Business
Allen-Vanguard U.K. facilities unaffected by area flooding, Company accelerates shipments of electronic counter measures (ECM) equipment
Allen-Vanguard U.K. facilities unaffected by area flooding, Company accelerates shipments of electronic counter measures (ECM) equipment.
About this update from Verisante Technology, Inc.
[{"type":"text","content":"\n\n\n\n- Tewkesbury facilities high and dry and operational\n- Advance shipment of Lockheed Martin orders in progress, additional\n requirements forecasted\n\n\nOTTAWA, July 25 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company"\nor "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada today advised that its\nfacilities in Tewkesbury, U.K. remain fully operational, despite widespread\nflooding in the area. There is no material effect on deliveries, and the\nCompany has begun advance shipment of Symphony ECM component systems to\nLockheed Martin pursuant to the previously announced requirement for up to\n1,000 systems.\n\n\nRecent media reports stated that Tewkesbury and surrounding communities\nhave been hit hardest by flooding in the U.K. due to extreme weather. Speaking\non site at Tewkesbury, David E. Luxton, President and CEO, said that "we are\nfortunate that our facility is in an elevated area that is not flooded and\nwe've been able to continue functioning." At the same time he noted that "the\nsevere flooding in the surrounding area has caused extensive property damage\nand disruption to power and water systems, causing personal hardship for many\nof our staff. They have done a heroic job keeping our Tewkesbury facilities\noperational in the face of extraordinary obstacles and we are immensely proud\nof them."\n\n\nThe Company added that it has begun advance shipments of Symphony ECM\ncomponent systems to Lockheed Martin, and is confident of increased quantity\nrequirements within this calendar year. "We announced on 5 July, 2007 that we\nexpected a series of purchase orders from Lockheed Martin pursuant to the\n7 May, 2007 notice on FEDBIZOPS for up to 1,000 Symphony systems sole sourced\nto Lockheed Martin," said Mr. Luxton. Lockheed Martin has since requested that\nAllen-Vanguard commence deliveries on its usual terms pending the processing\nof purchase orders, to follow shortly. "We are very pleased that despite the\nchallenge of severe weather in the U.K. we have been able to accelerate our\nECM production and are tracking to a delivery schedule that will deliver a\nrecord fourth quarter and a record revenue and profit for fiscal 2007,"\ncommented Mr. Luxton. "We are also encouraged at the growing visibility from\nLockheed Martin on additional requireme...