RADA stock is moving higher on January 6, 2020, as hostilities heat up between the US and Iran that will undoubtedly make Israel a target for Iran.
On December 26, 2019, RADA Electronic Industries (NASDAQ: RADA) announced that its Board of Directors has appointed Joseph Weiss to the Board, with immediate effective.
Mr. Weiss, from 2012 to 2018, served as the President and Chief Executive Officer of Israel Aerospace Industries Ltd (“IAI”), Israel’s largest aerospace corporation and the country’s largest high-tech company. IAI is a world leader in the defense and commercial markets, delivering state-of-the-art technologies and systems in all domains. Mr. Weiss joined IAI in 1998, after serving in Israel’s navy for 27 years in various field and headquarter positions. He retired from service in 1998 as a Navy Captain. While at IAI Mr. Weiss held a number of managerial positions and was also appointed as Chairman of the Board of ELTA, IAI’s subsidiary which provides design, development, manufacture and support of electronic intelligence & defense systems for military, paramilitary and law-enforcement markets.
Mr. Weiss also serves as a member of the Board of Governors of the Technion – Israel Institute of Technology in Haifa, as a Director of Bet Shemesh Engines Ltd., a jet engine parts manufacturer and since January 1, 2019, serves as Chairman of the Board of Tubex NRG Ltd, a bio-nanotechnology startup that is seeking to improve battery performance.
Mr. Weiss holds a BSc. degree (with honor) in Mechanical Engineering from the Technion and an MBA degree from Tel Aviv University. He also completed MSc studies at the Technion.
The Board has determined, based on his abilities, qualifications, knowledge, judgment, character, leadership skills, education, background and experience in fields and disciplines relevant to the Company, that Mr. Weiss will make a positive contribution to the Board.
On December 6, 2019, RADA Electronic Industries Ltd. (NASDAQ: RADA) announced that it has received a total of $12.5 million in new orders during the months of October and November of 2019. This level of over $53 million new orders received so far in 2019, is an all-time record for the Company and demonstrates the market acceptance of our radar growth engine.
Over 90% of the new orders are for RADA’s growth engine: multi-mission, software-defined tactical radar systems. Applications for these radar systems are mainly for C-UAV (counter UAV/drones) solutions, for V-SHORAD (very short-range air defense) and APS (active protection systems) solutions.
Half of the orders were growing follow-on orders from customers that have become a RADA customer in the past two years, and half were from altogether new customers.
Dov Sella, RADA’s CEO, commented, “2019 has been a year of significant growth in our radar business, while avionics remain stable. This continuously growing flow of new orders gives us the confidence that we can expect significant growth levels also in 2020.”
On December 2, 2019, RADA Electronic Industries announced the grand opening of its new 25,000 square foot US headquarters and manufacturing facility in Germantown, Maryland.
RADA’s air surveillance radars are the systems of choice for current and emerging integrated tactical air & missile defense weapon systems, whether based on guns, missiles, directed energy, or other threat defeat technologies. The Company’s radars are ideal “gap-fillers”, complementing medium and long-range air surveillance systems, and work in various installations depending on the mission: fixed, onboard land vehicles and aboard ships.
Dov Sella, RADA’s CEO, commented, “We established our US subsidiary, RADA Technologies LLC (RADA USA), in close proximity to our core customer base of US military and civilian agencies to Americanize and further adapt our technologies to support their needs. Our US-based team is focused on delivering our highly advanced, innovative and combat-proven radar solutions and services to enable American defense agencies to provide active protection for forces and assets. Our radar systems have made initial inroads and are embedded in the US Army and US Marine Corps current SHORAD/GBAD solutions. We believe our strengthened US presence will enable us to further support our customers and grow in this important global defense market.”