SMTC Corporation Receives 5-year, $9 Million Contract from the United States Navy
TORONTO, Jan. 17, 2019 (GLOBE NEWSWIRE) -- SMTC Corporation (Nasdaq:SMTX), a global electronics manufacturing services provider today announced that SMTC’s subsidiary MC Test Services, Inc. was recently awarded a $9 million, 5-year contract to support the U.S. Naval Undersea Warfare Center Division. SMTC expects to begin production, and provide full engineering, testing, and support for the MK48 MOD 6 Exercise Electronics System and Torpedo Swim Out Box beginning in the second quarter of 2019. This new application will be in full compliance with all domestic and foreign contract requirements.
“We are honored for the opportunity to support the United States Navy and our nation’s platforms; and look forward to providing these systems with the highest level of quality and reliability for many years to come,” said Ed Smith, SMTC’s President and CEO. “The Navy’s selection of our Company reflects positively on our commitment to operational excellence and employing the latest in manufacturing technology to support defense and aerospace requirements,” Smith added.
About SMTC Corporation
SMTC Corporation was founded in 1985 and acquired MC Assembly Holdings, Inc. in November 2018. Following this acquisition, SMTC has more than 50 manufacturing and assembly lines in United States, China and Mexico which creates a powerful low-to-medium volume, high-mix, end-to-end global EMS provider. With local support and expanded manufacturing capabilities globally, including fully integrated contract manufacturing services with a focus on global original equipment manufacturers (OEMs) and emerging technology companies, including those in the medical and safety, semiconductor, defense and aerospace, telecommunications, computing and networking, energy, power, industrial and clean technology, sensing and IoT, retail and payment systems, and test and measurement industries. As a mid-size provider of end-to-end electronics manufacturing services (EMS), SMTC provides printed circuit boards assemblies (PCB) production, systems integration and comprehensive testing services, enclosure fabrication, as well as product design, sustaining engineering and supply chain management services. SMTC services extend over the entire electronic product life cycle from the development and introduction of new products through to the growth, maturity and end-of-life phases.
SMTC is a public company incorporated in Delaware with its shares traded on the Nasdaq National Market System under the symbol SMTX and was added to the Russell Microcap® Index in 2018. For further information on SMTC Corporation, please visit our website at www.smtc.com.
Except for the factual statements made herein, forward-looking statements in this press release, including, without limitation, statements regarding the ability to execute and receive payment for the contract to support the U.S. Naval Undersea Warfare Center Division as well as the company’s plans and ability to successfully integrate and achieve the anticipated benefits from its acquisition of MC Assembly Holdings, Inc., are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are subject to risks and uncertainties that could cause actual results to differ materially from those projected, including those risk factors set forth in SMTC’s Form 10-K for the year ended December 31, 2017 and other factors detailed from time to time in our periodic reports filed with the Securities and Exchange Commission (SEC). The company undertakes no obligation to update publicly any of these forward-looking statements to reflect actual results, new information or future events, changes in assumptions or changes in other factors affecting forward-looking statements, except to the extent required by applicable laws. If the Company updates one or more forward-looking statements, no inference should be drawn that the Company will make additional updates with respect to those or other forward-looking statements.
SMTC Investor Relations Contact
Darrow Associates, Inc.
Released January 17, 2019