KVH Receives Orders Totaling $6.7 Million for TACNAV Tactical Navigation Systems
KVH to supply fiber optic gyro (FOG)-based systems for military customers
MIDDLETOWN, R.I., Sept. 25, 2019 (GLOBE NEWSWIRE) -- KVH Industries, Inc., (Nasdaq: KVHI), announced today that it has received two orders totaling $6.7 million for its fiber optic gyro (FOG)-based TACNAV® tactical navigation systems for use by military customers. Revenue from one of these orders will be completed in 2019; revenue from the other order is expected to begin in the fourth quarter of 2019 and continue through 2021.
“KVH’s TACNAV tactical navigation solution provides precision navigation as well as coordination of military vehicles in critical situations,” says Dan Conway, executive vice president of KVH’s inertial navigation group. “The system serves as a crucial resource for navigation and battle management, and as an alternative source of heading, position, and navigation in GPS-denied environments, helping keep soldiers safe and out of harm’s way wherever they travel. These new orders reaffirm the value of KVH’s TACNAV products and add to our backlog.”
KVH’s FOG-based TACNAV military vehicle navigation systems provide unjammable precision navigation, heading, and pointing data for vehicle drivers, crews, and commanders. TACNAV also serves as a heading and position source for situational awareness.
KVH’s widely-fielded 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, UAE, and Italy.
Note to Editors: For more information about KVH’s FOG-based TACNAV systems, please visit the , kvh.com/tacnav. High-resolution images of KVH products are available at the , kvh.com/Press-Room/Image-Library.
About KVH Industries, Inc.
KVH Industries, Inc., is a global leader in mobile connectivity and inertial navigation systems, innovating to enable a mobile world. A market leader in maritime VSAT, KVH designs, manufactures, and provides connectivity and content services globally. KVH is also a premier manufacturer of high-performance sensors and integrated inertial systems for defense and commercial applications. Founded in 1982, the company is based in Middletown, RI, with research, development, and manufacturing operations in Middletown, RI, and Tinley Park, IL, and more than a dozen offices around the globe.
This press release contains forward-looking statements that involve risks and uncertainties. For example, forward-looking statements include statements regarding our financial goals for future periods, our anticipated revenue and the impact of our future initiatives on revenue, competitive positioning, profitability, and product orders. Actual results could differ materially from the forward-looking statements made in this press release. Factors that might cause these differences include, but are not limited to: delays in the receipt of anticipated orders for our products and services, including significant orders for TACNAV products, or the potential failure of such orders to occur at all, continued substantial fluctuations in military sales, including to foreign customers; the unpredictability of defense budget priorities as well as the order timing, purchasing schedules, and priorities for defense products, including possible order cancellations; the uncertain impact of potential budget cuts by government customers; export restrictions, delays in procuring export licenses, and other international risks. These and other factors are discussed in more detail in KVH’s most recent Form 10-Q filed with the SEC on August 2, 2019. Copies are available through its Investor Relations department and website, KVH does not assume any obligation to update its forward-looking statements to reflect new information and developments.
KVH Industries, Inc. has used, registered, or applied to register its trademarks in the U.S.A. and other countries around the world, including but not limited to the following marks: KVH and TACNAV. All other trademarks are the property of their respective companies.
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KVH Industries, Inc.
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