Probe Manufacturing Announces $1.1M Long Term Agreement with Leading Provider of Product Solutions for the Aerospace Industry
IRVINE, Calif.--(BUSINESS WIRE)--Probe Manufacturing, Inc., (OTC QB: PMFI) (“Probe” or “the Company”), a global electronics design & manufacturing services company, today announced a long term agreement with a leading provider of product solutions for the aerospace industry. The effective date of the agreement continues through December 31, 2019 under which both parties have committed to purchase a minimum of 500 ship sets. The total value of the agreement is $1.1 Million.
Probe Manufacturing has serviced the industrial, aerospace and military markets since 2005, specifically focusing on supplying these markets with components and water systems for commercial aircrafts, components for landing gear systems and flap controllers and sensors and controls amongst other electronics. Specific to this contract Probe will be supplying components that will be incorporated into innovative and highly affordable compact broadband applications. The end products will be utilized in the consumer, enterprise, first-responder, civil, military and intelligence sectors of the aerospace market.
Kam Mahdi, Chief Executive Officer of Probe manufacturing, commented, “We continue to work diligently on building upon our previously announced $3 million order backlog. The domestic manufacturing industry as a whole has continued to experience growth with the aerospace industry being a significant contributor. We have therefore continued to establish new client relationships in this segment of the market. We are positioned with an expertise in proprietary offerings for these clients and capacity to fulfill orders quickly and seamlessly. We look forward to continuing to build our niche presence in the market.”
About Probe Manufacturing
Probe Manufacturing is a Global Electronics Design & Manufacturing Services Company providing Original Equipment Manufacturers with electronics manufacturing services through its domestic factories in the United States. Headquartered in Irvine, California, Probe has been serving industrial, instrumentation, medical, aerospace, defense, alternative energy, and telecommunication industries since 1994. Probe’s common stock is traded on the OTC Market QB under the symbol PMFI. Further information is available on Probe’s website: www.probeglobal.com.
This release contains certain forward-looking statements (under Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended) with respect to whether PMI’s positive financial outlook; it can maintain the increased bookings; and whether PMI’s net operating loss will continue and have a significant impact on PMI’s financial performance going forward. Because such statements include risks, uncertainties and contingencies, actual results may differ materially from those expressed or implied by such forward-looking statements. These risks, uncertainties and contingencies include, but are not limited to, the following: uncertainties relating to changes in general economic and market conditions; uncertainties regarding changes in the EMS industry; the uncertainties relating to the implementation of PMI’s business strategy and adherence to its business model; and other risk factors as outlined in the company’s periodic reports, as filed with the U.S. Securities and Exchange Commission. Forward-looking statements in this document speak only as of the date on which such statements were made, and we undertake no obligation to update any such statements that may become untrue because of subsequent events. We claim the safe harbor protection for forward-looking statements contained in the Private Securities Litigation Reform Act of 1995.