Press Releases
Current News: Click on titles below to view the releases
- EMRISE CORPORATION SEES FURTHER GROWTH IN EUROPEAN UTILITY MARKET WITH ADDITIONAL SALES OF $1 MILLION OF COMMUNICATIONS EQUIPMENT
Result of Company's Strategy to Increase Penetration of Utility Markets
DURHAM, NC - January 25, 2012...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it has sold $1 million (€800,000) of communications equipment to an existing, key European utility customer. Approximately one half of the communications equipment sold was shipped late in 2011 with the balance of the equipment to be shipped in the first quarter of 2012.
- EMRISE RECEIVES $1.2 MILLION ORDER FOR EQUIPMENT TO BE USED IN IN-FLIGHT ENTERTAINMENT AND CONNECTIVITY SYSTEMS
DURHAM, NC - January 4, 2012...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it has received an order valued at approximately $1.2 million (£750,000) for electronic devices to be used in In-Flight Entertainment and Connectivity (IFE&C) systems.
- EMRISE CORPORATION RECEIVES $900,000 IN ORDERS FOR RADIO FREQUENCY SYSTEMS FOR COMMERCIAL MARINE APPLICATION
Orders Part of Long-Running Program of Supplying Systems for Navigational Aids
DURHAM, NC - December 7, 2011...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it has received additional orders valued at approximately $900,000 (£591,000) from a major international marine services provider for electronic systems for identifying and marking marine (shipping) channels and marine hazards. Deliveries against these new orders are expected to begin in the second quarter of 2012 and be completed by the end of 2012.
- EMRISE CORPORATION RECEIVES $630,000 CUSTOM POWER SUPPLY ORDER FOR U.S. MILITARY ARMORED VEHICLES
Follow-on Order Part of Long-Running Strategic Program
DURHAM, NC - November 21, 2011...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it has received a follow-on order valued at approximately $630,000 (£394,000) from a large international customer for custom modular power supplies to be used in a long-running U.S. military armored vehicle program. Delivery of the order is expected to begin in early 2012.
- EMRISE ANNOUNCES IMPROVED 2011 THIRD QUARTER,NINE-MONTH FINANCIAL RESULTS
Major Reduction in Loss from Continuing Operations; Year-Over-Year Net Sales Up 16% and 13%, Respectively
DURHAM, NC - November 14, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced financial results for its third quarter and nine months ended September 30, 2011. Revenues for this year's third quarter increased 16 percent from the third quarter of 2010 and 30 percent from the second quarter of 2011. The Company also significantly reduced its loss from continuing operations for the 2011 third quarter, which reflected a $1.3 million, or 96 percent, year-over-year improvement from the sizeable loss reported in the 2010 third quarter.
- EMRISE CORPORATION SELECTS RODMAN & RENSHAW LLC
AS FINANCIAL ADVISOR IN THE U.S.
Rodman to Assist with Strategic Business Plans Designed to Grow Company, Enhance Shareholder Value
DURHAM, NC - September 22, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced it has selected Rodman & Renshaw, LLC (Rodman), a subsidiary of Rodman & Renshaw Capital Group, Inc. (NASDAQ: RODM), as its exclusive financial advisor in the United States. Rodman has been engaged to support the Company's growth strategy by assisting EMRISE in identifying and negotiating potential strategic merger, acquisition or alliance targets, by providing general financial advisory and support services as EMRISE executes its ongoing strategic business plans designed to grow the Company and enhance shareholder value.
- EMRISE RECEIVES FINAL DOCUMENTATION FOR €1.2 MILLION ($1.7 MILLION) COMMUNICATIONS EQUIPMENT ORDER FOR NETWORK
IN FRENCH-SPEAKING NORTH AFRICA
DURHAM, NC - September 12, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced it has received final documentation for a Communications Equipment order valued at approximately €1.2 million ($1.7 million) for the manufacture and delivery of fiber-optic modems to be used in a communications network in French-speaking North Africa. The order was received by EMRISE's Communications Equipment subsidiary in Europe. With the recent receipt of the final documentation, the order is expected to be shipped to the customer within the next 30 to 45 days.
- EMRISE CORPORATION TO PRESENT AT THE RODMAN & RENSHAW
ANNUAL GLOBAL INVESTMENT CONFERENCE
DURHAM, NC - September 7, 2011...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that management is scheduled to make an investor presentation at the Rodman & Renshaw Annual Global Investment Conference as part of the Growth/Special Situations Track on Tuesday, September 13, at 9:10 am Eastern Time. The conference is being held September 11-13 at The Waldorf-Astoria in New York City.
- EMRISE ANNOUNCES SECOND QUARTER AND FIRST HALF 2011 FINANCIAL RESULTS
Year-Over-Year Net Sales Up 7% and 11%, Respectively; Backlog Strong at $31 million
DURHAM, NC - August 15, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced its financial results for its second quarter and six months ended June 30, 2011.
- EMRISE RECEIVES ORDERS FOR $2 MILLION OF CUSTOM ELECTRONIC DEVICES FOR INTERNATIONAL AVIATION PROGRAM
Contributes to Growing Backlog of Orders for Delivery in 2012 and Beyond
DURHAM, NC - July 26, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received orders for approximately $2 million to manufacture and deliver custom electronic devices to be used in an international aviation program.
- EMRISE COMMENTS ON RECENT ORDER CANCELLATION; RECONFIRMS 2011 FULL-YEAR REVENUE GUIDANCE AND OUTLOOK FOR PROFIT IN SECOND HALF OF THIS YEAR
DURHAM, NC - July 18, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today said that it recently received written confirmation of the cancellation of a two-part, $1.2 million order for products to be used in an international military program, which was noted during the Company's 2011 first quarter results conference call. EMRISE Chairman and CEO Carmine T. Oliva said despite the cancellation of the order from a major military systems integrator, EMRISE is able to reconfirm both its 2011 full-year revenue guidance of $33 to $35 million and its previously announced expectation that the Company will be profitable in the last half of this year.
- EMRISE CORPORATION ANNOUNCES RESULTS OF 2011 ANNUAL STOCKHOLDERS' MEETING
DURHAM, NC- June 29, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it held its 2011 annual meeting of stockholders at 11:30 am EDT on Friday, June 24, 2011, at the SpringHill Suites by Marriott in Newark, NJ, as previously scheduled. Stockholders of record of EMRISE common stock at the close of business on May 17, 2011, the record date for the 2011 annual meeting, were entitled to notice of and to vote at the 2011 annual meeting or at any adjournments and postponements of the meeting. A quorum of stockholders was present at the meeting in person or by proxy.
- EMRISE ANNOUNCES FIRST QUARTER 2011 FINANCIAL RESULTS
Year-Over-Year Net Sales Up 13%; Loss From Continuing Operations Down 41%
DURHAM, NC - May 16, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced its financial results for its first quarter ended March 31, 2011.
- EMRISE CORPORATION ANNOUNCES DATE FOR RELEASE OF 2011 FIRST QUARTER RESULTS AND CONFERENCE CALL
DURHAM, NC - May 11, 2011...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the quarter ended March 31, 2011 on Monday, May 16, 2011, before the market opens and plans to host a conference call at 11:30 a.m. Eastern Daylight Time that same day.
- EMRISE RECEIVES $1.6 MILLION ORDER FOR CUSTOM RF DEVICES FOR INTERNATIONAL MILITARY PROGRAM
Brings Value of Major Orders Announced in Last Four Months to Approximately $12.75 million
DURHAM, NC - April 7, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has been awarded an order for approximately $1.6 million (£1 million) to manufacture custom radio frequency (RF) devices to be used in an international military program. The contract was awarded to one of the Company's Electronic Devices business units by a major international military systems integrator, which is a longstanding EMRISE customer.
- EMRISE FILES AUDITED FINANCIAL STATEMENTS ON FORM 10-K FOR 2010 FULL YEAR
Includes Classification Adjustment in Financial Statements Issued in News Release; No Change to Announced Sales, Loss Before Income Taxes from Continuing Operations and Net Loss
DURHAM, NC - March 31, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, said today that it has filed its audited financial statements on Form 10-K for its year ended December 31, 2010 with the Securities and Exchange Commission ("SEC"). The financial statements included a classification adjustment to income from discontinued operations and income tax provision from continuing operations, which did not change the net sales, pretax income or consolidated net loss for 2010, from the amounts that were previously reported in its news release on March 29, 2011.
- EMRISE ANNOUNCES 2010 FOURTH QUARTER AND FULL YEAR FINANCIAL RESULTS
Pretax Income Achieved in Quarter; Net Sales Up 18% from 2010 Third Quarter;Order Rates Strong; Backlog Up 60% Year Over Year
DURHAM, NC - March 29, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced financial results for its fourth quarter and year ended December 31, 2010 and will conduct its earnings conference call today as previously scheduled.
- EMRISE CORPORATION ANNOUNCES DATE FOR RELEASE OF 2010 FOURTH QUARTER AND FULL YEAR RESULTS AND CONFERENCE CAL
DURHAM, NC - March 22, 2011...EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its audited financial results for the year ended December 31, 2010, along with its results for the 2010 fourth quarter on Tuesday, March 29, 2011, before the market opens and plans to host a conference call at 11:30 a.m. Eastern Standard Time that same day.
- EMRISE RECEIVES $1.8 MILLION IN ELECTRONIC DEVICE ORDERS FOR IN-FLIGHT ENTERTAINMENT AND CONNECTIVITY (IFE&C) SYSTEMS
Major Orders Announced for All Business Units Since Early December Now Exceed $11.1 Million;
New Orders Contribute to Profitability in Last Half of 2011
DURHAM, NC - March 15, 2011 - EMRISE CORPORATION (OTC BB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received orders valued at approximately $1.8 million for electronic devices and subsystems to be used in In-Flight Entertainment and Connectivity (IFE&C) systems. Including these orders, EMRISE has announced more than $11.1 million in major orders for its Electronic Devices and Communications Equipment business units since early December 2010.
- EMRISE RECEIVES $1.5 MILLION ORDER FOR ELECTRONIC DEVICES TO BE USED FOR IN-FLIGHT ENTERTAINMENT AND CONNECTIVITY (IFE&C) SYSTEMS
Airline Industry Demand for IFE&C Systems Increasing
DURHAM, NC - February 23, 2011 - EMRISE CORPORATION (OTCBB: EMRI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received a $1.5 million order for electronic devices to be used in the external communications portion of the in-flight entertainment and connectivity (IFE&C) systems installed in a commercial aircraft. The order, which is expected to ship over a three-year period starting in the second half of 2011, was received from a longstanding customer by the Company's Pascal subsidiary in England.
- EMRISE CORPORATION NEW TRADING SYMBOL WILL BE EMRI
DURHAM, NC - February 22, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, announced that it was notified by FINRA today that the Company's common stock will begin trading on the OTC Bulletin Board (OTCBB), a nationally recognized electronic trading market, under the trading symbol EMRI at the open of the market on Wednesday, February 23, 2011.
- EMRISE CORPORATION TO VOLUNTARILY DELIST FROM NYSE Arca,TRANSFER TO OTC BULLETIN BOARD
DURHAM, NC - February 9, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it will voluntarily delist its common stock from the NYSE Arca and has taken the required steps for its common stock to be quoted on the OTC Bulletin Board (OTCBB), a nationally recognized, electronic trading market. In accordance with NYSE Arca Equities Rule 5.4(b), formal written notice was submitted to NYSE Arca following the unanimous consent and approval of the EMRISE Board of Directors. The voluntary delisting of EMRISE common stock from NYSE Arca is expected to be effective after the close of market on Tuesday, February 22, 2011, and the Company's stock is expected to begin trading on the OTCBB at the open of the market on Wednesday, February 23, 2011 under the trading symbol EMRI. The Company will issue a news release before its stock begins to trade on the OTCBB confirming the trading symbol and date trading will commence.
- EMRISE APPOINTS PRESIDENT AND COO GRAHAM JEFFERIES TO BOARD OF DIRECTORS
DURHAM, NC - February 7, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced the appointment of Graham Jefferies, the Company's President and Chief Operating Officer, to its Board of Directors, effective March 1, 2011. The EMRISE Board recently voted to authorize the expansion of the Board from four to seven directors and Jefferies' appointment fills the remaining vacancy created by that expansion.
- EMRISE APPOINTS JULIE A. ABRAHAM TO BOARD OF DIRECTORS;WILL SERVE ON AUDIT COMMITTEE
Former Senior Vice President and CFO of ADVO Inc.
DURHAM, NC - January 25, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced the appointment of veteran senior financial executive Julie A. Abraham to its Board of Directors and to serve as a member of the Audit Committee of the Board, effective February 1, 2011. As recently announced, the EMRISE Board voted to authorize an expansion of the Board from four to seven directors and Abraham's appointment fills one of the vacancies created by that expansion.
- EMRISE APPOINTS FORMER IMATION CEO FRANK RUSSOMANNO TO BOARD OF DIRECTORS
DURHAM, NC - January 20, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced the appointment of former Vice Chairman and Chief Executive Officer of Imation Corp. (NYSE:IMN) Frank P. Russomanno to its Board of Directors, effective March 1, 2011. The EMRISE Board has voted to authorize an expansion of the Board from four to seven directors and Russomanno's appointment will fill one of the vacancies created by that expansion.
- EMRISE RECEIVES $2.1 MILLION CONTRACT TO MANUFACTURE CUSTOM POWER SYSTEMS FOR MILITARY AVIATION PROGRAM
Brings Total of Company's Recently Announced Orders and Contracts to Nearly $8.0 Million
DURHAM, NC - January 11, 2011 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has been awarded a contract valued at approximately $2.1 million (£1.3 million) to manufacture custom power systems to be used in an existing military aviation program. The contract was awarded to the Company's U.K. subsidiaries by a major military systems integrator, which is a longstanding EMRISE customer.
- EMRISE RECEIVES $750,000 FOLLOW-ON ORDER FOR CUSTOM POWER SYSTEMS USED IN INTERNATIONAL MILITARY AVIATION PROGRAMS
Brings Total of Company's Recently Announced Orders to Approximately $5.8 Million;
Strengthens Growing Backlog
DURHAM, NC - December 20, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received $750,000 in follow-on orders for custom power systems to be used in two international military aviation programs. The orders were received by Company's U.K. subsidiaries from a major European-based, military systems integrator. Shipment of the units ordered is expected to begin and be completed in the latter half of 2011.
- EMRISE RECEIVES $4 MILLION IN ORDERS TO BE USED IN COMMERCIAL AEROSPACE APPLICATION
Bolsters Growing Backlog of Expected Revenue Shipments in 2011;
Strong Indicator of Strengthening in IFE&C Market
DURHAM, NC - December 7, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received orders valued at approximately $4 million for power supplies and subsystems to be used in In-Flight Entertainment and Connectivity (IFE&C) systems. Shipment of the orders, which were received from a major IFE&C systems integrator by the Company's Pascall Electronics Ltd. subsidiary in England, is expected to begin in the second quarter of 2011 and be completed by the fourth quarter of 2012.
- EMRISE RECEIVES $1 MILLION FOLLOW-ON ORDER FOR ELECTRONIC SUB-ASSEMBLIES USED IN OIL AND NATURAL GAS DRILLING
DURHAM, NC - December 2, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received a $1 million follow on production order for electronic sub-assemblies from an existing U.S.-based multinational customer for use in a harsh environment oil and natural gas drilling application. Shipments against this order are expected to occur monthly beginning in the first quarter of next year and are expected to end in the fourth quarter of 2011.
- EMRISE CORPORATION TO PRESENT TO BOENNING & SCATTERGOOD SALES ORGANIZATIONS
DURHAM, NC - November 30, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that Chairman and CEO Carmine Oliva and President and Chief Operating Officer Graham Jefferies are scheduled to make an investor presentation to the Boenning & Scattergood institutional and retail sales organizations in a meeting to be held on Wednesday, December 1, 2010 at Boenning's headquarters in West Conshohocken, PA and via a simultaneous telephone conference call with that firm's offices in Pennsylvania, New York, New Jersey and Ohio.
- EMRISE CORPORATION COMMENTS ON CURRENT STATUS OF NYSE ARCA LISTING
DURHAM, NC - November 19, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, said it was informed in a letter received today from NYSE Regulation that the Company has regained compliance with NYSE's Net Worth and Tangible Net Assets continued listing standard.
- EMRISE MEETS GOAL OF THREE NEW FUNDING SOURCES TO SUPPORT GROWTH WITH NEW FINANCING ARRANGEMENT FOR U.S. SUBSIDIARY
DURHAM, NC - November 16, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has met its goal of establishing new funding sources to support the growth of its subsidiaries in the U.K., France and the U.S. with the signing of a new agreement for up to $800,000 in receivables financing in the U.S. to support the growth of the Company's U.S. subsidiary. This is the third new funding arrangement announced by the Company in the last two months.
- EMRISE CORPORATION ANNOUNCES 2010 THIRD QUARTER AND NINE-MONTH FINANCIAL RESULTS
Net Sales Up 20% from 2010 Second Quarter; Liquidity Improves by Significant Reduction in Total Debt, Working Capital, and Cash; Backlog Increases; Outlook for Q4 and 2011 Trending Up
DURHAM, NC - November 15, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced its financial results for its third quarter and nine months ended September 30, 2010.
- EMRISE CORPORATION COMMENTS ON STATUS OF NYSE ARCA LISTING
DURHAM, NC - November 10, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, said today that the NYSE continues to monitor the Company's compliance with NYSE Arca's continued listing requirements for meeting the minimum balance sheet requirements for total net tangible assets of $500,000 and net worth of $2 million.
- EMRISE CORPORATION ANNOUNCES DATE FOR RELEASE OF 2010 THIRD QUARTER AND NINE-MONTH RESULTS AND CONFERENCE CALL
DURHAM, NC - November 8, 2010...EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the third quarter and nine months ended September 30, 2010, on Monday, November 15, 2010, before the market opens and plans to host a conference call at 11:30 a.m. Eastern Standard Time that same day.
- EMRISE FRENCH SUBSIDIARY ENTERS INTO ACCOUNTS RECEIVABLE FINANCING ARRANGEMENT FOR 1.35 MILLION EUROS ($1.8 MILLION) TO HELP FUND GROWTH
Combined with Recent Line of Credit in the UK, New Funding Sources Approach $6 Million
DURHAM, NC - November 3, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its French subsidiary has entered into an accounts receivable financing arrangement with Factocic SA in France, a subsidiary of CIC Group, to provide the Company's French subsidiary 1.35 million Euros ($1.8 million) to help fund its expansion and growth.
- EMRISE INDEPENDENT DIRECTORS ACCEPT RESTRICTED COMMON STOCK FOR MAJORITY OF DEFERRED 2010 AND PORTION OF FUTURE COMPENSATION
Increases Director's Ownership, Aligns Compensation with Company Success
DURHAM, NC - October 25, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, said today that its three independent directors have agreed to accept restricted shares of the Company's common stock for the majority of their deferred 2010 compensation and approximately one-third of their base director's compensation going forward.
- EMRISE TIMING AND SYNCHRONIZATION PRODUCT SELECTED BY MAJOR TELECOMMUNICATIONS OEM FOR INCLUSION IN NEW SWITCH PRODUCT LINE
Positions Company to Participate in Growing Segment of Communications Market;
Expands Market Reach into Latin America, Other Emerging Global Markets
DURHAM, NC - October 14, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that one of the world's leading telecommunications manufacturers has incorporated an EMRISE network timing and synchronization product into a new communications switch product line for sale in Latin America and other emerging global markets. The Company received an initial order of $275,000 for the network timing and synchronization products that was shipped late in this year's third quarter, and it expects to begin receiving follow-on orders under the multi-year agreement in the fourth quarter of this year.
- EMRISE CORPORATION ANNOUNCES ORDERS FOR $500,000 OF COMMUNICATIONS TEST EQUIPMENT FROM FAA AND U.S. NAVY
Brings Total Value of Orders Received To Date under Current Multi-Year Contracts to $2.7 Million
DURHAM, NC - October 12, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received orders valued at $500,000 to supply a custom-featured version of the Company's Halcyon Universal Data Test Set to the Federal Aviation Administration (FAA) and the U.S. Navy as part of existing multi-year contracts to upgrade communications technology used in military and civilian aviation communications networks.
- EMRISE CORPORATION ANNOUNCES OPEN MARKET PURCHASES OF COMPANY STOCK BY INSIDERS
Purchases Made During First Open Window for Insider Buying in More Than 21 Months
DURHAM, NC - October 6, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that since September 10, 2010, when the window for insiders to buy and sell stock opened, the Company's Chairman and CEO Carmine T. Oliva and other insiders purchased shares of EMRISE common stock in open market purchases.
- EMRISE CORPORATION BUYS BACK COMMON STOCK WARRANTS FROM PRIMARY LENDER
Eliminates Possible Dilutive Impact of Warrants and Potential for Quarterly Non-Cash, Mark-to-Market Adjustments
DURHAM, NC - September 28, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that on August 30, 2010, it repurchased from its primary lender, for a total purchase price of $100,000, two warrants that would have entitled the lender to purchase an aggregate total of 775,758 shares of EMRISE common stock (each warrant represented the right to purchase 387,879 shares at exercise prices of $1.80 and $1.99, respectively). The warrants also had a cashless conversion provision, which, if utilized, would have resulted in no cash to the Company at the time the warrants were exercised. The warrants were originally issued to the primary lender by the Company on November 30, 2007, and amended and restated on February 12, 2009.
- EMRISE ANNOUNCES PRO FORMA COMPLIANCE WITH TOTAL NET TANGIBLE ASSET AND NET WORTH REQUIREMENTS FOR CONTINUED LISTING ON NYSE ARCA
Financial Statements for Third Quarter Expected to Show Company Exceeds Those Requirements by Wide Margins; Must Still Meet $1.00 Per Share Minimum Stock Price Requirement
DURHAM, NC - September 23, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, announced today that on a pro forma basis, as noted below, it is the Company's view that it has preliminarily exceeded the minimum requirements for total net tangible assets and net worth required for continued listing on the NYSE Arca. The Company must still achieve the minimum $1.00 per share stock price required for continued listing on NYSE Arca. EMRISE common stock continues to be traded on the NYSE Arca exchange under the trading symbol "ERI" with the ".BC" extension to denote "below compliance."
- EMRISE CORPORATION ANNOUNCES EXTENSION OF RELATIONSHIP WITH BOENNING & SCATTERGOOD, INC. AS FINANCIAL ADVISOR
Will Assist Company with Strategic Growth Initiatives Designed to Enhance Stockholder Value
DURHAM, NC - September 16, 2010 - EMRISE CORPORATION, (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has extended the engagement of Philadelphia-based Boenning & Scattergood, Inc., as its exclusive financial advisor through June 30, 2011, to support the Company's growth strategy. As EMRISE executes its strategic business plans, which are designed to enhance stockholder value, Boenning will assist the Company in identifying and negotiating potential strategic merger, acquisition or alliance opportunities, and provide general financial advisory and support services.
- EMRISE CORPORATION RELOCATING CORPORATE HEADQUARTERS
Comments on the More Than $1.8 Million of Additional Annualized Cost Savings
DURHAM, NC - September 8, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it is relocating its corporate headquarters from its prior location in Eatontown, NJ, to Durham, NC. The relocation follows the August 31, 2010 completion of the sale of the Company's former Advanced Control Components, Inc. subsidiary (ACC), which is located in Eatontown, NJ, and is where the Company's corporate headquarters has been located. EMRISE will remain a Delaware corporation.
- EMRISE CORPORATION PROMOTES BRANDI FESTA TO DIRECTOR OF FINANCE AND ADMINISTRATION, PRINCIPAL ACCOUNTING OFFICER
Part of Company's Realignment of Corporate Finance Organization
EATONTOWN, NJ - September 1, 2010 - EMRISE CORPORATION, (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that veteran corporate controller Brandi L. Festa has been promoted to Director of Finance and Administration and Principal Accounting Officer, effective immediately. Festa, who was also appointed Secretary and Treasurer, reports directly to Chairman and Chief Executive Officer Carmine T. Oliva.
- EMRISE CORPORATION COMPLETES SALE OF ADVANCED CONTROL COMPONENTS AND PAYS DOWN DEBT
Satisfies Credit Agreement Obligations to Principal Lender,
Strengthens Balance Sheet, Positions Company to Focus on Growing Business
Eatontown, NJ (September 1, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has completed the sale of its Advanced Control Components, Inc subsidiary (ACC) to Plainview, NY-based Aeroflex Incorporated for $20 million in an all cash transaction, subject to a working capital adjustment. At closing EMRISE received net proceeds, after closing costs, of $17.3 million. EMRISE used $12.7 million of the net proceeds to pay off all but $3.8 million of approximately $16.5 million in total debt owed to its principal lender and the former ACC shareholders. The Company also deposited $800,000 in a 12-month escrow account in the event of any warranty claims or disputes arising from the sale of ACC that may subsequently occur between EMRISE and Aeroflex. At the end of the escrow period any unused funds in the account will be returned to EMRISE.
- EMRISE ANNOUNCES STOCKHOLDERS APPROVE PENDING SALE OF ADVANCED CONTROL COMPONENTS, INC. (ACC)
Approximately 99% of Shares Voted on ACC Proposal Cast in Favor of Sale of ACC
EATONTOWN, N.J.--(BUSINESS WIRE)--EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its stockholders voted at the Company's Annual Meeting of Stockholders to approve the pending sale of its Advanced Control Components, Inc., (ACC) subsidiary to Plainview, NY-based Aeroflex, Incorporated.
- EMRISE CORPORATION ANNOUNCES DATES FOR RELEASE OF 2010 SECOND QUARTER AND SIX-MONTH RESULTS AND CONFERENCE CALL
Plans to Release Results After Close of Market Monday, August 16,
Hold Conference Call Morning of August 17
EATONTOWN, NJ - August 12, 2010...EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, announced today that it plans to release its unaudited financial results for the second quarter and six months ended June 30, 2010, on Monday, August 16, 2010, after the market closes and plans to host a conference call at 10:30 a.m. Eastern Daylight Time on Tuesday, August 17, 2010.
- EMRISE AWARDED $1.1 MILLION CONTRACT FOR POWER SYSTEMS FOR NEW GROUND-BASED, MILITARY DEFENSIVE AID SYSTEM
Example of Company's Strategy to Expand Defense, Aerospace Business
EATONTOWN, NJ - August 10, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has been awarded a contract valued at approximately $1.1 million to design, develop and manufacture custom power systems for a military application in a new ground-based defensive aid system. The contract was awarded to the Company's U.K.-based subsidiaries by a major international, military systems integrator.
- EMRISE CORPORATION TO CONDUCT MEETINGS WITH STOCKHOLDERS TO DISCUSS PENDING SALE OF ADVANCED CONTROL COMPONENTS, INC. SUBSIDIARY
Stockholders to Vote on Approval of Sale of Advanced Control Components, Inc. at August 30, 2010 Annual Meeting
Eatontown, NJ (August 9, 2010) - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that beginning the week of August 9, 2010, EMRISE Corporation (the "Company" or "EMRISE") will be conducting a series of meetings and conference calls with its stockholders to discuss its previously announced pending sale of Advanced Control Components, Inc. ("ACC"). At these meetings, the Company will highlight certain information contained in its proxy solicitation materials.
- EMRISE CORPORATION ANNOUNCES DATE FOR ANNUAL STOCKHOLDERS MEETING; SIGNS AGREEMENT TO EXTEND SENIOR DEBT MATURITY DATE
Stockholders to Vote on Approval of Sale of Advanced Control Components
Eatontown, NJ (August 4, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its Annual Meeting of Stockholders will be held at 11:30 A.M. Eastern Time on Monday, August 30, 2010, at the Staybridge Suites in Eatontown, NJ. EMRISE also announced today that it has signed an agreement with its principal lender to extend the maturity date of the Company's term and revolving debt from July 31, 2010 to August 31, 2010.
- EMRISE CORPORATION ANNOUNCES EXTENSION OF SENIOR DEBT MATURITY TO JULY 31, 2010
Provides Update To Status Of Sale Of Advanced Control Components (ACC)
Eatontown, NJ (July 20, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that its has signed an agreement with its principal lender to extend the maturity date of the Company's term and revolving debt from July 16, 2010 to July 31, 2010, and provided the following update to the status of its previously announced sale of Advanced Control Components, Inc. (ACC).
- EMRISE RECEIVES NETWORK ACCESS PRODUCTS ORDER FOR NATIONAL TRANSPORTATION COMMUNICATION NETWORK IN NORTH AFRICA
EATONTOWN, NJ - July 7, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received an order for approximately $440,000 for network access products to be installed in a transportation communication network in French-speaking North Africa. The order was received from a long standing customer by the Company's CXR-Anderson Jacobson (CXR-AJ) subsidary based in France and is expected to be shipped in the third quarter of this year.
- EMRISE RECEIVES $540,000 ORDER FOR POWER SUPPLIES AND RF DEVICES FOR IN-FLIGHT ENTERTAINMENT & COMMUNICATIONS (IFE&C) SYSTEMS
Supplying Sophisticated Devices, Subsystems for IFE&C Systems Key Part of Company's Strategy to Refocus U.K.-based Subsidiaries on Expanding Aerospace and Defense Business in U.S., Europe
EATONTOWN, NJ - June 22, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $540,000 production order for power supplies and radio frequency (RF) devices to be used in an advanced, multimedia In-Flight Entertainment and Communications (IFE&C) system to be installed on a number of new commercial aircraft. The order was received from a long standing international customer by the Company's Pascall Electronics Ltd. subsidiary located in England and is expected to be shipped in the third and fourth quarters of 2010.
- EMRISE CORPORATION COMMENTS ON STRATEGY FOR EXPANDING BUSINESS; PLAN INCLUDES POSSIBLE STRATEGIC ALLIANCES AND ORGANIC GROWTH
Focus on Strong Product Line and Technology for Network Timing and Synchronization
Eatontown, NJ (June 14, 2010) - EMRISE CORPORATION (NYSE Arca:ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today said that it plans to capitalize on the network timing and synchronization products and technology of the Company's communications equipment business and expand its business through a focus on strategic alliance transactions and organic growth subsequent to the closing of the recently announced $20 million definitive agreement to sell Advanced Control Components, Inc. ("ACC").
- EMRISE CORPORATION ENTERS INTO BINDING AGREEMENT TO SELL ADVANCED CONTROL COMPONENTS TO AEROFLEX INCORPORATED FOR $20 MILLION
Net Proceeds Will Pay Down Debt, Help Strengthen Balance Sheet and Position Company To Focus on Growing Its Business
Eatontown, NJ, June 8, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) ("EMRISE" or the "Company"), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that is has entered into a binding stock purchase agreement with Plainview, NY-based Aeroflex Incorporated pursuant to which EMRISE will sell all of the issued and outstanding shares of common stock of its Advanced Control Components, Inc. subsidiary ("ACC") to Aeroflex for $20 million in an all cash transaction, subject to a potential working capital adjustment. The sale of ACC is subject to the approval of EMRISE's stockholders. The transaction is expected to close in July 2010.
- EMRISE CORPORATION ANNOUNCES RECEIPT OF NYSE ARCA NON-COMPLIANCE LETTER
EATONTOWN, New Jersey - May 28, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) today announced that on May 24, 2010, EMRISE Corporation (the "Company") received notice from the staff of the NYSE Arca, Inc. (the "NYSE Arca") that it was no longer in compliance with the minimum total net tangible assets and net worth amounts required for continued listing on the NYSE Arca under NYSE Arca Equities Rule 5.5(h)(3) (the "Notice"). We no longer comply with such continued listing requirements because we had total net tangible assets of less than $500,000 and net worth of less than $2 million at both December 31, 2009 and March 31, 2010. On May 29, 2010, we notified the NYSE Arca of our intent to cure our compliance deficiency through the sale of assets and payment of debt according to a plan previously submitted and approved by the NYSE Arca Listing Staff in connection with a similar notice (the "Plan").
- EMRISE ANNOUNCES FIRST QUARTER 2010 FINANCIAL RESULTS
EATONTOWN, NJ - May 17, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced its financial results for its first quarter ended March 31, 2010.
- EMRISE RECEIVES FOLLOW-ON $1.5 MILLION ORDER FOR RADIO FREQUENCY DEVICES USED IN RCIED JAMMING SYSTEMS FOR U.S. MILITARY
EATONTOWN, NJ - May 04, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced that it has received a $1.5 million follow-on order for radio frequency (RF) devices to be used in radio-controlled improvised explosive device (RCIED) jamming systems for the U.S. military. Shipment of the order, which was received from a long-standing customer, is expected to begin this quarter and to be completed by the end of the third quarter of this year.
- EMRISE CORPORATION RECEIVES $800,000 IN TEST EQUIPMENT ORDERS FOR A MAJOR FRENCH TELECOMMUNICATIONS CUSTOMER
Orders Contribute to Already Strong Second Quarter Order Entry Trend in France
EATONTOWN, NJ - April 20, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense and aerospace electronic devices and communications equipment, today announced it has received $800,000 in orders for test equipment for a major French telecommunications customer. Shipment of these orders, which were received from an existing customer, is expected to begin and to be completed during June 2010.
- EMRISE CORPORATION FILES 2009 ANNUAL REPORT ON FORM 10-K IN COMPLIANCE WITH RULE 12B-25 EXTENSION DEADLINE
No Change to Previously Announced 2009 Unaudited Revenue, Operating Income/Loss and Pre-Tax Income/Loss From Continuing Operations, or Balance Sheet Highlights
EATONTOWN, NJ - April 15, 2010 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has filed the Company's Annual Report on Form 10-K for its year ended December 31, 2009 in compliance with the April 15, 2010 Rule 12b-25 extension deadline.
- EMRISE RELEASES UNAUDTIED 2009 FINANCIAL RESULTS; WILL FILE FORM 12B-25 FOR EXTENSION OF TIME TO FILE 2009 FORM 10-K
2009 Net Sales from Continuing Operations Increase 14% Year-over-Year, Gross Margins Improve, Significant Reduction in Debt
EATONTOWN, NJ - March 31, 2009 - EMRISE CORPORATION (NYSE Arca: ERI), a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced unaudited financial results for its fourth quarter and year ended December 31, 2009 and said that it will conduct its conference call today as previously scheduled.
- EMRISE SELLS ASSETS OF RO ASSOCIATES TO ASTRODYNE CORPORATION
Company Remains Committed to Eliminating Term Debt
Eatontown, NJ - March 23, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has sold substantially all the assets of the San Jose, CA-based RO Associates Incorporated subsidiary of EMRISE Electronics Corporation, a subsidiary of EMRISE, to Astrodyne Corporation for approximately $1 million in cash plus the assumption of certain liabilities. Astrodyne, a leading provider of power conversion solutions worldwide, is headquartered in Mansfield, MA. Pennsylvania based Boenning & Scattergood, Inc. supported EMRISE as financial advisors in relation to the transaction.
- EMRISE CORPORATION RECEIVES REPEAT ORDERS FOR MILITARY POWER SUPPLIES VALUED AT APPROXIMATELY $900,000
Will Ensure Continuity of Supply for an On-going Multi-year Program
Eatontown, NJ - March 11, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received repeat orders from a large international customer valued at approximately $900,000 for custom-built military power supplies to be used in a major US Government program. These new orders ensure a continuity of supply for EMRISE's customer once current orders for this program have been accelerated and delivered. Shipments of the power supplies included in these new orders are expected to begin in the second quarter of this year and be completed in the first quarter of 2011.
- EMRISE ANNOUNCES ACCEPTANCE BY NYSE Arca OF COMPANY'S PLANNED ACTIONS TO ACHIEVE COMPLIANCE WITH CONTINUED LISTING STANDARDS
Eatontown, NJ -- (BUSINESS WIRE) - - March 5, 2010 - EMRISE CORPORATION (NYSE Arca:ERI) , a multi-national manufacturer of defense, aerospace and industrial electronic devices and communications equipment, today announced that it has received notice from the staff of NYSE Regulation that it will allow a cure period through approximately June 30, 2010, (the "Cure Period"), during which EMRISE will take actions to achieve compliance with NYSE Arca's continued listing standards. During this Cure Period, EMRISE common stock will continue to be traded on the NYSE Arca exchange under the trading symbol "ERI." The NYSE staff will continue to monitor EMRISE's planned actions and EMRISE's stock will continue to include the extension ".BC" to denote "below compliance."
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