Optex Systems Receives Initial $1.54 Million Purchase Order from $5.99 Million Contract with Defense Logistics Agency
RICHARDSON, TX -- (Marketwired) -- 11/15/16 -- Optex Systems, Inc., a wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCQB: OPXS), a leading manufacturer of precision optical sighting systems for domestic and worldwide military and commercial applications, has received its first purchase order of $1.54 million for its laser protected periscopes from Defense Logistics Agency (DLA).
This initial order is part of Optex's 5-year Indefinite Delivery, Indefinite Quantity (IDIQ) contract with DLA totaling $5.99 million, previously announced in July 2016. Optex provides a variety of glass and plastic periscopes with and without laser protection used on various vehicle platforms.
"The periscopes & vision block market in the U.S. is currently valued at $8-10 million annually and $40-50 million worldwide. This shipment is an important first step in executing the terms of our agreement we signed earlier in the year and we are pleased to serve this critical needs item for the United States Army," stated Danny Schoening, Optex's CEO.
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, 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 also manufactures and delivers numerous periscope configurations, rifle and surveillance sights, and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.
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Contact:
Robert Haag
Managing Director
IRTH Communications
OPXS@irthcommunications.com
1-866-976-4784
Source: Optex Systems Holdings, Inc.
Released November 15, 2016