SANTA CLARA, Calif. — BUSINESS WIRE — June 26, 2006
Intevac, Inc. (Company) (Nasdaq:IVAC) received a subcontract from DRS Technologies, Inc. (DRS) to jointly develop a digitally fused head-mounted night vision goggle for the U.S. Army.
The goggle will consist of a low-light imaging sensor provided by Intevac and a thermal imaging sensor provided by Intevac's development partner, DRS, the prime contractor on this program. The objective of this program is to develop a prototype head-mounted night vision system in which imagery from thermal (infrared) and low-light (night vision) sensors can be digitally "fused" and displayed on a small high-resolution display in front of the soldier's eye. Infrared imaging sensors are able to present a TV-type image based on sensing very small temperature differences in the scene being viewed -- and thus are well suited to object or threat detection -- while low-light imagers are able to provide a higher resolution image of objects that have been detected. Integrating these two technologies in a compact digital head-mounted system delivers the benefits of both technologies simultaneously in a single display image, as well as offering the ability to present data from other sources in the same display. This combination of capabilities offers significantly enhanced night vision and overall situational awareness to the soldier.
Intevac Chief Executive Kevin Fairbairn remarked: "The team's objective is to deliver several prototype systems by the end of 2006. Intevac's role is to supply the night vision camera and to jointly develop the integrated head-mounted system with DRS, which is a major supplier of infrared imaging sensors to the U.S. Army. This lightweight digitally fused goggle will be evaluated following delivery of several prototypes. Further development and evaluation is expected per Army plans to transition to full digital night vision and information display capability in support of network interoperability on the battlefield. The current market for military head-mounted night vision goggles is in excess of a half a billion dollars per year and expected to remain a high priority for deploying forces for the next several years."
About Intevac
Intevac is the world's leading supplier of magnetic media sputtering equipment for the hard disk drive industry and a developer and provider of leading-edge extreme low-light imaging sensors, cameras, and systems. For more information call 408-986-9888, or visit the Company's website at www.intevac.com.
Safe Harbor Statement
This press release includes statements that constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995 (the "Reform Act"). Intevac claims the protection of the safe harbor for forward-looking statements contained in the Reform Act. These forward-looking statements are often characterized by the terms "may," "believes," "projects," "expects," or "anticipates," and do not reflect historical facts. Specific forward-looking statements contained in this press release include, but are not limited to, timing of shipments of digitally fused head-mounted night vision goggles; expected performance, capabilities, and features of these goggles; and the U.S. Army's plans with respect to development and deployment of digitally fused head-mounted night vision goggles. The forward-looking statements contained herein involve risks and uncertainties that could cause actual results to differ materially from the Company's expectations. These risks include, but are not limited to: failure to deliver digitally fused head-mounted night vision goggles as expected, failure of the goggles to perform as expected, or failure of the U.S. Army to continue funding development and deployment of digitally fused head-mounted night vision goggles, each of which could have a material impact on future sales, financial results, and the Company's stock price. These risks and other factors are detailed in the Company's regular filings with the U.S. Securities and Exchange Commission.
