Sypris wins crypto program award

TAMPA, Florida – (COMMERCIAL THREAD) – Sypris Electronics, LLC, a subsidiary of Sypris Solutions, Inc. (Nasdaq / GM: SYPR), today announced that it recently received a follow-up award from a prime contractor from US DOD to manufacture and test sets of integrated circuit cards that will perform certain cryptographic functions for the Army Key Management System (“AKMS”). Production is expected to begin in 2022. Terms of the deal were not disclosed.

AKMS is a field system that consists of three subsystems: Local Communications Security Management Software (“LCMS”), Automated Communications Engineering Software (“ACES”) and Device simple key loading. Under the umbrella of our country’s electronic key management system, AKMS provides tactical units and support bases with organic key generation capability and an efficient and secure means of electronic key distribution.

The LCMS workstation enables automated key generation, distribution, and communications security accounting. ACES, which is the frequency management part of AKMS, has been designated by the Military Communications Electronics Board as the common standard to be used by all services for the development of frequency management, planning of cryptographic networks. and generating signal processing instructions.

The integrated circuit card assemblies that will be produced by Sypris will perform the cryptographic functions of the simple, portable and portable key loading device, which will be used to securely receive, store and transfer data between compatible cryptographic and communications equipment. . The device incorporates features that enable streamlined management of communications security key, electronic protection data, and signal usage instructions.

“We are delighted to be a long-term partner in this important secure communications program that leverages our core competencies in cybersecurity solutions,” said Mark R. Kane, vice president and general manager of Sypris Electronics. “This is an important program for our country and we are delighted to have this opportunity to continue our close and long-standing relationship with this client. ”

Sypris Electronics is a trusted supplier of electronic solutions, meeting customer needs for the construction of complex and critical electronic and electromechanical devices and integrated systems. With 50 years of experience, Sypris ‘engineering and manufacturing services cover the life cycle of our customers’ products, all in a culture of continuous improvement and Six Sigma / Lean thinking. Partners from several leading agencies and companies in the military (DOD), space, submarine and industrial markets join forces with Sypris to provide high reliability electronics designed in strict compliance with regulatory requirements. For more information, please visit www.sypriselectronics.com.

Forward-looking statements

This press release contains “forward-looking” statements within the meaning of federal securities laws. Forward-looking statements include our plans and expectations for future financial and operational performance. These statements may relate to the company’s revenue, profit and other financial and operational projections, our liquidity, our ability to mitigate or manage the disruption posed by COVID-19, and the impact of COVID-19. and economic conditions on our future operations. , among other things.

Each forward-looking statement contained in this document is subject to risks and uncertainties, as detailed in our most recent Forms 10-K and 10-Q and other documents filed with the SEC.

In short, we currently believe that these risks also include the following: the impact of COVID-19 and economic conditions on our future operations; possible public policy response to the pandemic, including legislation or restrictions that may impact our operations or supply chain; the impact of potential US government mandates on the COVID-19 vaccine on our ability to attract and retain employees and on our business and operating results; our failure to complete final contract negotiations regarding our “orders”, “wins” or “awards” of our advertised contracts; our failure to successfully win new business; the termination or non-renewal of existing contracts by customers; our inability to achieve and maintain timely profitability by steadily increasing our income from profitable contracts with a diverse group of clients, which would require us to continue to use existing cash resources; the cost, quality and availability or delivery times of raw materials such as electronic components; the cost, quality, speed, efficiency and return of our operations and capital investments, including the impact of tariffs, employee training, working capital, production schedules, cycle times , scrap rates, wages, overtime costs, freight or shipping charges; the dependence, retention or recruitment of key employees and the distribution of our human capital; disputes or litigation involving government, supplier, customer or employee warranty claims; our inability to develop new or improved products or new markets for our products; our dependence on a few key customers, third party suppliers and subcontractors; inventory valuation risks, including excessive or obsolete valuations or erosion of the prices of raw materials or components in stock or other potential impairments, non-salvage or write-offs of assets or deferred costs ; failure to insure or adequately identify product liability, environmental risks or other insurable risks; unforeseen or uninsured catastrophes, public health crises, business losses or risks; the volatility of our customers’ forecasts, planning requests and production levels which negatively impact our operational capacity and our efficiency in integrating new customers or suppliers, the costs of meeting our audit, regulatory or contractual obligations; labor relations; strikes; union negotiations; valuation of pensions, health care or other costs related to fringe benefits; costs associated with environmental claims relating to previously owned properties; our inability to patent or otherwise protect our inventions or other intellectual property against potential competitors; the negative impacts of new technologies or other competitive pressures that increase our costs or erode our margins; our dependence on customer revenues in the oil, gas and automotive markets, with increasing consumer pressure for reductions in environmental impacts attributed to greenhouse gas emissions and increased fuel economy of vehicles; US government spending for products and services provided by Sypris Electronics, including timing of budget decisions; changes in licenses, security clearances or other legal rights to operate, manage our workforce or import and export as required; cybersecurity threats and disruptions; or unknown risks and uncertainties. We assume no obligation to update our forward-looking statements, except as required by law.


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