RADA Electronic Ind. Ltd. (NASDAQ:RADA) has announced that the US Army has chosen Israel Military Industries (IMI) as the best firm capable of providing armored personnel carriers with an active protection system (APC)
RADA Electronics also revealed that the APC has to whose development is based on an IMI active protection system known as “Iron Fist.” The latter uses the CHR radar system provided by RADA Electronics. Though the CHR radar has already been incorporated and tested out by the US army, RADA is yet to receive any order from the US Army or IMI.
RADA’s CEO Zvi Alon released a statement saying that his firm is pleased to be part of such a huge program conducted by the US army. The CEO also mentioned that his firm expects production orders to commence soon. The company is confident about its products based on how well it conducted the demonstration during the selection process of the army. The CEO stated that RADA electronics was excited about securing the contract and is ready to deliver once the orders are out.
The firm recently revealed plans to sell its mobile air surveillance radar system to an undisclosed state in Asia. The terms of the deal were however revealed, and the system will be sold for $2 million. RADA plans to act on the order as soon as this year. The company further revealed that the country that acquired the system will delegate it to its military forces. Alon also revealed that the order for the mobile air surveillance system is the first order that his company has received from Asia.
RADA hopes that the superior performance and price mix that its mobile radar systems offers will attract more buyers in Asia and the rest of the world. The company research and development unit is focused on making more electronic solutions for military use. RADA recently signed an equity financing agreement with DBSI Investment. The contract gave the investor access to part of the firm’s shares for $ million.
