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Allen-Vanguard signs three-year Requirements Contract with Lockheed Martin for up to 7,500 electronic counter-measures ("ECM") systems
- Estimated value $240-$300 million assuming maximum quantities - Initial order for $7 million OT...
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Estimated value $240-$300 million assuming maximum quantities\n\n\n- Initial order for $7 million\n\n\nOTTAWA, Sept. 25 /CNW Telbec/ - Allen-Vanguard Corporation (TSX: VRS)\n("Allen-Vanguard" or the "Company") of Ottawa, Canada today announced that it\nhas signed a Requirements Contract with Lockheed Martin for up to\n7,500 Symphony ECM (or "jammer") component systems over three years, plus\nassociated spares and accessories. The Company also today received an initial\norder under the Requirements Contract for approximately $7 million of Symphony\ncomponent systems, and expects to deliver this order in the first quarter of\nfiscal 2009, which commences October 1, 2008. All amounts are in Canadian\ndollars unless otherwise specified.\n\n\nThe Requirements Contract signed today is in reference to the U.S.\nDepartment of Defense pre-solicitation notice of January 31, 2008, for a\nsole-source Indefinite Delivery/Indefinite Quantity (IDIQ) contract to\nLockheed Martin for up to 2,500 Symphony jammers per year for three years.\n\n\nAllen-Vanguard is the licensor and exclusive supplier of proprietary\njammer component technology under a seven year Technology License and Supply\nAgreement (TLSA) signed with the Maritime Systems and Sensors division of\nLockheed Martin in December, 2005.\n\n\nUnder the Requirements Contract signed today, Lockheed Martin has the\nright to exercise orders up to a maximum quantity of 2,500 units in any\ncalendar year during the effective period, which commences September 23, 2008,\nand terminates December 31, 2011. Should the maximum annual quantities be\nprocured the estimated value to Allen Vanguard over the three-year term of the\ncontract would be in the range of $240-$300 million, depending on the quantity\nof spares and accessories.\n\n\nAs stated in the Company's previous Symphony order announcement of\nAugust 5, 2008, Symphony system requirements by foreign governments are\nexpected to be processed under the U.S. Foreign Military Sales (FMS) process.\nAs a result, Allen-Vanguard expects that Symphony component system orders from\nLockheed Martin may be placed in varying quantities at irregular intervals.\n\n\nAllen Vanguard\n\n\nForward looking statements\n\n\nThis press release may contain forward-looking statements, which reflect\nAllen-Vanguard's current ex...