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US Army to Proceed with Iron Fist Light

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ProfitScout   Thursday, 12/20/18 12:21:07 PM
Re: ProfitScout post# 283
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US Army to Proceed with Iron Fist Light APS Supported by RADA’s Software-Defined Radars

Thursday 20 December 2018

RADA Electronic Industries Ltd. (NASDAQ: RADA) today announced that following the recent announcement by General Dynamics (Link to GD-OTS News Release) of a positive Army Requirements’ Oversight Council (AROC) decision, Phase II of the Iron Fist Light (IFL) Active Protection System (APS) for the Bradley Fighting Vehicle is moving forward.

The project is a joint venture between General Dynamics’ (NYSE: GD) subsidiary, General Dynamics Ordnance and Tactical Systems, together with Israel Military Industries (IMI), which was recently acquired by Elbit Systems (NASDAQ: ESLT). RADA is the provider of the radars to the Elbit/IMI IFL system.

The IFL system is a lightweight APS, providing enhanced survivability for armored and tactical platforms. RADA’s software defined radars identify and precisely track incoming threats, from any direction, in real time. The system then intercepts the threat by launching a small warhead and activating it at a safe distance from the protected platform at a precisely calculated moment, defeating the threat through a shock-wave effect.

In phase II of the IFL for Bradley project, RADA expects to receive near-term orders for the supply of radars for qualification testing, and the current potential is to equip one US army brigade of Bradley armored vehicles. This phase is expected to continue into the years 2020 and 2021.

Commented Mr. Dubi Sela, CEO of RADA, “The IFL is the ideal candidate for protecting the Bradley Fighting Vehicle, as the US Army continues its upgrade program for its primary troop carrier. Fielding Active Protection capabilities has been identified as a current and urgent need by the US Army. The APS market potential for RADA in the coming years is estimated at a few thousand vehicles of various types, just in the United States, while the total global potential is significantly greater. We are very proud to be a key technology provider for the Active Protection market, a new and emerging market which is heading mainstream in the USA and globally.”

About RADA

RADA Electronic Industries Ltd. is an Israel-based defense electronics contractor. The Company specializes in the development, production, and sales of Tactical Land Radars for Force and Border Protection and Avionics Systems (including Inertial Navigation Systems) for fighter aircraft and UAVs.

Forward Looking Statements

Certain statements in this press release are “forward-looking statements” within the meaning of the Private Securities Litigation Act of 1995. Such statements involve known and unknown risks, uncertainties and other factors that may cause actual results to differ materially. Such risk uncertainties and other factors include, but are not limited to, changes in general economic conditions, risks in product and technology developments, market acceptance of new products and continuing product demand, level of competition and other factors described in the Company’s Annual Report on Form 20-F and other filings with the Securities and Exchange Commission.

Company Contact:
Avi Israel, CFO
Tel: +972-9-892-1111
mrkt@rada.com
www.rada.com

Investor Relations Contact:
Ehud Helft/Gavriel Frohwein
GK Investor & Public Relations
Tel: +1 646 688 3559
rada@gkir.com

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