NORTON, Mass., May 17, 2018 (GLOBE NEWSWIRE) — CPS Technologies Corporation (Nasdaq:CPSH), the world leader in combining metals and ceramics to improve performance and reliability in a variety of electrical system applications, is pleased to announce receipt of sourcing and pricing agreements with key customers of our AlSiC baseplates for use in Traction and HEV/EV markets currently forecast at more than $29M over two years.
According to Tom Breen, CPS Technologies Senior VP of Sales and Marketing, “The successful conclusion of negotiations and receipt of two-year sourcing and pricing agreements from our largest AlSiC baseplate customers in Europe are a clear validation of our strategy for the Power Electronics market segment, and an affirmation of the superior value proposition our products provide. This significant increase in orders for CPS is ahead of schedule per our Five Year Strategic Plan and ensures our majority market share position with these key customers through 2019. In addition to these base quantities, customer options could increase the value of these orders to more than $35M.”
Added CPS Technologies CEO Grant Bennett, “With these significant AlSiC wins fueling our factory, we look forward to extending our market share gains into the Asia Pacific market in 2018 and 2019. After several years of steady progress in Japan and China, accelerated activity with our major target accounts has occurred across the board with parts undergoing prototype and qualification testing starting in 2018.”
About CPS Technologies Corporation:
CPS is a global leader in producing metal-matrix composite components used to improve the reliability and performance of various electrical systems. CPS products are used in motor controllers for hybrid and electric vehicles, high-speed trains, subway cars and wind turbines, as well as heat spreaders in internet switches, routers and high-performance microprocessors. CPS HybridTech Armor® products are also used to defeat the most advanced threats to ground, airborne and naval platforms.
This news release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Forward-looking statements are based on management’s current expectations and include known and unknown risks, uncertainties and other factors, many of which we are unable to predict or control, that may cause our actual results, performance or achievements to materially differ from those expressed or implied in the forward-looking statements. Additional information concerning factors that could cause actual results to differ materially from those projected in the forward-looking statements is contained in our filings with the Securities and Exchange Commission. We assume no duty to update our forward-looking statements.
CPS Technologies Corporation
Ralph Norwood, Chief Financial Officer
111 South Worcester Street
Norton, MA 02766
Telephone: (508) 222-0614
Web Site: www.alsic.com