NetworkNewsBreaks – Eltek (NASDAQ: ELTK) Shares Swell on $3M Order by Governmental Authority

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.

To view the full press release, visit: http://nnw.fm/U6FbH

About Eltek

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.

About NetworkNewsBreaks

NetworkNewsBreaks (NNB) provide a rapid summary of corporate news that caught the attention of NetworkNewsWire (NNW). NNB keeps you up-to-date on active US Public Companies complementary to NNW’s broader scope as a provider of news aggregation and syndication, enhanced press release services and a full array of social communication solutions. As a multifaceted financial news and distribution company with an extensive team of contributing journalists and writers, NNW is uniquely positioned to best serve private and public companies that desire to reach a wide audience of investors, consumers, journalists and the general public. NNW has an ever-growing distribution network of more than 5,000 key syndication outlets across the country. By cutting through the overload of information in today’s market, NNW brings its clients unparalleled visibility, recognition and brand awareness. NNW is where news, content and information converge.

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