CPS Technologies Corporation Receives Additional HybridTech Armor® Panels Order For U.S. Aircraft Carriers
NORTON, Mass., May 20, 2021 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) today announced the receipt of an additional purchase order for HybridTech Armor® Panels to be installed as part of an integrated ballistic protection system on U.S. Navy Nimitz-class aircraft carriers from Kinetic Protection, the Navy’s prime contractor. The HybridTech Armor® panels are an essential component that protects sailors manning crew-served weapons stations aboard the Naval fleet. The value of this second purchase order for four additional ship sets is $5.8M.
This proprietary metal-encapsulated ceramic armor system developed with Kinetic Protection in collaboration with the U.S. Navy provides the optimal combination of ballistic protection, light weight, and environmental durability in extreme maritime environments. The panels do not degrade in salt spray or sunlight. The integrated armor system containing HybridTech Armor® Panels is modular, allowing for easy system configuration to specific crew-served weapons stations on the ship. HybridTech Armor® Panels are covered by multiple patents owned by CPS.
“CPS is dedicated to protecting our sailors and Marines in a deployed shipboard environment with our advanced ballistics technology. We look forward to working with the U.S. Navy and our supply chain partners to enhance the safety and capabilities of sailors through the installation of our HybridTech Armor® across the fleet,” said CPS Chief Operating Officer, and designated CEO, Michael McCormack.
Crew-Served Weapon Stations (CSWS) are located topside aboard various ship classes including surface combatants, amphibious ships, and aircraft carriers. These systems are used for Anti-Terrorism/Force Protection. Within the current Navy fleet, crew-served weapons stations either have no ballistic protection from direct fire or the existing protective shields rapidly deteriorate, compromising the ballistic protection provided to the sailor, and require frequent replacement.
Erik Crawford, President of Kinetic Protection, said, “Looking to the future with the Navy and our partners, we are all highly energized to continue delivering this robust and effective advanced ballistic shielding to the surface combatant fleet and our warfighters.”
The need to protect sailors at crew-served weapons stations is not limited to aircraft carriers. The same protective need exists on other types of ships in the U.S. Navy. Excluding submarines, the U.S. Navy currently has a fleet of over 400 surface ships. HybridTech Armor® is a durable, adaptable solution developed for multi-platform installation that addresses the growing need for bolstering the protection of warfighters from a spectrum of potential threats.
About CPS
CPS is a technology and manufacturing leader in producing high-performance energy management components that facilitate the electrification of the economy. Our products and intellectual property include critical pieces of the technology puzzle for electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, the smart electric grid, 5G infrastructure and others. CPS' armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions to this planet's problems.
About Kinetic Protection
Kinetic Protection (KP) provides engineering, research and development and manufacturing services focused on anti-terror/force protection for the U.S. Department of Defense. Often solutions in this space are program and requirement-specific. KP’s diverse team of former warfighters, material scientists, engineers and fabrication specialists - coupled with partnerships across the industrial base – are able to provide full lifecycle support to its customers across a range of platforms and mission requirements.
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Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2021 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.
CPS Technologies Corporation
Chuck Griffith, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
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