Frequency Electronics (NASDAQ:FEIM) has received initial funding to provide special satellite payload subsystem units under three contracts aggregating approximately $7M. The contracts call for engineering and flight units for secure US GOV/DOD end use.
Completion of the work for these new contracts is estimated for early 2018.
Commenting on the award, Martin Bloch CEO said: "We are particularly pleased with the timing of these three new awards. The recent releases of some previously delayed programs is very much in line with our expectation of signs of a recovery in satellite business beginning at the end of this year."
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