TAMPA, Fla.--(BUSINESS WIRE)--Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq/GM: SYPR), announced today that it has recently received multiple contract awards from a US DoD prime contractor to manufacture a variety of mission-critical electronic assemblies for multiple Government programs. Production will begin in 2020 and continue into 2021. Terms of the agreements were not disclosed.
The awards include the production of a variety of electronic assemblies for multiple munition dispensing systems. “This was another important win for Sypris in the DoD sector of our business,” said Jim Long, Vice President & General Manager of Sypris Electronics. “Our customer is a leader in this military application and our technical and operational strengths were key to this win. We are excited to have this opportunity to expand our relationship with this important customer.”
Sypris Electronics is a trusted provider of electronic solutions, addressing customers’ needs for building complex, mission-critical electronic and electro-mechanical devices and integrated systems. Backed by 50 years of experience, Sypris’ engineering and manufacturing services span our customers’ product life cycle all within a culture of continuous improvement and Six Sigma/Lean thinking. Partners from multiple agencies and tier one companies in Military (DoD), Space, Medical, Undersea, and Industrial markets team with Sypris to deliver high-reliability electronics built with strict adherence to regulated requirements. For more information, please visit www.sypriselectronics.com.
Forward Looking Statements
This press release contains “forward-looking” statements within the meaning of the federal securities laws. Forward-looking statements include our plans and expectations of future financial and operational performance. Such statements may relate to projections of the company’s revenue, earnings, and other financial and operational measures, our liquidity, our ability to mitigate or manage disruptions posed by COVID-19, and the impact of COVID-19 and economic conditions on our future operations, among other matters. COVID-19 continues to spread throughout the United States and other countries across the world, and the duration and severity of its effects are currently unknown. The COVID-19 pandemic has resulted, and is likely to continue to result, in significant economic disruption and has and will likely adversely affect our business. The Company has continued to operate at each location and sought to remain compliant with government regulations imposed due to the COVID-19 pandemic.
Each forward-looking statement herein is subject to risks and uncertainties, as detailed in our most recent Form 10-K and Form 10-Q and other SEC filings. Briefly, we currently believe that such risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; our failure to successfully complete final contract negotiations with regard to our announced contract “orders”, “wins” or “awards”; the cost, quality, timeliness, efficiency and yield of our operations and capital investments, including the impact of employee training, working capital, production schedules, cycle times, scrap rates, wages, overtime costs, freight or expediting costs; disputes or litigation involving governmental, supplier, customer or employee claims; our inability to develop new or improved products or new markets for our products; cost, quality and availability of raw materials and electronic component parts; our reliance on third party vendors and sub-suppliers; continued shortages and extensive lead-times for electronic components; failure to adequately insure or to identify environmental or other insurable risks; volatility of our customers’ forecasts, scheduling demands and production levels which negatively impact our operational capacity and our effectiveness to integrate new customers or suppliers, and in turn cause increases in our inventory and working capital levels; adverse impacts of new technologies or other competitive pressures which increase our costs or erode our margins; U.S. government spending on our products and services, including the timing of budgetary decisions; changes in licenses, security clearances, or other legal rights to operate, manage our work force; cyber security threats and disruptions; inaccurate data about markets, customers or business conditions; or unknown risks and uncertainties. We undertake no obligation to update our forward-looking statements, except as may be required by law.