TEL-INSTRUMENT ELECTRONICS CORP. ANNOUNCES RECEIPT OF $4.3 MILLION ORDER FROM THE U.S. MILITARY
Tel-Instrument Electronics Corp. Announces
receipt of $4.3 MILLION ORDER FROM THE U.S. MILITARY
East Rutherford, NJ – October 10, 2018 – Tel-Instrument Electronics Corp (“Tel”, or the “Company”) (NYSE American: TIK) today reported that it has received a $4.3 million order for additional Mode 5 test sets for the U.S. military. Tel is also in negotiations with Lockheed Martin on a Mode 5 test set order which is expected to be issued later this month.
receipt of $4.3 MILLION ORDER FROM THE U.S. MILITARY
East Rutherford, NJ – October 10, 2018 – Tel-Instrument Electronics Corp (“Tel”, or the “Company”) (NYSE American: TIK) today reported that it has received a $4.3 million order for additional Mode 5 test sets for the U.S. military. Tel is also in negotiations with Lockheed Martin on a Mode 5 test set order which is expected to be issued later this month.
Tel-Instrument Electronics Corp. Completes $1 Million Financing
Tel-Instrument Electronics Corp. Completes $1 Million Financing
East Rutherford, NJ – October 9, 2018 – Tel-Instrument Electronics Corp. (“Tel”, “Tel-Instrument” or the “Company”) (NYSE American: TIK), a leading designer and manufacturer of avionics test and measurement solutions, today announced that it has completed a $1 million financing transaction. The Company issued an additional $1 million of Series B Preferred Stock in a private placement. This preferred stock includes an 8% dividend rate and will be convertible into shares of common stock at a price of $2.00 per share. The Company has the ability to repurchase these shares of preferred stock after a period of three-years.
TEL-INSTRUMENT ELECTRONICS CORP. ANNOUNCES EXPECTED MULTI-MILLION DOLLAR ORDER FROM THE GERMAN GOVERNMENT
TEL-INSTRUMENT ELECTRONICS CORP. ANNOUNCES
Expected MULTI-MILLION DOLLAR ORDER FROM THE GERMAN GOVERNMENT
East Rutherford , NJ - August 16, 2018 - Tel-Instrument Electronics Corp ("Tel", or the "Company") (NYSE American: TIK) today reported that the German government has notified our U.K. distributor of its intent to award a multi-year, multi-million dollar contract for the purchase of up to 275 TS-4530A Mode 5 test sets. The German government has received a protest to this planned award from an unsuccessful bidder and this must be resolved prior to any contract being awarded.
Jeffrey O'Hara, the Company's President and CEO indicated that "this is the first multi-million international contract for Mode 5 test sets and provides an indication of the scope of the international Mode 5 market and the competitiveness of our test sets . We are working with our U.K. distributor and the German government to resolve the protest, and hope to have the contract issued this quarter. This pending order would entail the shipment of up to 200 test sets within the next 12 months. The Company is also in discussions with other major international customers that have evaluated our Mode 5 test sets and anticipates volume contracts to commence starting later this year as countries work to become Mode 5 compliant prior to the January 1, 2020 decertification of Mode 4 IFF. The Company is actively working to secure additional equity financing to support the planned growth in our business and we expect to have this financing in place by the end of the current fiscal quarter.