CVD Receives $30 Million Order
CENTRAL ISLIP, N.Y., (Business Wire) – June 22, 2016 - CVD Equipment Corporation (NASDAQ: CVV), a leading provider of standard and custom chemical vapor deposition systems, today announced that it has received an order for approximately $30 million from a major aviation component supplier to build fiber coating systems for their new high volume facility. An initial CVD system was previously delivered to this customer in late 2015 and has since undergone testing and successful production at the customer’s facility. Additionally, CVD has multiple smaller production quantity systems currently operating at their existing facility with additional systems about to come online.
“Being selected to provide fiber coating equipment for this customer’s new high volume facility is a testament to our differentiated technology, and confirms CVD’s leading position as a key supplier of next generation technology for the aerospace industry,” said Leonard A. Rosenbaum, President and Chief Executive Officer.
“Coated fibers have a number of advantages for aerospace engine components including increased engine efficiency, the ability to withstand higher temperatures, lighter weight and reduced operational costs. We are very encouraged by our continuing relationship with this customer to provide equipment to produce their next generation products and we believe the awarding of this contract indicates an increasing level of activity as they ramp their new high volume facility to full capacity over the next few years.
“In addition to securing this order, we have focused our attention on other customers and applications in medical, aerospace, and electronics which we expect will help drive our future growth. We also anticipate further expansion into equipment and services for corrosion, oxidation, and wear resistant coatings for applications using chemical vapor deposition, chemical vapor infiltration, and spray coatings.”
About CVD Equipment Corporation
CVD Equipment Corporation (NASDAQ: CVV) designs, develops, and manufactures a broad range of chemical vapor deposition, gas control, and other state-of-the-art equipment and process solutions used to develop and manufacture materials and coatings for research and industrial applications. This equipment is used by our customers to research, design, and manufacture these materials or coatings for aerospace engine components, medical implants, semiconductors, solar cells, smart glass, carbon nanotubes, nanowires, LEDs, MEMS, and other applications. Through our application laboratory, we provide process development support and process startup assistance with the focus on enabling tomorrow’s technologies™.
The Private Securities Litigation Reform Act of 1995 provides a “safe harbor” for forward-looking statements. Certain information included in this press release (as well as information included in oral statements or other written statements made or to be made by CVD Equipment Corporation) contains statements that are forward-looking. All statements other than statements of historical fact are hereby identified as “forward-looking statements, “as such term is defined in Section 27A of the Securities Exchange Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Such forward looking information involves a number of known and unknown risks and uncertainties that could cause actual results to differ materially from those discussed or anticipated by management. Potential risks and uncertainties include, among other factors, conditions, success of CVD Equipment Corporation’s growth and sales strategies, the possibility of customer changes in delivery schedules, cancellation of orders, potential delays in product shipments, delays in obtaining inventory parts from suppliers and failure to satisfy customer acceptance requirements.
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