COSTA MESA, Calif. , Feb. 22 /PRNewswire-FirstCall/ — Irvine Sensors Corporation (Nasdaq: IRSN) announced today the appointment of Vice President Peter Kenefick as General Manager of the firm's newly formed Thermal Imaging Division. According to John Carson , President and CEO of Irvine Sensors, “Pete is perfect for this job because of his business and program management credentials and because he nurtured our thermal imaging products from their infancy to the present success of COTI*. We expect deliveries of our thermal imaging products, particularly COTIs, to ramp from their current roughly 100 units per month to over 2,000 units per month over the next two years, necessitating the creation of a separate, dedicated division of the Company.”
Prior to this appointment, Mr. Kenefick served as Irvine Sensors' Vice President of EO Product Operations. He received his Bachelor of Science Degree in Mechanical Engineering with an Economics Minor at Rensselaer Polytechnic Institute in 1981. He has been employed by the aerospace industry since graduating, with increasing levels of responsibility at Northrop Corporation, TRW, Hughes, OCA Applied Optics, Corning Corporation, BF Goodrich Aerospace, Orbital Sciences Corporation, and United Technologies – Hamilton Sunstrand prior to joining Irvine Sensors in 2005.
Near-term growth in Irvine Sensors' thermal imaging product deliveries is expected to be stimulated by a U.S. Navy COTI competitive procurement, which was recently won by a team in which Irvine Sensors is the electronic core supplier. This award, however, represents a very small fraction of the total potential military market over the next several years, which is the basis for the formation of the new division. Irvine Sensors' thermal imaging products are supported by a growing portfolio of intellectual property.
Irvine Sensors Corporation (www.irvine-sensors.com), headquartered in Costa Mesa, California , is a vision systems company engaged in the development and sale of miniaturized infrared and electro-optical cameras, image processors and stacked chip assemblies and sale of higher level systems incorporating such products. Irvine Sensors also conducts research and development related to high density electronics, miniaturized sensors, optical interconnection technology, high speed network security, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.
Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995 : This message may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as ''anticipates,'' ''expects,'' ''intends,'' ''plans,'' ''believes,'' ''seeks,'' ''estimates,'' ''may,'' ''will'' and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, our ability to grow the delivery levels for our thermal imaging products to expected levels, the impact of the recent U.S. Navy procurement and the size of the potential retrofit market for the COTI system. Such statements speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.
Important factors that may cause such a difference include, but are not limited to, our ability to raise additional debt or equity financing to meet the working capital needs of our business or to fulfill COTI orders; the availability of components intended for integration into our thermal imaging cores products, including the COTI system; the amount and timing of deliveries requested by customers under “indefinite duration, indefinite quantity” contracts; military factors impacting the demand for the new military product application; the impact of presently unknown competitive alternatives to our COTI system; our ability to resolve any technical issues that may emerge related to our thermal imaging products, including our COTI system; government budgetary issues, including constraints, delays and funding priorities; and the general economic, market and political conditions and specific conditions that may impact our operations. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website (www.sec.gov).
* COTI stands for Clip-On Thermal Imager, a retrofit for existing image intensified night vision goggles, of which there are at least one million units extant.
SOURCE Irvine Sensors Corporation