SOURCE: Lapis Technologies

September 05, 2012 10:46 ET

Lapis Technologies Receives Orders Worth $2.7 Million for Sophisticated Military Test Equipment in July-August

EMERSON, NJ--(Marketwire - Sep 5, 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 $2.7 million in additional purchase orders to develop and manufacture sophisticated military test equipment, following a major contract win for $2.9 million announced on July, 9, 2012. The orders are expected to be fulfilled during the 2012 though 2014 calendar years.

David Lucatz, President and CEO of Lapis Technologies, said, "We are encouraged by the continuous flow of orders, both for our Command and Control systems and for our sophisticated Automated Test Equipment for the support of advanced aircraft systems. Lapis is recognized as a leading provider of computer-based Fire Control Systems as well as for Automated Test Equipment to ensure critical systems battle readiness."

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: www.enertec.co.il

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, www.sec.gov. 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.

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