RF Industries Announces Order for Honolulu Rail Transit Project
10 December 2018
SAN DIEGO, CA, Nov. 28, 2018 (GLOBE NEWSWIRE) -- via NEWMEDIAWIRE -- RF Industries, Ltd, (NASDAQ: RFIL), a national manufacturer and marketer of interconnect products and systems, today announced that it has received an order from STANLEY Access Technologies, a division of STANLEY Security, (https://www.stanleyaccess.com/doors/transit-doors-gates) to provide wiring harnesses and electro-mechanical assemblies on behalf of the Honolulu Rail Transit Project, an urban rail rapid transit system under construction in Honolulu County that will connect Pearl Harbor memorial to Honolulu airport. The wiring is for platform screen doors designed to keep pedestrians safe from the railway.
“We are delighted to receive this order and to continue our participation in this project as the sole provider of wiring harnesses and electro-mechanical assemblies for the next phase of construction,” said Robert Dawson, President and CEO of RF Industries. “This order represents a nice win for our OEM business, and a further diversification of our business within the transportation sector. The award of this additional business reflects our ability to provide high quality products with a fast turnaround time and a high attention to customer needs and details.”
The entire Honolulu Rail Transit Project includes 21 stations. RF Industries participated in a partnership role in the completion of the first nine stations and beginning with this order, the Company will be solely providing the assemblies on the next four stations, which are expected to be completed by April 2019. RF Industries is also optimistic it will be able to participate in the building of the remaining eight stations.
The Honolulu Rail Transit Project was established in 2005 with the support of federal, state and local officials to provide an efficient and reliable transportation alternative for Honolulu's congested urban corridor. The project provides for a rail transit route running from East Kapolei to Ala Moana Center, with stations at 21 key commuter and visitor destinations, including Aloha Stadium, Pearl Harbor, Honolulu International Airport and downtown Honolulu, Oahu's core commercial and business center. The elevated rail system will not be affected by accidents or congested streets and highways and will deliver riders to their destination on time, every time. The first section of the rail system, from Kapolei to Aloha Stadium, is slated to begin operating in 2020, and the entire route will be operational in 2025 when the remaining segment to Ala Moana Center is completed.
About RF Industries
RF Industries designs and manufactures a broad range of interconnect products across diversified, growing markets including wireless/wireline telecom, data communications and industrial. The Company's products include RF connectors, coaxial cables, wire harnesses, fiber optic cables and custom cabling. The Company is headquartered in San Diego, California with operations in New York and Connecticut. Please visit the RF Industries website at www.rfindustries.com.
This press release contains forward-looking statements with respect to future events, including higher sales, increased future demand for the Company's products, improved margins, and improved profitability, which are subject to a number of factors that could cause actual results to differ materially. Factors that could cause or contribute to such differences include, but are not limited to: changes in the telecommunications industry; the Company's reliance on certain distributors for a significant portion of anticipated revenues; the impact of existing and additional future tariffs imposed by U.S. and foreign nations; the Company's ability to execute on its new go-to-market strategies and channel models; its ability to expand its OEM relationships; its ability to continue to deliver newly designed and custom fiber optic and cabling products to principal customers; its ability to maintain strong margins and diversify its customer base, and its ability to address the changing needs of the market. Further discussion of these and other potential risk factors may be found in the Company's public filings with the Securities and Exchange Commission (www.sec.gov) including its Form 10-K. All forward-looking statements are based upon information available to the Company on the date they are published and the Company undertakes no obligation to publicly update or revise any forward-looking statements to reflect events or new information after the date of this release.
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