Optex Systems, Inc. Wins $7.8 Million Award Under Contract From International Defense Customer
RICHARDSON, Texas, Nov. 7, 2011 (GLOBE NEWSWIRE) -- Optex Systems, Inc., a wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCBB:OPXS), and a leading manufacturer of optical sighting systems and assemblies for domestic and foreign military and related applications, announced today that it has received a $7.8 million award from an international defense contractor to upgrade the sighting system apparatus in a fleet of combat vehicles for the armed forces of a G-20 nation. The contract award to Optex is part of a comprehensive package upgrade for the fleet under a contract awarded to the international defense contractor.
The award to Optex Systems calls for the delivery of more than 500 units over a five year term with delivery expected to commence in mid-2012. With the addition of this award, Optex Systems' total booked backlog is $19.8 million as of November 3, 2011 compared to $12.0 million prior to this award, an increase of 65.2%.
"We look forward to working with the international defense contractor to deliver a comprehensive, high quality package to modernize a combat vehicle fleet. These systems will use Optex's proprietary Digital Day and Night ("DDAN") technology which upgrades the weapon platform on the vehicles with high definition digital video output for both day use and third generation 18mm image intensified technology for night use," said Danny Schoening, General Manager and Chief Operating Officer of Optex Systems Holdings, Inc.
ABOUT OPTEX SYSTEMS HOLDINGS, INC. AND OPTEX SYSTEMS, INC.
Optex Systems, Inc., which is the wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCBB: OPXS), was founded in 1987 and is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, light armored and armored security vehicles, and have been selected for installation on the Stryker family of vehicles. Optex Systems, Inc. also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex Systems, Inc. delivers its products both directly to the military services and to prime contractors. For additional information, please visit the website at www.optexsys.com.
CONTACT: Optex Systems Holdings, Inc.
Stanley A. Hirschman, President
(972) 644-0722
ir@optexsys.com
1420 Presidential Drive
Richardson, TX 75081
Source: Optex Systems Holdings, Inc.
Released November 7, 2011