Norton, Massachusetts, October 4, 2022. CPS Technologies Corporation (NASDAQ:CPSH) today announced the company has received an additional follow-on purchase order valued at $8.8M for HybridTech Armor® panels from Kinetic Protection, the Navy’s prime contractor. The panels are an integrated component of advanced ballistic shields developed in support of ballistic protection system upgrades on U.S. Navy Aircraft Carriers and other surface ships. This recent purchase order will equip additional Navy ships with enhanced ballistic protection for crew-served weapons stations. This order by Kinetic Protection represents the largest single order in the Company’s 38-year history.
This metal-encapsulated ceramic armor system provides the optimal combination of ballistic protection, lightweight, and environmental durability in extreme maritime environments. The HybridTech Armor® panels do not degrade in harsh conditions like salt, spray, or sunlight. The integrated system containing HybridTech Armor® panels is modular, allowing for system configuration and application across various ship types. HybridTech Armor® technology is covered by multiple patents owned by CPS Technologies.
Michael McCormack, President and CEO, said: “We are pleased this enhanced ballistic protection capability continues to be installed on additional Navy ships, enhancing the safety and survivability of the warfighter. We are eager to continue working with Kinetic Protection to support integration across the fleet.”
The proprietary technology behind HybridTech Armor® can be utilized for any application or threat level requirement. The flexibility of the armor system design and material combination options provide the ability to offer tailored solutions for our customer’s unique requirements, addressing Size, Weight, and Performance (SWaP) considerations.
McCormack added, “CPS is seeing positive momentum on several armor opportunities and is continuing to grow our pipeline both domestically and internationally. In addition, we have expanded our international Representative network to drive new development efforts and expand our global footprint. Domestically, we are pursuing contract research and development opportunities for novel integrated armor solutions supporting DoD modernization initiatives. HybridTech Armor® technology can address lightweighting and design optimization priorities for next-generation platforms. We are optimistic about the growth potential for our existing programs and the applicability of HybridTech Armor® technology to the next generation of DoD platforms.”
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 hermetic packages can be found in many Aerospace and Satellite applications including the GPS III satellite and the Mars rover. CPS armor products provide exceptional ballistic protection and environmental durability at a very lightweight. CPS is committed to innovation and to supporting our customers in building solutions to this planet’s problems.
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2022 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.