Eltek receives additional order from a governmental authority

Back in July of 2017 the company received an order from a governmental authority for a project. In its original press release the company said that the execution of the project would extend over a period of two years and that the customer has the option to extend the project. Eltek now announces that the governmental authority has exercised its option to extend the contract and placed a follow-on order to an existing project in an amount of up to about USD 1.4 million. The customer extended the project for an additional two years period, during which Eltek will be required to meet agreed milestones. "The original selection of Eltek by this customer attests to the trust in the Company's technological capabilities. Eltek successfully met the initial milestones of the project and met the customer's expectations. As a result, the governmental authority decided to extend the project for an additional two years," says Mr. Eli Yaffe, Chief Executive Officer, in the press release. Eltek believes that first generation of the developed product will result in additional purchase orders for products in an amount that it cannot quantify at this point.