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Allen-Vanguard Announces Technology Licensing and Supply Agreement for Electronic Counter Measures with Lockheed Martin Unit
Allen-Vanguard Announces Technology Licensing and Supply Agreement for Electronic Counter Measures with Lockheed Martin Unit.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nOTTAWA, Jan. 18 /CNW Telbec/ - Allen-Vanguard Corporation (the \"Company\"\nor \"Allen-Vanguard\") (TSX: VRS) of Ottawa, Canada today announced additional\ndetails to its press release of December 29, 2005, confirming that it has\nsigned a licensing and joint development agreement with a unit of Lockheed\nMartin Corporation (NYSE: \"LMT\") to manufacture and market the Company's\ncurrent line of Electronic Counter Measures (ECM) technologies, as a component\nof Lockheed Martin's various electronics programs. The agreement also outlines\nthe opportunity to jointly develop future generations of ECM technology.\nUnder the terms of this seven-year agreement the Company granted Lockheed\nMartin Maritime Systems & Sensors the exclusive right to sell ECM units\nincorporating the Company's components to customers located in the United\nStates and a non-exclusive license to sell to customers located outside the\nUnited States. The agreement gives Lockheed Martin the rights to manufacture,\nfield and support the existing line of Allen-Vanguard ECM products. The\nagreement also provides the opportunity for both companies to enhance existing\nproducts and develop future generations of ECM technology.\nDetailed financial terms were not disclosed, but Allen-Vanguard Interim\nChairman and CEO David Luxton confirmed that the deal includes an initial\nlicense fee, engineering fees for a period of three years, and the potential\nfor additional royalties and component sales over the term of the agreement.\n\"This agreement holds the potential for significant orders for our ECM\ncomponents,\" Mr. Luxton added. \"Known ECM programs in the U.S. alone total\nhundreds of millions of dollars, they address a critical operational need, and\nwe believe that a company with the market strength of Lockheed Martin offers\nthe best prospect for capturing some portion of this business.\"\n\"Allen-Vanguard is very pleased to be associated with a company that has\nthe market strength of Lockheed Martin, which brings a wealth of experience in\ndeveloping, fielding and supporting highly technical and innovative equipment\nsolutions for numerous countries and defense organizations,\" Mr. Luxton said.\n\"Allen-Vanguard's technical expertise in the ECM field, combined with the\nmarketing, manufacturing and engineering abilities of Lockheed Martin will\nen...