NORTON, Mass., June 25, 2024 (GLOBE NEWSWIRE) -- CPS Technologies Corporation (NASDAQ:CPSH) (“CPS” or the “Company”) today announced that it has been awarded a Phase II SBIR contract from the U.S. Navy Air Systems Command (NAVAIR). With funding of more than $1 million over 30 months, CPS will continue its development of novel metal matrix composites (MMCs) for thermal energy storage to address the requirements of NAVAIR’s Advanced Anti-Radiation Guided Missile - Extended Range (AARGM-ER) program.

“We are very pleased that our novel approach has exhibited the potential to solve a critical technical challenge for the Department of Defense,” said Brian Mackey, President and CEO. “Also, this contract represents our first Phase II award since we recently renewed our commitment to the federal government’s SBIR/STTR programs. It further illustrates CPS’ ability to successfully execute our long-term growth strategy through advanced product development driven by the needs of our customers.”

During the Phase I effort, CPS successfully demonstrated the use of aluminum and phase-change materials – including composites comprised of nickel titanium, also known as nitinol – for compact thermal energy storage devices. The University of North Texas, with expertise in the application of nitinol as a phase change material, will act as a subcontractor during Phase II. Upon successful completion, in addition to supporting the AARGM-ER program, CPS will leverage the aluminum-nickel titanium (Al-NiTi) composites for relevant aerospace, defense, and automotive applications.

Mackey continued, “In response to the customer’s requirements, our MMCs provide cutting-edge thermal energy storage with potential applications that include avionics, weapons, and high-pulse power modules. These CPS composites are lightweight, dimensionally stable materials that can reduce the size and weight of energy storage systems while providing a more durable and easier-to-manage solution relative to legacy materials.”

The mission of the AARGM-ER program is the suppression and/or destruction of enemy air defenses. Its primary targets are mobile, re-locatable integrated air defense targets. AARGM-ER provides long-range, precision strike capability that enables pilots to remain outside of lethal engagement ranges. Advanced thermal energy storage is a key element of long-range strike capability.

About CPS
CPS is a technology and manufacturing leader in producing high-performance materials solutions for its customers. The company’s products and intellectual property address critical needs in a variety of applications, including electric trains and subway cars, wind turbines, hybrid vehicles, electric vehicles, Navy ships, the smart electric grid, 5G infrastructure and others. CPS hermetic packages can be found in many Aerospace and Satellite applications. CPS’ armor products provide exceptional ballistic protection and environmental durability at very light weight. CPS is committed to innovation and to supporting our customers in building solutions for the transition to clean energy.

Safe Harbor
Statements made in this document that are not historical facts or which apply prospectively, including those relating to 2024 financial results, are forward-looking statements that involve risks and uncertainties. These forward-looking statements are identified by the use of terms and phrases such as "will," "intends," "believes," "expects," "plans," "anticipates" and similar expressions. Investors should not rely on forward looking statements because they are subject to a variety of risks and uncertainties and other factors that could cause actual results to differ materially from the company's expectation. Additional information concerning risk factors is contained from time to time in the company's SEC filings, including its Annual Report on Form 10-K and other periodic reports filed with the SEC. Forward-looking statements contained in this press release speak only as of the date of this release. Subsequent events or circumstances occurring after such date may render these statements incomplete or out of date. The company expressly disclaims any obligation to update the information contained in this release.

CPS Technologies Corporation                                       
111 South Worcester Street
Norton, MA 02766
www.cpstechnologysolutions.com

Investor Relations:
Chris Witty
646-438-9385
cwitty@darrowir.com

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