FAIRFAX, Va., December 4, 2008 — Argon ST, Inc. (NASDAQ: STST), a leading developer of command, control, communications, computers, combat systems, intelligence, surveillance, and reconnaissance (C5ISR) systems, today announced that it has received a contract modification to complete the sixth phase of a multi-year full rate production contract to provide Ship's Signal Exploitation Equipment (SSEE) Increment E sensor systems to the United States Navy.
SSEE is the most modern and extensive communications intelligence system that is deployed on U.S. Navy surface ships. This modification immediately exercises an option with an approximate value of $30.4 million and authorizes the procurement of systems for fiscal year 2009.
"The SSEE program has been a long term contract for Argon," commented Dr. Terry Collins, Chairman and Chief Executive Officer, Argon ST. "It is a great representation of the value that Argon brings to our customers through our life cycle approach to projects. We started this project almost eight years ago as a research and development contract and as we have successfully met benchmarks, we have progressed through conceptual capability, development, capability enhancements and continuous production. We are very proud that the technology and systems we have developed will provide our operational forces with the most modern capabilities in the world."
Joe Carlin, Vice President of Information Dominance at Argon stated, "The Argon / U.S. Navy partnership that this option extends continues to provide our operational forces with the most modern capability in the world. We are proud the U.S. Navy continues to trust Argon for the solution to one of its critical mission needs."
About Argon ST, Inc.
Argon ST, Inc. designs, develops, and produces systems and sensors for the Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance (C5ISR) markets including SIGINT (Signals Intelligence), ESM (Electronic Support Measures), EW (Electronic Warfare), IO (Information Operations), imaging, and acoustic systems serving domestic and international markets.
Statements in this press release which are not historical facts are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. These statements may contain words such as "expects", "could", "believes", "estimates", "intends", "may", "envisions", "targets" or other similar words. Forward-looking statements are not guarantees of future performance and are based upon numerous assumptions about future conditions that could prove not to be accurate. Forward looking statements are subject to numerous risks and uncertainties, including without limitation the risks and uncertainties identified in the reports filed by the Company with the Securities and Exchange Commission (including the Company's Form 10-K for the fiscal year ended September 30, 2007). Some of these specific risks, although not all, are: the availability of governmental funding for the Company's products and services; changes in the U.S. federal government procurement laws, regulations, policies and budgets; the number, length and type of contracts and task orders awarded to the Company by its customers; difficulties in developing and producing operationally advanced technology systems; the timing and customer acceptance of contract deliverables; the Company's ability to attract and retain qualified personnel; charges from any future impairment reviews; the future impact of any acquisitions or divestitures the Company may make; the competitive environment for information technology products and services; general economic, business and political conditions; and other factors affecting the Company's business that are beyond its control. All of the forward-looking statements should be considered in light of these factors. Investors should not put undue reliance on any forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect new information, future events or otherwise.
Argon ST, Inc.