Gresham Worldwide’s Subsidiary, Enertec Systems, Wins $20 Million Contract

Giga-tronics, Inc. dba Gresham Worldwide (OTCQB: GIGA) (“Gresham Worldwide”), a provider of purpose-built electronic technology solutions for defense and other mission critical applications, today announced its subsidiary, Enertec Systems 2001 Ltd. (“Enertec”), has been chosen to supply bespoke systems to a major strategic customer under a contract with a total value of $20 million. Enertec, located in Israel, is a leading provider of innovative test, simulation, calibration, operational, control and monitoring systems that support and enable defense, aerospace and health care applications for over 30 years.

In the first phase of the contract, Enertec received a $5 million advance order to acquire materials and a $1.5 million order for the immediate delivery of systems. Enertec expects to receive subsequent orders for the remainder of the contract before the end of 2023. Performance of these orders will span a three-year period from 2024 to 2026.

To drive that performance, Enertec has initiated an aggressive recruiting effort to hire topflight engineers and technicians on an accelerated basis. Delivery against these orders is expected to have a positive impact on Enertec’s backlog, revenue, and profitability in coming years.

Zvika Avni, Enertec CEO, stated “This order is a testament to Enertec’s unique technologies, high-quality offerings and long-standing relationships with customers. We expect to receive additional large orders to deliver similar bespoke solutions for this customer over the next three years.”

Enertec has a strong track record of delivering purpose-built electronic solutions to satisfy the most demanding customers in the world. Enertec is primed to capitalize on the growing demand for electronic test, control, and operational systems and remain competitive.

Gresham Worldwide Chief Executive Jonathan Read, said, “This new order provides significant validation of our continued investment in Enertec’s business model and growth potential. The Company is well-positioned to execute on this order and subsequent orders to deliver strong, positive results and drive success to our bottom-line for Gresham Worldwide and its investors for years to come. Enertec is one of the largest and most respected defense contractors in Israel and we stand ready to support the country in this time of national emergency.”