Intevac Receives $9.6M IDIQ Contract from NAVAIR

SANTA CLARA, Calif.--(BUSINESS WIRE)--Intevac Photonics, a subsidiary of Intevac, Inc., (Nasdaq:IVAC) announced today it has received a $9.6M IDIQ (Indefinite Delivery Indefinite Quantity) contract from the U.S. Navy Naval Air Warfare Center. This contract covers on-going performance improvements of Intevac’s proprietary four mega-pixel digital night vision sensor (ISIE 4000) for various Navy aircraft platforms. This sensor is based on Intevac’s patented EBAPS^® (Electron Bombarded Active Pixel Sensor) design of digital imaging sensors for extreme low light-level detection. The award represents a five year base contract with additional options. Intevac received the initial delivery order for $1.9M within the IDIQ award.

“This contract for further enhancements of our four mega-pixel EBAPS digital sensor is an important award for our business, as it represents the U.S. Military’s continued support of our sensor technology, allowing us to expand our product family of EBAPS digital sensors for key U.S. Military applications”

"This contract for further enhancements of our four mega-pixel EBAPS digital sensor is an important award for our business, as it represents the U.S. Military’s continued support of our sensor technology, allowing us to expand our product family of EBAPS digital sensors for key U.S. Military applications," commented Joe Pietras, executive vice president and general manager of Intevac Photonics.

About Intevac

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

Equipment Business: We are a leader in the design, development and marketing of high productivity lean manufacturing systems and have been producing Lean Thinking platforms since 1994. We provide process manufacturing equipment solutions to the hard disk drive industry, high-productivity process manufacturing equipment and inspection solutions to the solar photovoltaic industry and wafer handling platforms to the semiconductor industry.

Intevac Photonics: We are a leader in the development and manufacture of leading edge, high-sensitivity imaging products and vision systems, as well as table-top and handheld Raman instruments. Markets addressed include military, industrial, medical and scientific.

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

Safe Harbor Statement

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: expected release of delivery orders against this IDIQ Contract. These 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: our ability to meet the technical requirements for this IDIQ Contract 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 regular filings with the U.S. Securities and Exchange Commission.