Eltek, a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards, said Monday that it received an order from an unnamed governmental authority for a project that includes, among other things, manufacturing and procurement in an amount of up to about $3 million.
The execution of the project will extend over a period of two years, during which Eltek will be required to meet quarterly milestones. The customer has an option to extend the project for an additional twelve month period, during which Eltek will be required to meet additional quarterly milestones. Payments to Eltek shall be made on a quarterly basis, subject to the fulfillment of each milestone. The project is expected to generate total aggregate revenues of $2.1 million, or $3 million if the option is exercised. In addition, to enable the execution of the project, the costumer shall lend the company, for no consideration, equipment in a total aggregate amount of approximately $1.8 million, or $2 million if the option is exercised.