Innovative Solutions & Support To Acquires Honeywell Product Lines
Summary
EXTON, Pa.–(BUSINESS WIRE)–Innovative Solutions & Support, Inc. (Nasdaq: ISSC), today announced it has entered into an exclusive license agreement and acquired additional key assets for certain Communication and Navigation product lines from Honeywell International, Inc. Under the agreement, IS&S will license the exclusive Intellectual Property rights to manufacture, upgrade and repair additional Honeywell Communication and Navigation products. “We are pleased by the opportunity to license these additional product lines from Honeywell, which is consistent with our growth strategy, and builds on the successful transaction completed last year,” stated Shahram Askarpour, Chief Executive Officer of IS&S. “These new products will further strengthen our offerings in the air transport, business aviation, and military markets, establish relationships with new key customers and enable us to further leverage the operational capacity in our state-of-the-art Exton manufacturing facility. “Following the transaction, we maintain a strong financial profile, with our cash and availability under our existing credit facility providing us ample liquidity to support ongoing operations, as well as the financial flexibility to pursue our growth objectives, including additional potential acquisitions, which is becoming an important part of our growth strategy.” Headquartered in Exton, Pa., Innovative Solutions & Support, Inc. (www.innovative-ss.com) is a systems integrator that designs and manufactures flight guidance and cockpit display systems for Original Equipment Manufacturers (OEMs) and retrofit applications.
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