Press Releases
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- EMRISE CORPORATION PROMOTES BRANDI FESTA TO DIRECTOR OF FINANCE AND ADMINISTRATION, PRINCIPAL ACCOUNTING OFFICER
Part of Company's Realignment of Corporate Finance Organization
EATONTOWN, NJ - September 1, 2010 - EMRISE CORPORATION, (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that veteran corporate controller Brandi L. Festa has been promoted to Director of Finance and Administration and Principal Accounting Officer, effective immediately. Festa, who was also appointed Secretary and Treasurer, reports directly to Chairman and Chief Executive Officer Carmine T. Oliva.
- EMRISE CORPORATION COMPLETES SALE OF ADVANCED CONTROL COMPONENTS AND PAYS DOWN DEBT
Satisfies Credit Agreement Obligations to Principal Lender,
Strengthens Balance Sheet, Positions Company to Focus on Growing Business
Eatontown, NJ (September 1, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has completed the sale of its Advanced Control Components, Inc subsidiary (ACC) to Plainview, NY-based Aeroflex Incorporated for $20 million in an all cash transaction, subject to a working capital adjustment. At closing EMRISE received net proceeds, after closing costs, of $17.3 million. EMRISE used $12.7 million of the net proceeds to pay off all but $3.8 million of approximately $16.5 million in total debt owed to its principal lender and the former ACC shareholders. The Company also deposited $800,000 in a 12-month escrow account in the event of any warranty claims or disputes arising from the sale of ACC that may subsequently occur between EMRISE and Aeroflex. At the end of the escrow period any unused funds in the account will be returned to EMRISE.
- EMRISE ANNOUNCES STOCKHOLDERS APPROVE PENDING SALE OF ADVANCED CONTROL COMPONENTS, INC. (ACC)
Approximately 99% of Shares Voted on ACC Proposal Cast in Favor of Sale of ACC
EATONTOWN, N.J.--(BUSINESS WIRE)--EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its stockholders voted at the Company's Annual Meeting of Stockholders to approve the pending sale of its Advanced Control Components, Inc., (ACC) subsidiary to Plainview, NY-based Aeroflex, Incorporated.
- EMRISE CORPORATION ANNOUNCES DATES FOR RELEASE OF 2010 SECOND QUARTER AND SIX-MONTH RESULTS AND CONFERENCE CALL
Plans to Release Results After Close of Market Monday, August 16,
Hold Conference Call Morning of August 17
EATONTOWN, NJ - August 12, 2010...EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the second quarter and six months ended June 30, 2010, on Monday, August 16, 2010, after the market closes and plans to host a conference call at 10:30 a.m. Eastern Daylight Time on Tuesday, August 17, 2010.
- EMRISE AWARDED $1.1 MILLION CONTRACT FOR POWER SYSTEMS FOR NEW GROUND-BASED, MILITARY DEFENSIVE AID SYSTEM
Example of Company's Strategy to Expand Defense, Aerospace Business
EATONTOWN, NJ - August 10, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has been awarded a contract valued at approximately $1.1 million to design, develop and manufacture custom power systems for a military application in a new ground-based defensive aid system. The contract was awarded to the Company's U.K.-based subsidiaries by a major international, military systems integrator.
- EMRISE CORPORATION TO CONDUCT MEETINGS WITH STOCKHOLDERS TO DISCUSS PENDING SALE OF ADVANCED CONTROL COMPONENTS, INC. SUBSIDIARY
Stockholders to Vote on Approval of Sale of Advanced Control Components, Inc. at August 30, 2010 Annual Meeting
Eatontown, NJ (August 9, 2010) - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that beginning the week of August 9, 2010, EMRISE Corporation (the "Company" or "EMRISE") will be conducting a series of meetings and conference calls with its stockholders to discuss its previously announced pending sale of Advanced Control Components, Inc. ("ACC"). At these meetings, the Company will highlight certain information contained in its proxy solicitation materials.
- EMRISE CORPORATION ANNOUNCES DATE FOR ANNUAL STOCKHOLDERS MEETING; SIGNS AGREEMENT TO EXTEND SENIOR DEBT MATURITY DATE
Stockholders to Vote on Approval of Sale of Advanced Control Components
Eatontown, NJ (August 4, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its Annual Meeting of Stockholders will be held at 11:30 A.M. Eastern Time on Monday, August 30, 2010, at the Staybridge Suites in Eatontown, NJ. EMRISE also announced today that it has signed an agreement with its principal lender to extend the maturity date of the Company's term and revolving debt from July 31, 2010 to August 31, 2010.
- EMRISE CORPORATION ANNOUNCES EXTENSION OF SENIOR DEBT MATURITY TO JULY 31, 2010
Provides Update To Status Of Sale Of Advanced Control Components (ACC)
Eatontown, NJ (July 20, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its has signed an agreement with its principal lender to extend the maturity date of the Company's term and revolving debt from July 16, 2010 to July 31, 2010, and provided the following update to the status of its previously announced sale of Advanced Control Components, Inc. (ACC).
- EMRISE RECEIVES NETWORK ACCESS PRODUCTS ORDER FOR NATIONAL TRANSPORTATION COMMUNICATION NETWORK IN NORTH AFRICA
EATONTOWN, NJ - July 7, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an order for approximately $440,000 for network access products to be installed in a transportation communication network in French-speaking North Africa. The order was received from a long standing customer by the Company's CXR-Anderson Jacobson (CXR-AJ) subsidary based in France and is expected to be shipped in the third quarter of this year.
- EMRISE RECEIVES $540,000 ORDER FOR POWER SUPPLIES AND RF DEVICES FOR IN-FLIGHT ENTERTAINMENT & COMMUNICATIONS (IFE&C) SYSTEMS
Supplying Sophisticated Devices, Subsystems for IFE&C Systems Key Part of Company's Strategy to Refocus U.K.-based Subsidiaries on Expanding Aerospace and Defense Business in U.S., Europe
EATONTOWN, NJ - June 22, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $540,000 production order for power supplies and radio frequency (RF) devices to be used in an advanced, multimedia In-Flight Entertainment and Communications (IFE&C) system to be installed on a number of new commercial aircraft. The order was received from a long standing international customer by the Company's Pascall Electronics Ltd. subsidiary located in England and is expected to be shipped in the third and fourth quarters of 2010.
- EMRISE CORPORATION COMMENTS ON STRATEGY FOR EXPANDING BUSINESS; PLAN INCLUDES POSSIBLE STRATEGIC ALLIANCES AND ORGANIC GROWTH
Focus on Strong Product Line and Technology for Network Timing and Synchronization
Eatontown, NJ (June 14, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today said that it plans to capitalize on the network timing and synchronization products and technology of the Company's communications equipment business and expand its business through a focus on strategic alliance transactions and organic growth subsequent to the closing of the recently announced $20 million definitive agreement to sell Advanced Control Components, Inc. ("ACC").
- EMRISE CORPORATION ENTERS INTO BINDING AGREEMENT TO SELL ADVANCED CONTROL COMPONENTS TO AEROFLEX INCORPORATED FOR $20 MILLION
Net Proceeds Will Pay Down Debt, Help Strengthen Balance Sheet and Position Company To Focus on Growing Its Business
Eatontown, NJ, June 8, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) ("EMRISE" or the "Company"), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that is has entered into a binding stock purchase agreement with Plainview, NY-based Aeroflex Incorporated pursuant to which EMRISE will sell all of the issued and outstanding shares of common stock of its Advanced Control Components, Inc. subsidiary ("ACC") to Aeroflex for $20 million in an all cash transaction, subject to a potential working capital adjustment. The sale of ACC is subject to the approval of EMRISE's stockholders. The transaction is expected to close in July 2010.
- EMRISE CORPORATION ANNOUNCES RECEIPT OF NYSE ARCA NON-COMPLIANCE LETTER
EATONTOWN, New Jersey - May 28, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) today announced that on May 24, 2010, EMRISE Corporation (the "Company") received notice from the staff of the NYSE Arca, Inc. (the "NYSE Arca") that it was no longer in compliance with the minimum total net tangible assets and net worth amounts required for continued listing on the NYSE Arca under NYSE Arca Equities Rule 5.5(h)(3) (the "Notice"). We no longer comply with such continued listing requirements because we had total net tangible assets of less than $500,000 and net worth of less than $2 million at both December 31, 2009 and March 31, 2010. On May 29, 2010, we notified the NYSE Arca of our intent to cure our compliance deficiency through the sale of assets and payment of debt according to a plan previously submitted and approved by the NYSE Arca Listing Staff in connection with a similar notice (the "Plan").
- EMRISE ANNOUNCES FIRST QUARTER 2010 FINANCIAL RESULTS
EATONTOWN, NJ - May 17, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced its financial results for its first quarter ended March 31, 2010.
- EMRISE RECEIVES FOLLOW-ON $1.5 MILLION ORDER FOR RADIO FREQUENCY DEVICES USED IN RCIED JAMMING SYSTEMS FOR U.S. MILITARY
EATONTOWN, NJ - May 04, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $1.5 million follow-on order for radio frequency (RF) devices to be used in radio-controlled improvised explosive device (RCIED) jamming systems for the U.S. military. Shipment of the order, which was received from a long-standing customer, is expected to begin this quarter and to be completed by the end of the third quarter of this year.
- EMRISE CORPORATION RECEIVES $800,000 IN TEST EQUIPMENT ORDERS FOR A MAJOR FRENCH TELECOMMUNICATIONS CUSTOMER
Orders Contribute to Already Strong Second Quarter Order Entry Trend in France
EATONTOWN, NJ - April 20, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received $800,000 in orders for test equipment for a major French telecommunications customer. Shipment of these orders, which were received from an existing customer, is expected to begin and to be completed during June 2010.
- EMRISE CORPORATION FILES 2009 ANNUAL REPORT ON FORM 10-K IN COMPLIANCE WITH RULE 12B-25 EXTENSION DEADLINE
No Change to Previously Announced 2009 Unaudited Revenue, Operating Income/Loss and Pre-Tax Income/Loss From Continuing Operations, or Balance Sheet Highlights
EATONTOWN, NJ - April 15, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has filed the Company's Annual Report on Form 10-K for its year ended December 31, 2009 in compliance with the April 15, 2010 Rule 12b-25 extension deadline.
- EMRISE RELEASES UNAUDTIED 2009 FINANCIAL RESULTS; WILL FILE FORM 12B-25 FOR EXTENSION OF TIME TO FILE 2009 FORM 10-K
2009 Net Sales from Continuing Operations Increase 14% Year-over-Year, Gross Margins Improve, Significant Reduction in Debt
EATONTOWN, NJ - March 31, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced unaudited financial results for its fourth quarter and year ended December 31, 2009 and said that it will conduct its conference call today as previously scheduled.
- EMRISE SELLS ASSETS OF RO ASSOCIATES TO ASTRODYNE CORPORATION
Company Remains Committed to Eliminating Term Debt
Eatontown, NJ - March 23, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has sold substantially all the assets of the San Jose, CA-based RO Associates Incorporated subsidiary of EMRISE Electronics Corporation, a subsidiary of EMRISE, to Astrodyne Corporation for approximately $1 million in cash plus the assumption of certain liabilities. Astrodyne, a leading provider of power conversion solutions worldwide, is headquartered in Mansfield, MA. Pennsylvania based Boenning & Scattergood, Inc. supported EMRISE as financial advisors in relation to the transaction.
- EMRISE CORPORATION RECEIVES REPEAT ORDERS FOR MILITARY POWER SUPPLIES VALUED AT APPROXIMATELY $900,000
Will Ensure Continuity of Supply for an On-going Multi-year Program
Eatontown, NJ - March 11, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received repeat orders from a large international customer valued at approximately $900,000 for custom-built military power supplies to be used in a major US Government program. These new orders ensure a continuity of supply for EMRISE's customer once current orders for this program have been accelerated and delivered. Shipments of the power supplies included in these new orders are expected to begin in the second quarter of this year and be completed in the first quarter of 2011.
- EMRISE ANNOUNCES ACCEPTANCE BY NYSE Arca OF COMPANY'S PLANNED ACTIONS TO ACHIEVE COMPLIANCE WITH CONTINUED LISTING STANDARDS
Eatontown, NJ -- (BUSINESS WIRE) - - March 5, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received notice from the staff of NYSE Regulation that it will allow a cure period through approximately June 30, 2010, (the "Cure Period"), during which EMRISE will take actions to achieve compliance with NYSE Arca's continued listing standards. During this Cure Period, EMRISE common stock will continue to be traded on the NYSE Arca exchange under the trading symbol "ERI." The NYSE staff will continue to monitor EMRISE's planned actions and EMRISE's stock will continue to include the extension ".BC" to denote "below compliance."
- EMRISE CORPORATION RECEIVES $900,000 IN ORDERS FOR RADIO FREQUENCY SYSTEMS FOR COMMERCIAL MARINE APPLICATION
Eatontown, NJ - February 3, 2010-EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it received $900,000 in additional orders from a major international marine services provider for electronic systems for identifying and marking marine (shipping) channels and marine hazards. Deliveries against these orders are expected to begin in the second quarter of 2010 and are expected to continue into 2011.
- EMRISE CORPORATION ANNOUNCES RECEIPT OF NYSE Arca NON-COMPLIANCE LETTER WITH POSSIBLE 6 MONTHS TO CURE
RANCHO CUCAMONGA, Calif.-(BUSINESS WIRE) - January 11, 2009 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that on January 5, 2010, the Company received a letter, (the "Notice") from the staff of NYSE Arca, Inc. (the "Staff") indicating that the Company's common stock price per share does not comply with the minimum $1.00 price required for continued listing by NYSE Arca Equities Rule 5.5(h)(4) because the price of the Company's common stock has been less than $1.00 since November 17, 2009 and on each of the 30 consecutive trading days immediately prior to the Notice.
- EMRISE CORPORATION ENTERS INTO SHORT TERM FORBEARANCE AGREEMENT WITH LENDER THROUGH JANUARY 15, 2010
Company Comments on its Intentions to Sell Assets of RO Associates
EATONTOWN, NJ - December 31, 2009 - EMRISE CORPORATION (NYSE Arca: ERI) today announced that it has entered into a short term forbearance agreement with its lender through January 15, 2010.
- EMRISE CORPORATION CLARIFIES STATEMENTS MADE AT RECENT EARNINGS CALL REGARDING POSSIBLE SALE OF NON-CORE ASSETS
EATONTOWN, NJ – November 25, 2009 – EMRISE CORPORATION (NYSE Arca: ERI) today clarified statements made at the Company’s earnings call on November 17, 2009 regarding the potential sale of substantially all the assets of its wholly-owned subsidiary, RO Associates, (“RO Assets”). During the call, management of the Company made statements which could be interpreted by participants of the call to indicate that the Company would make a public announcement when it entered into a letter of intent regarding the potential sale of RO Assets. The Company wants to clarify that it does not intend to make any announcement in connection with the execution of a letter of intent, unless it is required to do so under applicable securities laws. However, the Company is moving forward with the sale process with the intent of closing a transaction, (as previously indicated), before December 31, 2009. In the event the Company enters into a definitive agreement regarding the sale of substantially all of the assets of RO Associates, it will make a public announcement via press release and file a Form 8-K as required under applicable securities laws.
- EMRISE RECEIVES $1.6 MILLION PRODUCTION ORDER FOR POWER SUPPLIES FOR IN-FLIGHT ENTERTAINMENT SYSTEM
EATONTOWN, NJ – November 18, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a multi-year, $1.6 million production order for power supplies to be used in an In-Flight Entertainment (IFE) system. Shipments of the multi-year order, which was received from a relatively new customer, are expected to begin in the first quarter of 2010.
- EMRISE Reports Financial Results for 2009 Third Quarter and Nine Months
Revenues from Continuing Operations Increase Year over Year, Gross Margins Up, Backlog Strong, Non-Cash Impairment and Other Charges Impact Bottom Line
EATONTOWN, N.J.--(BUSINESS WIRE)-- EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced financial results for the third quarter and nine months ended September 30, 2009.EMRISE Chairman and Chief Executive Officer Carmine T. Oliva said, “Although we face significant short term liquidity challenges, we continued to make progress toward achieving a number of key goals in this year’s third quarter. Revenue increased year over year despite the ongoing economic uncertainty that impacted our non defense businesses and despite the negative impact of currency fluctuations. We were able to further reduce our debt and, working with our investment bankers, we made progress in our efforts to refinance our remaining debt, sell non-core assets, and raise cash through the sale of equity. The sale of non-core assets is of particular importance to us as doing so will further reduce our debt, making an overall refinancing that much easier, and it allows us to increase our focus on our performing core business units, which is a strategic goal of the Company.”
- EMRISE CORPORATION SETS DATE FOR 2009 THIRD QUARTER AND NINE-MONTH RESULTS RELEASE; CONFERENCE CALL ALSO SCHEDULED
EATONTOWN, NJ – November 13, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the third quarter and nine months ended September 30, 2009 after the market closes on Monday, November 16, 2009. EMRISE will host a conference call at 10:00 a.m. Eastern Time on Tuesday, November 17, 2009.
- EMRISE POSTPONES 2009 THIRD QUARTER RESULTS NEWS RELEASE AND CONFERENCE CALL
Company Anticipates Filing its 10-Q by the Statutory Deadline of Monday, November 16th
EATONTOWN, NJ – November 10, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that the release of its results and the conference call for the third quarter and nine months ended September 30, 2009, which were originally scheduled for Wednesday, November 11, 2009, have been postponed in order to allow the Company more time to finalize its third quarter financial results. The Company anticipates filing its 10-Q by the statutory deadline of Monday, November 16th. The Company will announce in advance the new date and time of the news release and conference call.
- EMRISE CORPORATION PLANS TO RELEASE 2009 THIRD QUARTER AND NINE MONTHS RESULTS AND HOLD CONFERENCE CALL ON NOVEMBER 11
EATONTOWN, NJ – November 04, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the third quarter and nine months ended September 30, 2009, on Wednesday, November 11, 2009, and plans to host a conference call at 11:30 a.m. Eastern Time that same day.
- EMRISE RECEIVES $1.1 MILLION PRODUCTION ORDER FOR RF SWITCHING SUBSYSTEMS TO BE USED IN SATELLITE COMMUNICATIONS NETWORK
Receipt of Follow-on Production Order Follows Successful Completion of 2-Years of Equipment Development and Qualification
EATONTOWN, NJ – October 20, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a follow-on $1.1 million production order for a number of radio frequency (RF) switching subsystems to be used in satellite communications ground stations for the U.S. military. The order was received from a large, multinational communication systems integrator by EMRISE’s Advanced Control Components, Inc. (ACC) subsidiary. Shipment of the order to this longstanding EMRISE customer is expected to begin in this year’s fourth quarter and is scheduled to be completed in the second quarter of 2010.EMRISE Chairman and Chief Executive Officer Carmine T. Oliva said receipt of this production order follows several development orders received by ACC over the course of two years of developing and qualifying the equipment. He also noted that the Company believes it could receive a number of additional orders for these RF switching subsystems in the future.
- EMRISE RECEIVES ADDITIONAL $900,000 ORDER FOR RF DEVICES TO BE USED IN SYSTEMS THAT ARE PREVENTING REMOTE DETONATION OF ROADSIDE BOMBS
EATONTOWN, NJ – October 13, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an additional $900,000 order for radio frequency (RF) devices to be used in radio-controlled improvised explosive device (RCIED) jamming systems. Shipment of the order is expected to begin in this year’s fourth quarter and is scheduled to be completed by the end of January 2010.
- EMRISE RECEIVES APPROVAL FROM FAA TO SHIP FIRST $850,000 OF COMMUNICATIONS TEST EQUIPMENT
Part of a Three-Year Agreement for up to $2.6 Million of Test Equipment to be Used to Upgrade the Nation’s Aviation Control Networks
EATONTOWN, NJ – October 1, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it recently received approval from the Federal Aviation Administration (FAA) to ship the first $850,000 of communications test equipment under the terms of a three-year agreement with the FAA, previously announced in January of this year, which allows the FAA to order up to $2.6 million of communications test equipment. A small number of units were shipped at the end of this year’s third quarter with the balance of the $850,000 in shipments scheduled to occur during the fourth quarter of this year. The communications test equipment is being used in a multi-year, multi-billion dollar FAA program to upgrade communications technology in the nation’s commercial and military aviation control networks.
- EMRISE TO RESTATE 2009 QUARTERLY FINANCIAL STATEMENTS
Eatontown, NJ – September 30, 2009 –EMRISE CORPORATION (NYSE Arca:ERI), today announced that it plans to restate its financial statements for the quarterly periods ended March 31, 2009 and June 30, 2009 to reflect the recording of non-cash entries to correct errors in the amortization of deferred financing costs and debt discounts in both periods, and to reclassify an item in its Consolidated Statement of Cash Flows for the first six months ended June 30, 2009.
- EMRISE RECEIVES INITIAL $1.4 MILLION ORDER FOR RF DEVICES TO BE USED IN U.S. MILITARY EQUIPMENT TO PREVENT REMOTE DETONATION OF ROADSIDE BOMBS
Program Expected to Equip Vehicle Types Not Previously Equipped with RCIED Jamming Systems
EATONTOWN, NJ – September 24, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an initial $1.4 million order for radio frequency (RF) devices to be used in a major new program for vehicle-mounted, radio-controlled improvised explosive device (RCIED) jamming systems for the U.S. military. The Company’s RF devices for this new program are expected to be used in RCIED jamming systems for a large number of vehicles not included in other programs that use the Company’s RF devices. All of the products for this order are expected to ship in the near term future.
- EMRISE TO PRESENT AT RODMAN & RENSHAW ANNUAL GLOBAL INVESTMENT CONFERENCE
EATONTOWN, NJ – September 1, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it is scheduled to make an investor presentation at the Rodman & Renshaw Annual Global Investment Conference at 11:40 am EDT on Friday, September 11, 2009. The conference will be held at the New York Palace Hotel, September 9-11, 2009.
- EMRISE CORPORATION PLANS TO RELEASE 2009 SECOND QUARTER AND SIX MONTHS RESULTS AND HOLD CONFERENCE CALL ON AUGUST 5
EATONTOWN, NJ – July 29, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the second quarter and six months ended June 30, 2009, on Wednesday, August 5, 2009, and plans to host a conference call at 11:00 a.m. Eastern Daylight Time that same day.
- EMRISE CORPORATION PROMOTES GRAHAM JEFFERIES TO PRESIDENT; JOHN DONOVAN TO SENIOR VP, CHIEF FINANCIAL OFFICER
Key Step in Implementation of Program to Build Next Generation Team of Company Leaders
EATONTOWN, NJ – July 07, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has promoted veteran operating executive Graham Jefferies to President and Chief Operating Officer, and veteran financial executive John Donovan to Senior Vice President and Chief Financial Officer, effective July 6, 2009. Both men will continue to report directly to Carmine T. Oliva who remains Chairman and Chief Executive Officer, and who turns over his title and role of President to Jefferies.
- EMRISE CORPORATION ANNOUNCES RESULTS OF ANNUAL STOCKHOLDERS’ MEETING
EATONTOWN, NJ – June 26, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it held its annual meeting of stockholders at 11:30 am EDT on June 25, 2009, at the Staybridge Suites in Eatontown, NJ. Approximately 83% of the Company’s stockholders were present in person or by proxy at the meeting.
- EMRISE CORPORATION APPOINTS BOENNING & SCATTERGOOD, INC. AS FINANCIAL ADVISOR
Boenning to Assist With Strategic Business Plans Designed to Enhance Shareholder Value
EATONTOWN, NJ – June 24, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has engaged Boenning & Scattergood, Inc. (“Boenning”) as its exclusive financial advisor to support the Company’s growth strategy by assisting EMRISE in identifying and negotiating potential strategic merger, acquisition or alliance targets, by assisting EMRISE in securing a new line of credit, and by providing general financial advisory and support services as EMRISE executes its ongoing strategic business plans designed to enhance shareholder value.
- EMRISE COMPLETES RELOCATION OF CORPORATE HEADQUARTERS, REDUCES ANNUALIZED COSTS BY ADDITIONAL $1 MILLION
Move to Existing New Jersey Facility Locates Headquarters Closer to Principal North American and European Operations and Markets
EATONTOWN, NJ – May 19, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has completed the relocation of its corporate headquarters from its prior location in Rancho Cucamonga, CA to the existing facilities of its largest domestic subsidiary located in Eatontown which will result in additional annualized cost savings of approximately $1 million and facilitate improvements in operating efficiency. EMRISE will remain a Delaware corporation.
- EMRISE CORPORATION ANNOUNCES 2009 FIRST QUARTER FINANCIAL RESULTS
34% Year-Over-Year Increase in Net Sales from Continuing Operations
RANCHO CUCAMONGA, Calif. – May 14, 2009 – EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced financial results for the first quarter ended March 31, 2009.
- EMRISE CORPORATION PLANS TO RELEASE 2009 FIRST QUARTER RESULTS AND HOLD CONFERENCE CALL ON MAY 14
RANCHO CUCAMONGA, CALIFORNIA – May 07, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the first quarter ended March 31, 2009, before the market opens on Thursday, May 14, 2009, and plans to host a conference call at 11:30 a.m. Eastern Daylight Time that same day.
- EMRISE CORPORATION APPOINTS BDO SEIDMAN LLP TO BE NEW AUDITORS
RANCHO CUCAMONGA, California – May 5, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has appointed BDO Seidman, LLP as its independent registered public accountants to audit the Company’s consolidated financial statements, replacing Hein & Associates LLP. The change in auditors was recommended by the Company’s audit committee and was effective April 30, 2009.
- EMRISE ANNOUNCES NEARLY $2 MILLION IN ANNUALIZED PROFIT IMPROVEMENT THROUGH COMPANYWIDE PROGRAM AIMED AT STREAMLINING OPERATIONS AND REDUCING COST
Realignment of All Business Units Expected to Increase Efficiency without Impacting Growth
RANCHO CUCAMONGA, California - April 27, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has implemented a companywide program to streamline its operations and reduce costs throughout all of its operating business units in the U.S., the U.K. and France that is expected to achieve annualized cost savings approaching $2 million. The program, which includes headcount reductions and other cost saving initiatives, is designed to eliminate redundancies and increase operating efficiency in all business units, without impacting the Company’s ability to grow.
- EMRISE RECEIVES $850,000 ORDER FOR CUSTOM POWER SUPPLY UNITS FOR MARINE APPLICATION IN EUROPE
For Ongoing Support of Systems Currently in Service, Part of Multi-Year Program
RANCHO CUCAMONGA, California - April 21, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an $850,000 follow-on order for custom power supply units to be used in a shipboard application for a multi-year marine program in Europe. The order, which was received from a prime multi-national customer, is for the continuing support of systems currently in service and is to be delivered during 2009 and 2010.
- EMRISE CORPORATION ANNOUNCES 2008 FOURTH QUARTER AND YEAR-END FINANCIAL RESULTS
Quarterly and Full-Year Sales Reach Record Levels, Up 20% and 16% Year-Over-Year
RANCHO CUCAMONGA, CALIFORNIA – April 15, 2009…EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced 2008 fourth quarter and year-end financial results. The Company plans to file its Annual Report on Form 10-K for the year-ended December 31, 2008 with the Securities and Exchange Commission later today.
- EMRISE RECEIVES ADDITIONAL ORDER IN EXCESS OF $3 MILLION FOR RADIO FREQUENCY DEVICES USED IN RCIED JAMMING SYSTEMS FOR U.S. MILITARY
Brings Total for RCIED Jamming Applications to More Than $7 Million Since ACC Acquisition
RANCHO CUCAMONGA, California - April 14, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an additional order in excess of $3 million for radio frequency (RF) devices used in radio-controlled improvised explosive device (RCIED) jamming systems for the U.S. military. The order, which is part of a major program, was received from a large, existing customer. Shipment of the order is expected to be completed by the end of the 2009 second quarter.
- EMRISE CORPORATION RECEIVES $420,000 ORDER FOR RADIO FREQUENCY DEVICES
Program Expected to Exceed $1.25 Million in Orders in 2009
RANCHO CUCAMONGA, California – April 1, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $420,000 order for radio frequency (RF) devices, which is the second release in a program that is expected to exceed $1.25 million in 2009. The RF devices will be employed in remote-controlled improvised explosive device (RCIED) jamming systems. The order was received from an existing customer and is expected to commence shipment immediately.
- EMRISE CORPORATION PLANS TO RELEASE AUDITED 2008 FOURTH QUARTER AND FULL YEAR RESULTS AND HOLD CONFERENCE CALL ON APRIL 15
Company Will File Form 12b-25 with SEC for 15-Day Extension to File Form 10-K
RANCHO CUCAMONGA, CALIFORNIA – March 31, 2009, EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its audited financial results for the fourth quarter and year ended December 31, 2008, before the market opens on Wednesday, April 15, 2009, and plans to host a conference call at 11:30 a.m. Eastern Daylight Time that same day.
- EMRISE CORPORATION SELLS ASSETS OF DIGITRAN SWITCH DIVISION AND STOCK OF XCEL JAPAN LTD FOR UP TO $12 MILLION
Company to Focus on Core Competencies; Reduces Acquisition Debt; Strengthens Balance Sheet RANCHO CUCAMONGA, CA – March 20, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced the sale of substantially all the assets of the Digitran Switch Division of EMRISE Electronics Corporation, a subsidiary of EMRISE, and all the capital stock of XCEL Japan Ltd., which primarily acts as a sales office for the Digitran Switch Division, to Weymouth, MA-based Electro Switch Corp. for up to $12-million in an all-cash transaction. At closing, which occurred this morning, Electro Switch paid $11.5 million in cash. The terms of the sale also provide for an earn-out in the amount of $500,000, payable in cash, based on achieving certain revenue targets of the divested businesses during the nine months following the closing of the transaction. Further details of the transaction will be disclosed in a Form 8-K to be filed with the Securities and Exchange Commission within four business days.
- EMRISE COMMENTS ON PERFORMANCE OF ITS ACC SUBSIDIARY
ACC Sales Up 81 % Over a Year-Ago
RANCHO CUCAMONGA, California – March 10, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, said today that for the six full months of operations ended February 28, 2009, its Advanced Control Components, Inc (ACC) subsidiary, acquired by EMRISE in August 2008, has met its six-month business plan goals, which included increasing sales approximately 81 percent to $9.3 million from $5.1 million in the same year-ago period. ACC, headquartered in Eatontown, NJ, is a supplier of high performance radio frequency (RF) and microwave devices and subsystems serving the military, aerospace, commercial and instrumentation markets.
- EMRISE RECEIVES $1 MILLION ORDER FOR RF FREQUENCY GENERATOR SUBSYSTEMS FROM MAJOR INTERNATIONAL DEFENSE PRIME CONTRACTOR
For Use in an Electronic Systems Application Onboard Navy Ships in Europe
RANCHO CUCAMONGA, California – February 24, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $1 million order for RF (radio frequency) frequency generator subsystems from a major international defense prime contractor. This is a follow-on order for a new generation frequency generator subsystem to be used in an electronic systems application onboard navy ships in Europe. The design phase will begin immediately with initial shipments of product scheduled to begin in the first quarter of 2010.
- EMRISE RECEIVES $2.6 MILLION AWARD FROM FAA TO UPGRADE COMMUNICATIONS TEST EQUIPMENT IN NATION’S AVIATION CONTROL NETWORKS
Three-Year Contract Calls for Second Quarter 2009
Deliveries of Approximately $830,000
RANCHO CUCAMONGA, California – January 29, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has been awarded a $2.6 million, three-year contract by the Federal Aviation Administration (FAA) to supply a custom featured version of the Company’s Halcyon Universal Data Test Set to be installed as part of a multi-year, multi-billion dollar program to upgrade communications technology in the nation’s commercial and military aviation control networks.
- EMRISE Corporation Receives $1.2 Million Electronic Devices Order from Major U.S. Military Prime Contractor
For Use in Multi-function, Centralized Information Systems Installed on U.S. and Allied Navy Ships
RANCHO CUCAMONGA, Calif. - January 21, 2009 - EMRISE Corporation (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received a $1.2 million order from a major U.S. military prime contractor for digital switches to be used in a multi-year defense program for shipboard installations of multi-function, centralized information systems. Full shipment of the order is expected to occur in the second quarter 2009.
- NYSE CONFIRMS EMRISE CORPORATION SUCCESSFULLY MEETS MINIMUM STOCK PRICE REQUIREMENT FOR CONTINUED LISTING ON NYSE ARCA
RANCHO CUCAMONGA, California – January 8, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has been notified by NYSE Regulation, Inc. that EMRISE has successfully met NYSE Arca’s minimum $1.00 stock price requirement for 30 consecutive trading days. As a result, the non-compliant indicator appended to EMRISE’s trading symbol has been removed and the Company’s common stock will continue to be listed on NYSE Arca and trade under the symbol ERI.
- EMRISE CORPORATION RECEIVES ADDITIONAL $2.0 MILLION IN ORDERS FOR RADIO FREQUENCY DEVICES FOR SIGNAL JAMMING SYSTEMS
Signal Jamming orders total $4 million since September 2008
RANCHO CUCAMONGA, California – December 8, 2008 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received approximately $2.0 million in new orders for radio frequency (RF) devices for remote-controlled improvised explosive device (RCIED) jamming systems designed to prevent the detonation of improvised explosive devices (IEDs). Often called roadside bombs, IEDs wound or kill thousands of people in military conflicts around the world.
- EMRISE CORPORATION RECEIVES $1.2 MILLION IN COMMUNICATIONS PRODUCTS ORDERS FOR EUROPEAN MILITARY CUSTOMERS
Orders Will Contribute to Already Strong Fourth Quarter
RANCHO CUCAMONGA, CA - December 2, 2008 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received $1.2 million in orders for network access products for military communications networks in France and the United Kingdom (UK). Shipment of these orders, which were received from existing customers in France and the UK, will begin this month and are expected to be completed by the end of the second quarter 2009.
- EMRISE CORPORATION RECEIVES $1.0 MILLION IN NEW ORDERS FOR IN-FLIGHT ENTERTAINMENT PRODUCTS
RANCHO CUCAMONGA, Calif.—November 25, 2008—EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received $1.0 million in new orders for electronic devices and subsystems to be used in commercial In-Flight Entertainment and Communication (IFE&C) systems. Shipments of these orders are expected to begin in the first quarter of 2009 and continue through the first half of 2009.
- EMRISE CORPORATION RECEIVES ADDITIONAL $1 MILLION ORDER FOR POWER SUPPLIES FOR U.S. MILITARY ARMORED VEHICLES.
Follow-on Order is a Continuation of Multi-Year, Multi-Million Dollar Program
RANCHO CUCAMONGA, CALIFORNIA, November 20, 2008 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received an additional follow-on order from a large international customer for more than $1 million of modular power supplies to be used in a long-running strategic U.S. military armored vehicle program. This order provides for continuity of shipments for the program through 2009.
- EMRISE CORPORATION COMPLETES REVERSE SPLIT OF COMMON STOCK RANCHO CUCAMONGA, Calif.—November 20, 2008—EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it completed the 1-for-3.75 reverse split of its common stock after the closing of the markets on November 19, 2008.
- EMRISE CORPORATION REPORTS 2008 THIRD QUARTER FINANCIAL RESULTS
Net Income Up Substantially for the Quarter on Higher Sales and Increased Gross Margin; Further Top and Bottom Line Improvements Expected in Fourth Quarter
RANCHO CUCAMONGA, Calif.—November 6, 2008—EMRISE CORPORATION (NYSE Arca: ERI); a multinational designer, manufacturer and marketer of proprietary electronic devices and communications equipment for aerospace, defense, industrial, and communications applications, today announced financial results for three and nine months ended September 30, 2008.
- EMRISE RECEIVES INITIAL ORDER FOR TIEMPO™ EDGE NETWORK TIMING SYSTEMS FROM MAJOR US INTEGRATOR OF COMMUNICATIONS SYSTEMS
Sixth Major Integrator to Qualify TiemPo™ as Preferred Timing Device for Their Customers
RANCHO CUCAMONGA, CALIFORNIA, November 5, 2008 - EMRISE CORPORATION (NYSE ARCA:ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an initial $500,000 production order for it’s StarClock™ TiemPo™ next-generation network timing system from a major U.S. communications systems integrator. The order, which is for immediate delivery, is for a U.S. government agency telecommunications system upgrade. EMRISE Chief Executive Carmine T. Oliva, said that he expects this initial order to be shipped during the fourth quarter of 2008.
- EMRISE CORPORATION SETS NOVEMBER 6 AS DATE FOR RELEASE OF 2008 THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS AND CONFERENCE CALL
RANCHO CUCAMONGA, CALIFORNIA – October 31, 2008 – EMRISE CORPORATION (NYSE Arca: ERI), a designer, manufacturer and marketer of proprietary electronic devices and communications equipment for aerospace, defense, industrial, and communications applications, announced today that it will release its financial results for the third quarter and nine months ended September 30, 2008, before the market opens on Thursday, November 6, 2008, and will host a conference call at 1:30 p.m. Eastern Time that same day.
- EMRISE CORPORATION RECEIVES $850,000 IN FOLLOW-ON ORDERS FOR ELECTRONIC DEVICES FOR COMMERCIAL AIRCRAFT
Adds to Growing Commercial Aircraft Backlog
RANCHO CUCAMONGA, Calif.—October 28, 2008—EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received from a major international integrator of electronics systems for commercial and military aviation markets $850,000 in additional orders for power supplies for use in commercial aircraft. Shipments are scheduled to begin in the first quarter of 2009 and be completed by the end of that year, which ensures continuity of shipments for this program through 2009.
- EMRISE CORPORATION SECOND U.S. PATENT FOR VERY LOW PROFILE SWITCHES ACCEPTED FOR PUBLICATION
Issuance of Patent to Follow, Adds to Intellectual Property Portfolio
RANCHO CUCAMONGA, Calif.—October 23, 2008—EMRISE CORPORATION (NYSE ARCA:ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that the United States Patent and Trademark Office has accepted for publication another patent for its Very Low Profile (VLP®) family of rotary switches and encoders. The Company expects issuance of the patent to follow shortly. The patent increases the number of U.S. issued and applied for patents that EMRISE holds to three, further enhancing the value of its intellectual property portfolio. The company also has patents pending in the EU and four other foreign countries.
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