BVR Systems (1998) Ltd. (BVRSF) signed a $5 million contract to supply its EHUD Air Combat Maneuvering Instrumentation system. The company would not disclose the identity of the customer.
BVR Systems provides training and simulation services to the military and civilian aerospace industry, including live and virtual systems. The EHUD Air Combat Maneuvering Instrumentation system is designed to provide real time combat training of pilots to prepare them for actual conflict.
BVR Systems recently raised $3.5 million in capital through the issuance of a debenture to a private investor. The debenture has a term of 12 months. The private investor also received warrants to purchase 3 million shares of common stock at $0.18 per share. The warrants expire in five years.
BVR Systems reported net income of $3.3 million, or $0.03 per share, in the first quarter of 2009. Revenues were $12.5 million, up from $7.6 million in the first quarter of 2008.