MIDDLETOWN, RI - August 11, 2005 - KVH Industries, Inc., (Nasdaq: KVHI) announced today that it has received three new orders for its TACNAV® vehicle navigation systems and T-FOG™ fiber optic gyro (FOG) upgrade. Together, the orders are valued at more than $2.4 million. The orders were placed by U.S. defense prime contractors and a foreign military, all of which are current KVH customers. KVH expects to recognize the majority of the contract revenue during the second half of 2005.
“These new orders illustrate the steady demand among our customers for new and replacement systems, including the powerful enhancements offered by our fiber optic gyro systems,” commented Dan Conway, KVH’s vice president for business development. “KVH’s TACNAV systems continue to prove themselves in navigation, pointing, and battle management applications within a number of operational theatres ranging from Iraq to Afghanistan.”
Due to contractual restrictions, additional details regarding the customers cannot be disclosed at this time.
KVH’s TACNAV military vehicle navigation systems employ KVH’s digital compass and FOG technology as well as proprietary software algorithms to provide uninterrupted navigation, heading, and pointing data for vehicle drivers, commanders, and crews. While TACNAV complements the Global Positioning System (GPS), its self-contained sensors operate independently of GPS. As a result, TACNAV continues to provide mission-critical data for troops in the vehicle as well as to the digital battlefield system, even if GPS is blocked, jammed, or is otherwise unavailable. TACNAV can also serve as a link between each vehicle and the overall digital battlefield, making each unit a node in a secure military network that consolidates a wide range of tactical data to provide detailed information to individual units and military commanders.
KVH TACNAV navigation systems are currently in use on U.S. and allied vehicles participating in ongoing operations in Iraq, Afghanistan, and elsewhere. TACNAV systems have been sold for use aboard U.S. Army, Marine Corps, and Navy vehicles as well as to many allied customers, including Canada, Sweden, Great Britain, Germany, Spain, Australia, New Zealand, Saudi Arabia, Taiwan, Malaysia, Switzerland, and Italy.
Complete details regarding KVH’s defense navigation and guidance products are available at http://www.tacnav.com.
KVH Industries, Inc., designs and manufactures products that enable mobile communication, navigation, and precision pointing through the use of its proprietary mobile satellite antenna and fiber optic technologies. The company is developing next-generation systems with greater precision, durability, and versatility for communications, navigation, and industrial applications. An ISO 9001-certified company, KVH has headquarters in Middletown, Rhode Island, with a fiber optic and military navigation product manufacturing facility in Tinley Park, Illinois, and a European sales, marketing, and support office in Kokkedal, Denmark.
This press release may contain certain forward-looking statements that involve risks and uncertainties. For example, the statements regarding the company’s financial goals for 2005 are forward-looking statements. The actual results realized by the company could differ materially from the statements made herein. Factors that might cause such differences include, but are not limited to: uneven military sales cycles and changes in procurement priorities; the ability of the government and its contractors to cancel orders at their convenience; and unforeseen changes in competing technologies and products. Additional factors are discussed in the company’s most recent Form 10-Q filed with the SEC. Copies are available through the company’s Investor Relations department and web site, www.kvh.com. KVH assumes no obligation to update its forward-looking statements to reflect new information and developments.