Comtech Telecommunications Corp. Announces $5.3 Million Increase in Order Funding to Support the U.S. Army’s Blue Force Tracking Program
By Business Wire News
By Business Wire News
July 20, 2015–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.”
Comtech Mobile Datacom Corporation, a Germantown, Maryland-based company, is engaged in the provision of satellite-based packet data communication systems and location and messaging services through the use of advanced communication and network technology. To learn more about Comtech Mobile Datacom, please visit the company’s website at www.comtechmobile.com.
Comtech Telecommunications Corp. designs, develops, produces and markets innovative products, systems and services for advanced communications solutions. The Company’s solutions play a vital role in providing or enhancing communication capabilities when terrestrial communications infrastructure is unavailable, inefficient or too expensive. The Company conducts business through three complementary segments: telecommunications transmission, RF microwave amplifiers and mobile data communications. The Company sells products to a diverse customer base in the global commercial and government communications markets. The Company believes it is a leader in most of the market segments that it serves.
Certain information in this press release contains statements that are forward-looking in nature and involve certain significant risks and uncertainties. Actual results could differ materially from such forward-looking information. The Company’s Securities and Exchange Commission filings identify many such risks and uncertainties. Any forward-looking information in this press release is qualified in its entirety by the risks and uncertainties described in such Securities and Exchange Commission filings.
Michael D. Porcelain, Senior Vice President and Chief Financial Officer