Eltek (NASDAQ: ELTK) shares soared 79% toward its 52-week high of $1.33 this morning after the company said it has received an order of approximately $3 million from a governmental authority for a project comprising of manufacturing and procurement services. The project will take place during a period of two years measured by quarterly milestones the company is required to meet. At the end of the two years, the government authority will have the option to extend the project for an additional 12-month period. Eltek will receive quarterly payments subject to achieving the set milestones. “The selection of Eltek by this customer attests to the trust in the company’s technological capabilities. We believe that this order will advance our competitiveness and brings us a step closer to increasing the number of orders from this customer and from additional costumers that value the quality and high reliability of our printed circuit boards,” Eltek chairman of the board and chief executive officer Yitzhak Nissan stated in the news release. Shares of Eltek are up to $1.24 mid-day, trading in a 52-week range of $0.55-$1.33.
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Eltek is a global manufacturer and supplier of technologically advanced solutions in the field of printed circuit boards (PCBs). PCBs are the core circuitry of most electronic devices. Eltek specializes in the manufacture and supply of complex and high quality PCBs, HDI, multilayered and flex-rigid boards for the high-end market. Eltek has ITAR, AS-9100 and NADCAP Electronics permits and its customers include top of the line companies in the defense, aerospace and medical industries in Israel, the United States, Europe and Asia. Eltek was founded in 1970. The company’s headquarters, and R&D, production and marketing center is located in Israel. Eltek operates also through its subsidiaries in North America in Europe and by agents and distributors in Europe, India, South Africa and South America. For more information, visit Eltek’s web site at www.nisteceltek.com.
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