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Nanotronics Corp. (OTCBB: APIO) ("API") (the "Company"), a leading supplier of electronic components and nanotechnology research and development to the defense and communications sectors, announced today that its TM Systems division received a contract extension from a long standing defense customer. The contract includes an option for a 10th Stabilized Glide Slope Indicator (SGSI) and Vertical Reference System (VRS) and options for delivery of up to 4 additional systems. The total potential value of the contract exceeds $3.8 million.
TM Systems' Stabilized Glide Slope Indicators (SGSI) and Vertical Reference Systems (VRS) allow helicopters to land safely aboard military sea vessels under a variety of conditions. TM has delivered seven of these systems to this defense customer since 2003. The Company anticipates delivering the 8th and 9th systems within the next 6 months. API will receive advance payments for construction of the 10th system required by this customer. If the options under the contract are fully exercised, the Company anticipates delivery of the additional systems between 2008 and 2012.
"API is very pleased to be able to provide key components to major military customers, especially products that enhance the safety for military servicemen and women," stated Phillip DeZwirek, Chairman and CEO of API. "This is an important customer and we are very pleased to see this relationship continue to grow."
About Nanotronics Corp.
API Nanotronics Corp., through its wholly owned subsidiaries API Electronics Inc., National Hybrid Inc., Filtran Group, TM Systems, Keytronics and API Nanofabrication Corporation, is engaged in the manufacture of electronic components and systems for the defense and communications industries. API is also developing a leadership position in the R&D and manufacture of nanotechnology and MEMS products. With a growing list of blue chip customers, including Honeywell/Allied Signal, General Dynamics, Lockheed Martin, and numerous other top technology-based firms around the world, API regularly ships products to clients in more than 34 countries. API owns state-of-the-art manufacturing and technology centers in New York, New Jersey, Florida and Ontario, Canada and has manufacturing capabilities in China and a distribution center in Britain. API Nanotronics trades on the OTC Bulletin Board under the symbol APIO. For further information, please visit the company website at www.apinanotronics.com
Safe Harbor for Forward-Looking Statements:
Except for statements of historical fact, the information presented herein constitutes forward-looking statements. Such forward-looking statements involve known and unknown risks, uncertainties and other factors, which may cause the actual results, performance or achievements of the company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include general economic and business conditions, the ability to acquire and develop specific projects, the ability to fund operations and changes in consumer and business consumption habits and other factors over which API Nanotronics Corp. and its subsidiaries and affiliates have little or no control.
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