MIDDLETOWN, R.I., Nov. 05, 2015 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq:KVHI) announced today that its guidance and stabilization business has been awarded two contracts totaling $2.7 million: a $1.3 million contract to provide field service representative (FSR) support to an allied country in the Middle East related to KVH’s tactical navigation (TACNAV®) systems installed on military vehicles; and, a $1.4 million contract for the delivery of TACNAV systems for use by an international military customer in an armored vehicle application.
KVH’s FSR support will include installation, operations, and maintenance of KVH tactical navigation devices purchased by the customer, and full-time technical support throughout the customer’s territory. The $1.3 million contract covers two years of support beginning immediately, with an extension option for three more years and an additional $2.2 million.
For the $1.4 million contract, KVH will deliver a tactical navigation system designed to help military vehicle crews maintain 100% situational awareness with or without GPS; the system is a variant of KVH’s TACNAV TLS and TACNAV Light. The hardware shipments for this order are expected to take place in the fourth quarter of 2015.
“KVH’s TACNAV solution serves as a crucial resource for navigation and battle management, keeping soldiers safe and out of harm’s way wherever they travel,” says Dan Conway, executive vice president of KVH’s guidance and stabilization group. “This new order reaffirms the value of KVH’s TACNAV products as an important tool for U.S. and allied warfighters, providing precision navigation as well as coordination of vehicles in critical situations, and adds to our backlog for the year.”
All of KVH’s TACNAV military vehicle navigation systems provide unjammable precision navigation, heading, and pointing data for vehicle drivers, crews, and commanders. TACNAV can also serve as a heading and position source for situational awareness. The TACNAV system ordered today features a compact design, continuous heading and pointing data output, and a flexible architecture that allows it to function as either a standalone navigation module or as the heart of an expanded, multifunctional TACNAV system. The system is designed to integrate with Battle Management Systems (BMS) and is a vital component for effective battlefield management.
TACNAV systems are currently in use by the U.S. Army and Marine Corps, as well as many allied customers including Canada, Sweden, Great Britain, France, Germany, Spain, Egypt, Botswana, Australia, New Zealand, Saudi Arabia, Taiwan, Romania, Poland, Turkey, Malaysia, Switzerland, South Korea, Singapore, Brazil, and Italy.
Note to Editors: For more information about KVH’s tactical navigation systems, please visit the TACNAV website, www.kvh.com/tacnav. High-resolution images of KVH products are available at the KVH Press Room Image Library, www.kvh.com/press-room/image-library.
About KVH Industries, Inc.
KVH Industries is a premier manufacturer of high-performance sensors and integrated inertial systems for defense and commercial guidance and stabilization applications, having sold more than 19,000 TACNAV systems and 87,000 fiber optic gyros. The company is also a leading provider of in-motion satellite TV and communications systems, having designed, manufactured, and sold more than 175,000 mobile satellite antennas for applications on vessels and vehicles. KVH is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and Tinley Park, IL. The company’s global presence includes offices in Belgium, Brazil, Cyprus, Denmark, Hong Kong, Japan, the Netherlands, Norway, Singapore, and the United Kingdom.
This release may contain certain forward-looking statements that involve risks and uncertainties. Forward-looking statements include, for example, statements regarding the functionality, characteristics, quality and performance of KVH’s products and technology; anticipated innovation and product development; customer preferences, requirements, and expectations; and the potential value of military contracts. The actual results could differ materially. Factors that may cause such differences include, among others, the unpredictability of defense budget priorities as well as the order timing, purchasing schedules, and priorities for defense products and services, including possible order cancellations; the uncertain impact of potential budget cuts by government customers; potential changes in tax and accounting requirements or assessments; uneven military sales cycles; changes in military fielding and equipment requirements; and risks associated with conducting business internationally and in places where laws, business practices and customs are unfamiliar or unknown, including, export and cross-border employment regulations, delays in procuring export licenses, and changes in or interpretations of foreign laws or policies that may adversely affect the performance of our services abroad. These and other factors are discussed in more detail in KVH’s Quarterly Report on Form 10-Q filed with the Securities and Exchange Commission on August 10, 2015. KVH does not assume any obligation to update its forward-looking statements to reflect new information or developments.
KVH and TACNAV are registered trademarks of KVH Industries, Inc.
For further information, please contact:
Jill Connors, Media & Communications Manager
KVH Industries, Inc.
Tel: +1 401 851 3824
jconnors@kvh.com
