Presstek's Lasertel Subsidiary Achieves Important Milestones
Press release from the issuing company
HUDSON, N.H., Nov. 28 -- Presstek, Inc., a leading manufacturer and marketer of environmentally responsible high tech digital imaging solutions for the graphic arts and laser imaging markets, today announced that its Lasertel subsidiary has signed a 15- year contract to be the primary and preferred supplier of laser diode arrays for military applications to SELEX Sensors and Airborne Systems (SELEX S&AS). The company values the agreement in excess of $15 million in external revenue for Lasertel over the course of its term. Today's contract formalizes the strategic alliance between Lasertel and SELEX first announced in July 2005.
SELEX S&AS, a Finmeccanica company, is one of Europe's leading defense electronics companies which is 75% owned by Finmeccanica and 25% owned by BAE Systems and brings together the former UK based BAE Systems Avionics and Galileo Avionica in Italy.
Lasertel's President Mark McElhinney said, "We are delighted to have the opportunity to forge a long term relationship with SELEX, one of the worldwide leaders in the defense industry. The application of Lasertel's semiconductor laser technology and products in the defense industry is a significant expansion of Lasertel's potential."
SELEX S&AS Head of Procurement (USA Subcontracts) Graeme Creamer said "We are pleased to have signed this agreement with Lasertel. Their continued commitment and support for our projects and business has been outstanding since the announcement of our strategic alliance earlier this year. We look forward to developing this further into a long and successful relationship."
Presstek also announced today that its Lasertel subsidiary has been ISO 9001:2000 certified. ISO is a non-governmental federation of the national standard boards of countries from all regions of the world that set the standards and requirements for state-of-the-art products, services, processes, materials and systems, as well as for good conformity assessment, managerial and organizational practice. An ISO 9001:2000 certification recognizes the quality of a company's management system.
McElhinney continued, "The ISO certification of Lasertel is an extremely important milestone for our company. It provides new opportunities for the company that may otherwise not have been available to us. I would like to extend my personal thanks to all of Lasertel's employees whose extraordinary efforts were critical in the achievement of this goal."
Presstek's President and CEO Edward J. Marino said, "We are delighted with Lasertel's achievement of these two important milestones. We believe the formalization of a long term contract with SELEX is the next step in Lasertel's growth as a state-of-the-art supplier to the defense industry. In addition, the ISO certification provides the potential for exciting new external business opportunities at Lasertel by confirming the quality and business discipline that resonates throughout the company. Together these accomplishments open the door for improved business opportunities for Lasertel, which is currently on track to report record external revenue in the fourth quarter of 2005."
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