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Herley Industries, Inc. Subsidiary, Micro Systems, Inc. Receives $1 Million Production Option Award

LANCASTER, Pa., Aug. 2 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today announced that its Micro Systems, Inc. subsidiary of Fort Walton Beach, Florida has been awarded a $1 million production contract from a major defense prime contractor for command and control transponders f

Herley Industries, Inc. Subsidiary, Micro Systems, Inc. Receives $1 Million Production Option Award

LANCASTER, Pa., Aug. 2 /PRNewswire-FirstCall/ -- Herley Industries, Inc. (Nasdaq: HRLY) today announced that its Micro Systems, Inc. subsidiary of Fort Walton Beach, Florida has been awarded a $1 million production contract from a major defense prime contractor for command and control transponders for a full scale aerial target drone.  The award is a result of the exercise of a contract option.  Future contract options could result in additional business of $1.4 million during the next year for spares and subsequent production units.

Wayne Armstrong, Micro Systems' President commented, "We are proud to remain a part of this program and gratified by a business relationship that has spanned nearly twenty years.  Our commitment to the success of the program remains as strong as it was when we began the development phase many years ago."

Richard F. Poirier, Herley CEO and President, noted, "Micro Systems has been successfully providing avionics for target drones for many years.  Last month we announced that Boeing had awarded Micro Systems a development and production contract with a potential value of $19 million for the QF-16, the next full-scale aerial target.  Together, these awards assure continuous production in the full scale target business."

Herley Industries, Inc. is a leader in the design, development and manufacture of microwave technology solutions for the defense, aerospace and medical industries worldwide.  Based in Lancaster, PA, Herley has six manufacturing locations and approximately 1000 employees.  Additional information about the company can be found on the Internet at www.herley.com.

For information at Herley contact:

Tel: (717) 397-2777

Peg Guzzetti


Investor Relations




Safe Harbor Statement - Except for the historical information contained herein, this release may contain forward-looking statements. Such statements are inherently subject to risks and uncertainties. Forward-looking statements involve various important assumptions, risks, uncertainties and other factors which could cause our actual results to differ materially from those expressed in such forward-looking statements. Forward-looking statements in this discussion can be identified by words such as "anticipate," "believe," "could," "estimate," "expect," "plan," "intend," "may," "should" or the negative of these terms or similar expressions. Although we believe that the expectations reflected in the forward-looking statements are reasonable, we cannot guarantee future results, performance or achievement. Actual results could differ materially from those contemplated by the forward-looking statements as a result of certain factors including but not limited to, competitive factors and pricing pressures, changes in legal and regulatory requirements, cancellation or deferral of customer orders, technological change or difficulties, difficulties in the timely development of new products, difficulties in manufacturing, commercialization and trade difficulties and current economic conditions, including the potential for significant changes in US defense spending under the current Administration which could affect future funding of programs and allocations within the budget to various programs as well as the factors set forth in this report and in our public filings with the Securities and Exchange Commission.  We undertake no obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.

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