Innovative Solutions & Support, Inc. Announces Highlights of 2009 Annual Meeting of Shareholders

EXTON, Pa.--(BUSINESS WIRE)--Innovative Solutions & Support, Inc. (NASDAQ:ISSC) announced key outcomes of today’s 2009 Annual Shareholders Meeting. At today’s meeting, shareholders re-elected current Board of Directors members Geoffrey S.M. Hedrick and Winston J. Churchill each to serve a new term expiring at the 2012 annual meeting of shareholders.

Shareholders also approved the Company’s 2009 Stock-Based Incentive Compensation Plan and ratified the appointment of Deloitte & Touche, LLP as the Company's independent registered public accounting firm for the fiscal year ending September 30, 2009.

Geoffrey S.M. Hedrick, Chairman and CEO of Innovative Solutions & Support, Inc., said, “I am pleased shareholders have endorsed management’s plans by approving all the matters that came before them for a vote. In so doing, shareholders have recognized that the Company is well-positioned to capitalize on the growing demand for retrofit services that has historically risen during periods of slow economic activity. We are effectively prosecuting our current backlog, which is generating steady revenues and leveraging our fixed manufacturing infrastructure. We are also excited about new opportunities on the horizon, including additional opportunities with Cessna and our versatile new Vantage Cockpit/IP™. Having streamlined operations to move gross margins back in the direction of historical peak performance, while maintaining a solid balance sheet, we are confident that IS&S will meet our objectives of revenue growth this fiscal year with positive cash flow and earnings per share in each quarter.”

About Innovative Solutions & Support, Inc.

Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) designs, manufactures and markets flight information computers, electronic displays and advanced monitoring systems that measure and display critical flight information. This includes data relative to aircraft separation (RVSM), airspeed and altitude, as well as engine and fuel data measurements.

Certain matters contained herein that are not descriptions of historical facts are “forward-looking” (as such term is defined in the Private Securities Litigation Reform Act of 1995). Because such statements include risks and uncertainties, actual results may differ materially from those expressed or implied by such forward-looking statements. Factors that could cause results to differ materially from those expressed or implied by such forward-looking statements include, but are not limited to, those discussed in filings made by the Company with the Securities and Exchange Commission. Many of the factors that will determine the Company’s future results are beyond the ability of management to control or predict. Readers should not place undue reliance on forward-looking statements, which reflects management’s views only as of the date hereof. The Company undertakes no obligation to revise or update any forward-looking statements, or to make any other forward-looking statements, whether as a result of new information, future events or otherwise.