Frequency Electronics, Inc. ("FEI" or the "Company") (NASDAQ-FEIM), a leading provider of precision timing and frequency control products for space and terrestrial applications, is pleased to announce the award of a new contract, for approximately $7 million, for compact, highly precise, atomic clocks to support position, navigation and timing (PNT) for a lunar space mission. Further, FEI anticipates additional awards of greater magnitude to support similar programs in the future.