Press Release
Jaco Electronics Wins Order to Manufacture 4,500 Voting Machines for New York State
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--Jaco Electronics, Inc. (Nasdaq: JACO), a global distributor and integrator of electronic components and customized flat panel display solutions, and provider of value-added logistics services, has been awarded a contract by Dominion Voting Systems, who is partnering with Sequoia Voting Systems in New York State, to manufacture approximately 4,500 optical scan voting machines for use throughout New York State. Jaco expects to complete delivery during the summer of 2008, in time for the November presidential election.
Jaco’s Chairman and Chief Executive Officer Joel Girsky, added, “We are extremely pleased to once again work with Sequoia, and our new partner Dominion Voting. This agreement represents Jaco’s first voting machine contract utilizing optical scan technology. All of the voting machines will be produced at Jaco’s in-house integration facility at our Hauppauge, New York location. To accommodate this order and meet delivery deadlines, Jaco plans to expand its manufacturing workforce by approximately 40-50 people. We believe this contract is a reflection of the strong capabilities of our integration center and value-add services.”
John Poulos, President and CEO of Dominion Voting Systems Corporation, noted, “We know Jaco has been a strong partner to Sequoia in the past, and look forward to this as the first step in a long and mutually beneficial relationship for Dominion with Jaco.”
Commenting on the new manufacturing agreement with Jaco, Sequoia Voting Systems President and CEO Jack Blaine, added, “We are pleased to once again work with the team at Jaco Electronics. Jaco has done an excellent job building thousands of our voting machines in the past and they possess the expertise and capacity to fulfill this order.”
About Jaco Electronics
Jaco is a leading distributor of electronic components to industrial OEMs and contract manufacturers. Jaco distributes products such as semiconductors, capacitors, resistors, electromechanical devices, flat panel displays (FPD) and power supplies, which are used in the manufacture and assembly of electronic products, including: telecommunications equipment, computers and office equipment, medical devices and instrumentation, industrial equipment and controls, military/aerospace systems and automotive and consumer electronics.
Jaco has two distribution centers, a warehouse in Singapore, and 15 strategically located sales offices throughout the United States. The Company operates an in-house FPD integration center housing its engineering and manufacturing staff and operations. The integration center enhances Jaco’s ability to provide customers with unique value-added display solutions and a “one-stop” source for their FPD supply and integration requirements. In addition to customized FPD solutions, Jaco provides a variety of value-added services including automated inventory management services and assembling stock items for customers into pre-packaged kits.
“Safe Harbor” Statement under the Private Securities Litigation Reform Act of 1995:
This press release provides historical information and includes forward-looking statements. Although we believe that the expectations in such forward-looking statements are reasonable, we can give no assurance that such expectations will prove to have been correct. The forward-looking statements are based upon a number of assumptions and estimates that, while considered reasonable by our management, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies which are beyond our control, and upon assumptions with respect to future business decisions which are subject to change. Accordingly, the forward-looking statements are only an estimate, and actual results will vary from the forward-looking statements, and these variations may be material. Consequently, the inclusion of the forward-looking statements should not be regarded as a representation by us of results that actually will be achieved. Forward-looking statements are necessarily speculative in nature, and it is usually the case that one or more of the assumptions in the forward-looking statements do not materialize. Investors are cautioned not to place undue reliance on the forward-looking statements. We caution that, among others, the factors below, which are discussed in our Annual Report on Form 10-K for the fiscal year ended June 30, 2007, as amended, and in our other filings with the Securities and Exchange Commission, could cause our results to differ materially from those stated in the forward-looking statements. These factors include (i) the highly cyclical nature of our industry and the adverse impact of downturns in our industry; (ii) our dependence on a limited number of suppliers for the products we distribute and most of our distribution agreements are cancelable upon short notice; (iii) the market for our products is very competitive and our industry is subject to rapid technological change; (iv) our dependence on individual purchase orders and absence of long-term supply agreements exposes us to customer cancellations, reductions or delays; (v) our substantial leverage and debt service obligations; (vi) a significant and growing portion of our business is in non-U.S. locations, particularly Asia, and failure to expand in Asia could adversely affect our sales while our dependence on foreign manufacturers exposes us generally to political and economic risks; (vii) volatility in the pricing of electronic components; (viii) disruptions in transportation of our products by third party carriers; (ix) potential warranty and/or product liability risks inherent in the products we sell; and (x) our dependence on the continued service of key members of our management and technical personnel.
http://www.businesswire.com/portal/site/google/?ndmViewId=news_view&newsId=20080408005243&newsLang=en