Trading Alert- Irvine Sensors

June 23, 2003
Volume VI, Issue 61
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To OTC Journal Members:

Irvine Sensors (NASDAQ: IRSN) - Trading Alert

Irvine Sensors issued a press release today just after the market closed, and the timing is ideal for investors looking to establish or add to a position in this exciting technology company.

IRSN pioneered the technology of "chip stacking". The company has 50 patents and over $200 million invested in the process of bonding microprocessors to create super high powered computing chips.

The stock traded to a high of $365 at the top of the technology bubble. Despite having the best year in their 20 year history in fiscal 2002 (end of September), and being on track to have another record year by the end of September this year, the stock is only trading at about $1.50 as of today's close.

From fiscal 1998 through 2001, IRSN averaged $10 million in sales each year. In fiscal 2002 the company hit the $15 million mark, and this year it is possible we could see $20 million. There are less than 11 million shares issued and outstanding, so the $15 million market cap is ridiculously low in my opinion.

As it turns out, the processing power put out by Irvine Sensors' technology is ideal for the new generation of high tech military and homeland security applications. The Department of Defense is spending $13 million with Irvine Sensors this year in development programs for high tech weaponry. 

Irvine Sensors Announces $1 Million Contract With Army

Irvine Sensors is developing a special version of the miniaturized camera you see pictured here in a special program for the U.S. Army's Research, Development and Engineering Command CERDEC Night Vision and Electronic Sensors Directorate. This is a Phase II award, meaning Phase I was successful, and commercialization is coming closer to reality.

The camera will be used for night vision weapons sites for infantry weapons. Because of the super computing component, the camera is very small, lightweight, and doesn't require the enormous power and cooling current infrared sites require. Once implemented, this infrared camera will reduce the weight and size of night vision weaponry considerably. Note the key sitting next to the camera for size comparison purposes.

This represents just one of many new technologies the military is developing with Irvine Sensors' technology.

Perfect Entry Level- Right on the Trend Line

As you can readily see in this 90 day chart, Irvine Sensors dropped the last couple of days in conjunction with the market's long overdue correction. It has dropped to the perfect entry level, right on the uptrend or support line. The stock will undoubtedly rebound from here on this news, and a break above the $2.13 level would put us into new high ground and be extremely bullish.

The stock is also at the lower end of its support/resistance channel, suggesting today's closing level is favorable for those who like a lower risk entry point.

I believe the stock has a shot at breaking above the previous high of $2.13 if the market continues trending higher and the company can deliver a few more fundamental developments over the next thirty days. 

This last time I called a Trading Alert on this stock was April 23rd at $1.19. The subsequent trading high of $2.13 represented an 80% gain over the ensuing thirty days. I'm hoping for an encore performance and like our chances from here. 

You should read our original presentation on Irvine Sensors if you are not familiar with the company. Click Here to read the original profile.

Here is the complete text of today's press release for your review:

Press Release Source: Irvine Sensors Corporation

Irvine Sensors Developing Enhanced Night Vision Sensor

Monday June 23, 4:19 pm ET

Recent Awards Included $1 Million to Increase Resolution of Camera System

COSTA MESA, Calif., June 23 /PRNewswire-FirstCall/ -- Irvine Sensors Corporation (Nasdaq: IRSN, BSE: ISC) announced today that approximately $1 million of the aggregate value of contracts announced on April 23, 2003 is from the U.S. Army's Research, Development and Engineering Command CERDEC Night Vision and Electronic Sensors Directorate for the development and delivery of enhanced resolution versions of Irvine Sensors' miniaturized infrared cameras. The new contract is a follow-on to a Phase 2 Small Business Innovation Research award under which the Irvine Sensors' first generation camera was successfully developed last year. While the Army's primary interest in the camera technology is for use in a miniaturized, night vision weapons sight for infantry weapons, the new contract also involves delivery of several units for testing as helmet-mounted sensors for firefighters. Federal funding for the fire fighting application was due in large part to the strong support of Congresswoman Loretta Sanchez (D-CA), Congressman Chris Cox (R-CA) and Congressman Curt Weldon (R-PA).

Irvine Sensors' proprietary infrared camera technology is based on the use of stacked memory chips that store pre-calibrated sensor performance characteristics for a wide range of expected operating temperatures. Such an approach avoids the necessity of cooling the infrared sensor system, with corresponding reductions in camera volume, weight and power requirements. Irvine Sensors recently received two U.S. patents on its infrared camera technology, including one covering the fundamental approach of pre- calibration.

"We have already demonstrated a miniaturized, battery-powered infrared camera with extended operating lifetime that works by exploiting the capabilities of our chip-stacking technology. This latest funding is intended to further refine the operational features of that camera. In addition, by opening up an avenue for commercial application through firefighters, it potentially broadens the support base for this technology. We believe that multiple uses could lead to higher volumes, lower costs and corresponding benefits to both military and commercial customers," said Robert G. Richards, Irvine Sensors' Chief Executive Officer.

Irvine Sensors Corporation, headquartered in Costa Mesa, California, is primarily engaged in research and development related to high density electronics, miniaturized sensors and cameras, optical interconnection technology, high speed routers, image processing and low-power analog and mixed-signal integrated circuits for diverse systems applications.

Safe Harbor Statement under the Private Securities Litigation Reform Act of 1995: This news release may contain forward-looking statements based on our current expectations, estimates and projections about our industry, management's beliefs, and certain assumptions made by us. Words such as "anticipates," "expects," "intends," "plans," "believes," "seeks," "estimates," "may," "will" and variations of these words or similar expressions are intended to identify forward-looking statements. These statements include, but are not limited to, the potential application for and success of our technology that is the subject of this contract and speak only as of the date hereof and are subject to change. We undertake no obligation to revise or update publicly any forward-looking statements for any reason. These statements are not guarantees of future performance and are subject to certain risks, uncertainties and assumptions that are difficult to predict. Therefore, our actual results could differ materially and adversely from those expressed in any forward-looking statements as a result of various factors.

Important factors that may cause such a difference include, but are not limited to, general economic and political conditions and specific conditions in the markets we address, including our ability to successfully enhance our camera product to meet the specifications of potential military and commercial customers; our ability to successfully commercialize that product; our ability to raise additional capital; our ability to negotiate appropriate strategic relationships; our ability to control costs and expenses; and the general economic slowdown in the technology sector and semiconductor industry. Further information on Irvine Sensors Corporation, including additional risk factors that may affect our forward looking statements, is contained in our Annual Report on Form 10-K, our Quarterly Reports on Form 10-Q, our Current Reports on Form 8-K and our other SEC filings that are available through the SEC's website ( ).
Source: Irvine Sensors Corporation


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