Servotronics, Inc. Receives $2.7 Million Order for Standard Missile Components
1110 Maple Street ¨ P.O. Box 300 ¨ Elma, New York 14059-0300 ¨ 716-655-5990 ¨ FAX 716-655-6012
SEPTEMBER 18, 2002
SERVOTRONICS, INC. (AMEX-SVT) RECEIVES $2.7 MILLION ORDER
FOR STANDARD MISSILE COMPONENTS
Elma, NY – Servotronics, Inc. (AMEX-SVT) announced today that Raytheon Missile Systems has awarded Servotronics a contract for the production of control hardware for the Standard Missile program valued at over $2,700,000.
Servotronics’ planned production for this contract will commence in fiscal 2002 and be completed in 2004.
The Standard Missile program is composed of a family of surface-to-air and surface-to-surface missiles used by the United States Navy. The US Navy’s primary use for the standard missile is as a shipboard anti-air defense missile. It is among the most reliable missiles in the Navy’s inventory. The Standard Missile is operational on guided missile cruisers, destroyers and frigates in the U.S. Navy. Standard Missiles are also operational with many foreign navies around the world. Servotronics developed and produced control components for the Standard Missile program since the program’s inception. The development program was a multi-year effort.
Servotronics, Inc. is composed of two operating groups – the Advanced Technology Group and the Consumer Products Group. The Advanced Technology Group designs, develops and manufactures servo control and other components for various commercial and government applications (i.e., aircraft, jet engines, missiles, satellite launch vehicles, etc.). The Consumer Products Group designs and manufactures sporting knives, cutlery, bayonets and machetes for both commercial and government applications.
Certain paragraphs of this release contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934, such as those pertaining to the Company’s expectation of new business and success in its entry into new product programs. Forward-looking statements involve numerous risks and uncertainties. The Company derives a material portion of its revenue from contracts with agencies of the U.S. Government or their prime contractors. The Company’s business is performed under fixed price contracts and the following factors, among others, could cause actual results and future events to differ materially from those set forth or contemplated in the forward-looking statements: uncertainties in today’s global economy and global competition, difficulty in predicting defense appropriations, the vitality and ability of the commercial aviation industry to purchase new aircraft, the willingness and ability of the Company’s customers to fund long-term purchase programs, and market demand and acceptance both for the Company’s products and its customers’ products which incorporate Company-made components. The success of the Company also depends upon the trends that affect the national and international economy. Readers are cautioned not to place undue reliance on forward-looking statements, which reflect management’s analysis only as of the date hereof. The Company assumes no obligation to update forward-looking statements.
SERVOTRONICS, INC. (SVT) IS LISTED ON NYSE Amex