequency technologies that are essential for critical space platforms.“   

About Frequency Electronics 

Frequency Electronics, Inc. is a world leader in the design, development and manufacture of high precision timing, frequency control and synchronization products for space and terrestrial applications.  Frequency’s products are used in satellite payloads and in other commercial, government and military systems including C4ISR markets, missiles, UAVs, aircraft, GPS, secure radios, energy exploration and wireline and wireless communication networks.  Frequency has received over 100 awards of excellence for achievements in providing high performance electronic assemblies for over 150 space and DOD programs.  The Company invests significant resources in research and development and strategic acquisitions world-wide to expand its capabilities and markets.  

Frequency’s Mission Statement: “Our mission is to provide precision time and low phase noise frequency generation systems from 1 Hz to 46 GHz, for space and other challenging environments.”

Subsidiaries and Affiliates: Gillam-FEI provides expertise in network synchronization and monitoring; FEI-Zyfer provides GPS and secure timing ("SAASM") capabilities for critical military and commercial applications; FEI-Asia provides cost effective manufacturing capabilities; FEI-Elcom Tech provides added resources for state-of-the-art RF microwave products.  Frequency's Morion affiliate supplies high-quality, cost effective quartz oscillators and components.  Additional information is available on the Company’s website: www.frequencyelectronics.com

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995:

The Statements in this press release regarding the future constitute "forward-looking" statements pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995.  Forward-looking statements inherently involve risks and uncertainties that could cause actual results to differ materially from the forward-looking statements.  Factors that would cause or contribute to such differences include, but are not limited to, inability to integrate operations and personnel, actions by significant customers or competitors, general domestic and international economic conditions, consumer spending trends, reliance on key customers, continued acceptance of the Company's products in the marketplace, competitive factors, new products and technological changes, product prices and raw material costs, dependence upon third-party vendors, competitive developments, changes in manufacturing and transportation costs, the availability of capital, and other risks detailed in the Company's periodic report filings with the Securities and Exchange Commission.  By making these forward-looking statements, the Company undertakes no obligation to update these statements for revisions or changes after the date of this release.

Contact information: 
Martin B. Bloch, President and CEO
Telephone:  (516) 794-4500 
WEBSITE: www.frequencyelectronics.com