SOURCE: Lapis Technologies

July 09, 2012 10:47 ET

Lapis Technologies Awarded $2.9 Million Contract to Provide Computer-Based Naval Command and Control Systems

EMERSON, NJ--(Marketwire - Jul 9, 2012) - Lapis Technologies, Inc. (PINKSHEETS: LPST), a provider of aerospace and defense technologies and solutions, announced today that its wholly owned subsidiary, Enertec Systems 2001 Ltd, received from a global aerospace corporation a purchase order to develop and manufacture sophisticated computer-based command and control systems . The total value of this order is approximately $2.9 million and it is expected to be delivered during 2012 and 2013.

David Lucatz, President and CEO of Lapis Technologies, said, "We are very pleased to receive this order for naval command and control systems. The contract, which calls for Lapis to integrate vital technologies for naval defense, further positions the company as a leader in the sophisticated computer-based defense market and strengthens our cooperation with major defense contractors."

About Lapis Technologies, Inc.

Lapis Technologies, Inc. (PINKSHEETS: LPST) was formed in 2002 and is focused on becoming a major force in the aerospace and defense industries. The Company's wholly owned subsidiary, Enertec Systems 2001 Ltd. ("Enertec") is an Israeli-based developer, manufacturer and provider of military and airborne systems, missiles command and control systems, simulators, automatic test equipment (ATE) and sophisticated power supplies, converters and other power conversion products. Lapis Technologies' operations are located in Israel and serve leading Israeli defense integrators in the market for both local Israeli and worldwide sales. Lapis Technologies is currently engaged in the formation of a new joint venture with a leading Indian industrial group for the formation of a manufacturing and marketing platform in India of products based on Enertec's aerospace and defense technology and expertise. For more information online please visit:

Lapis Technologies, Inc. Forward-looking Statement

This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. More detailed information about the risk factors affecting Lapis Technologies' performance is contained in Lapis Technologies' filings with the U.S. Securities and Exchange Commission ("SEC"), which are available on the SEC's website, Readers are cautioned not to place undue reliance on these forward-looking statements, which reflect management's analyses only as of the date hereof. Lapis Technologies neither intends to, nor assumes any obligation to, update or revise these forward-looking statements in light of developments that differ from those anticipated.

Contact Information