NEW YORK, Dec. 16, 2004 (PRIMEZONE) -- Enertec Systems 2001, a majority owned affiliate company of Lapis Technologies Inc. (OTCBB:LPST), today announced that it has booked its first order for a Ruggedized Mission Computer for Combat Vehicles.
Enertec Systems 2001 has received its first order for the design and manufacture of the next generation of ruggedized mission computers for combat vehicles from Israeli Aircraft Industry, (IAI). This system will replace the previous version mission computers which are currently in the field and were installed many years ago. These ruggedized computers were previously manufactured in house by IAI themselves.
The first order is for three prototypes which will require testing and qualification (see Note) generating revenues of approximately $120,000. Delivery date is scheduled for the second quarter of 2005. If the initial prototype is successful, IAI has an option to purchase an additional twenty units.
Harry Mund, CEO of Lapis Technologies Inc., was overjoyed at receiving this order: "It confirms IAI's continued confidence in the hands of Enertec Systems Inc., which is already the major supplier of Automatic Testing Equipment for IAI's Arrow Missile. Moreover this order launches Enertec Systems 2001 into a new technology and field of activity, and confirms Enertec Systems 2001's ability to create stand-alone products as opposed to ATE's or sub-systems. This order shows the high level of confidence IAI has in our technical capabilities and paves the way for Enertec Systems 2001 to become a significant provider of electronic systems for homeland defense programs."
Lapis Technologies Inc. was formed in Delaware on January 31, 2002. Lapis Technologies Inc., conducts operations in Israel through its wholly owned subsidiaries, Enertec Electronics Ltd, Enertec Management Ltd, and its 55% owned subsidiary Enertec Systems 2001 Inc. Lapis Technologies Inc., through its subsidiaries, manufactures and distributes electronic components and products relating to power supplies, converters and related power conversion products, automatic test equipment (ATE), simulators and various military and airborne systems
(Note) qualification of a military piece of ruggedized equipment refers to Environmental Stress Screening (ESS) which are tests that evaluate the product's resilience to high and low temperatures, shock and vibration and humidity among other conditions.