Business
Allen-Vanguard receives Lockheed Martin order for up to $30 million for electronic counter measures (ECM)
Allen-Vanguard receives Lockheed Martin order for up to $30 million for electronic counter measures (ECM).
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n\nInitial $8 million order plus $22 million option follows successful U.S.\nevaluations\n\nOTTAWA, Sept. 29 /CNW Telbec/ - Allen-Vanguard Corporation (the \"Company\"\nor \"Allen-Vanguard\") (TSX: VRS) of Ottawa, Canada announced today that\nLockheed Martin Corporation has placed the first production order for the\nCompany's advanced digital ECM components which are used to counter the threat\nof remotely detonated explosive threats. The contract is worth up to\n$30 million, consisting of an initial order of approximately $8 million for\nurgent delivery and a follow-on option for approximately $22 million (all\namounts in Canadian dollars). First deliveries are scheduled on a priority\nbasis commencing in the first quarter of the company's 2007 fiscal year.\n\"This marks an important first inroad for Allen-Vanguard into the\nmulti-billion dollar ECM market in the U.S. where various major new programs\nare underway,\" said David E. Luxton, President and CEO. \"It follows extensive\nand successful trials that further validate our ECM technology as among the\nbest in the world, and it is gratifying to now see the first quantity orders\nfrom the U.S. begin to flow as we had earlier stated could happen by this\ntime.\"\nThe ECM components are for vehicle mounted systems and will be supplied\nfrom Allen-Vanguard's production facility in Tewkesbury, U.K., which was\nrecently upgraded into a scaleable, dedicated operation that can support\nsubstantially higher annual ECM sales. \"This first contract from Lockheed\nMartin could exceed our total ECM revenue for all of fiscal 2006, which ends\nSeptember 30th 2006,\" added Mr. Luxton. \"We are off to a strong start to\nfiscal 2007, with excellent prospects for follow on orders in the U.S. and\nbuoyant sales development in overseas markets.\"\nAllen-Vanguard continues to develop and leverage its core ECM technology\ninto an expanded system of integrated products that take ECM to a new level in\nconcept and capability. The Company's leading ECM products today consist of\nvehicle mounted systems for mobile operations, plus hand-carried units for\nbomb disposal specialists.\nThe Company noted that the ECM market has become very dynamic as security\nforces everywhere upgrade in the coming years with essential \"electronic\narmour\" against the persistent, lethal and ever-evolving threat ...