Electro-optical company Star Night Technologies (TASE: STNT-M ) is following up on its positive momentum in recent months. The company reported today a strategic cooperation agreement with Israel Aircraft Industries (IAI).
Cooperation between the two companies will focus on development of advanced head systems and helmet displays for helicopters. A working prototype of the system is expected to be ready late this year. Star Night will carry out its part of the agreement through fully owned subsidiary New Noga Light, a new player in this market, which has great revenue potential.
Star Night manufactures and markets electro-optical systems and components, mostly activated by starlight for night vision. The company has manufacturing facilities in Israel, African countries, Asia, and the US.
Star Night, which reported a number of significant deals early this year, ended the first quarter with a net profit of NIS 400,000 on sales of NIS 5.5 million. The company earned a NIS 2.95 million net profit on sales of NIS 26.8 million in 2004.
Star Night, which is traded on the Tel Aviv Stock Exchange Maintenance List at a market cap of $25 million, recently completed financial measures that included a capital raising round and a transition to positive equity of NIS 12.5 million.
Published by Globes [online] - www.globes.co.il - on May 2, 2005