SOURCE: Optex Systems Holdings, Inc.

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September 28, 2015 06:00 ET

Optex Systems, Inc. Announces $850,000 Settlement Agreement on Aiming Circle Contract

RICHARDSON, TX--(Marketwired - September 28, 2015) - Optex Systems, Inc., a wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCQB: OPXS), a leading manufacturer of optical sighting systems and assemblies for domestic and foreign militaries, announced today that the U.S. Government has agreed to a $850,000 settlement on Optex's request for equitable adjustment on the Aiming Circle contract number W52H09-06-D-0229 in which shipments concluded in 2011. This settlement is the result of a negotiation and fact gathering process managed through the Armed Services Contract Board of Appeals (ASBCA).

"This settlement signifies a significant effort put forth by the technical and business teams here at Optex and at the U.S. Army's Tank-automotive & Armaments Command (TACOM). We appreciate the efforts of all involved including the significant time invested by the TACOM personnel to reach this conclusion," stated Danny Schoening, Optex's CEO. He continued, "While a request for an equitable adjustment is not the desired path by either party, we appreciate the methodology afforded to small businesses through the ASBCA office in the rare occasion that it is needed."

Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at

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The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.

Contact Information

  • Contact:
    Optex Systems Holdings, Inc.
    Stan Hirschman
    (972) 764-5677
    1420 Presidential Drive
    Richardson, TX 75081