Micronetics Press Release - July 10, 2009
Micronetics Receives RFID Forklift Sensor System Order in Excess of $750k for Beta Testing with Major RetailerHudson, NH – July 10, 2009 – Micronetics, Inc. (NASDAQ:NOIZ) announced today that it has received an order in excess of $750K for initial beta testing with a major retailer for its forklift mounted radio frequency identification (RFID) antenna sensor system. The forklift sensor system has recently completed a successful pre-production test phase, and will now begin beta testing with deployments over the next several months. These beta test sites represent approximately 7% of the retailer’s total locations. This order is a portion of a purchase agreement containing an option for full scale production roll-out upon successful completion of this phase.
Micronetics’ RFID forklift antenna system is being integrated on one of the most widely used forklifts in the industry. This system interfaces with the retailer’s warehouse management system in order to streamline material movement and increase throughput.
Dave Robbins, CEO of Micronetics, Inc. stated, “We are excited about the market potential of our RFID systems to enhance supply chain inventory management capabilities. We believe that receiving this order validates to us the robustness of our forklift antenna sensor system.”
Kevin Beals, President of Micronetics, Inc. stated, “We anticipate a successful transition from beta to full production roll-out within six to nine months after the completion of the beta testing. In support of this effort, we will be providing dedicated software and hardware resources during these trials. We are working very closely with our integration partners and the end user to assure success in this retail application.”
In March 2009, Micronetics acquired the pedestal and forklift mounted radio frequency identification (RFID product line of M/A-COM RFID, Inc, an indirect, wholly owned subsidiary of Cobham plc.
Micronetics manufactures microwave and radio frequency (RF) components and integrated subassemblies used in a variety of defense, aerospace and commercial applications. Micronetics also manufactures and designs test equipment and components that test the strength, durability and integrity of communication signals in communications equipment. Micronetics serves a diverse customer base, including AeroSat, Anaren Microwave, Anritsu, Augusta Aerospace, BAE Systems, Boeing, Comtech, EADS, EDO/Benchmark, General Dynamics, ITT Electronic Warfare Systems, L-3 Communications, Lockheed Martin, NAVICP, Nextwave/Jabil Circuit, Northrop Grumman, Pegasus GSS, Qualcomm, Raytheon, Teradyne, Tektronix and Thales. Additional information can be found on our website at http://www.micronetics.com.
Some of the statements contained in this news release are forward-looking statements. The accuracy of these statements cannot be guaranteed as they are subject to a variety of risks, including but not limited to reductions in spending by certain of our customers, our ability to operate and integrate acquired companies, our ability to manage our growth, disruptions in supply or production, increased levels of debt, our ability to protect our proprietary information, future economic conditions in our industry and generally, as well as other factors. The information in this release should be reviewed in conjunction with Micronetics' Annual Report for its fiscal year ended March 31, 2009.
Hudson, NH 03051