SOURCE: Lapis Technologies

Lapis Technologies

November 07, 2011 11:19 ET

Lapis Technologies Wins Contract to Supply Sophisticated Military Test Equipment to a Major Aerospace Corporation

EMERSON, NJ--(Marketwire - Nov 7, 2011) - Lapis Technologies, Inc. (PINKSHEETS: LPST), a provider of aerospace and defense technologies and solutions, announced today that its fully owned subsidiary, Enertec Systems 2001 Ltd. (Enertec), received a purchase order from a global aerospace corporation for the production of sophisticated military test equipment. The total value of this order is approximately $750,000 and is expected to be delivered during 2012-2013.

Mr. David Lucatz, President and CEO of Lapis Technologies, said, "This new contract from an existing customer is due to Enertec's leadership position as a provider of ground support equipment solutions for the military. We were chosen based on our proprietary technology, track record of performance and customer satisfaction. I am proud that Enertec was selected and look forward to additional contract wins going forward."

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 Systems), 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 a leading Indian industrial group, for the formation of a manufacturing and marketing platform in India of products based on the Enertec Systems 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. Forward-looking statements often are preceded by words such as "believes," "expects," "may," "anticipates," "plans," "intends," "assumes," "will" or similar expressions. Such forward-looking statements are based on the current expectations and certain assumptions of Lapis Technologies' management, and are, therefore, subject to certain risks and uncertainties. A variety of factors, many of which are beyond Lapis Technologies' control, affect Lapis Technologies' operations, performance, business strategy and results and could cause the actual results to differ materially from any future results, performance or achievements that may be expressed or implied by the forward-looking statements contained in this press release. 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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