- Lockheed begins exercise of $22 million option - Latest ECM incorporates significant technology enhancements to drive further orders
OTTAWA, March 14 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company" or "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada announced today that it has received notification of orders valued at approximately C$3 million to supply Lockheed Martin with additional advanced ECM equipment, scheduled for delivery early in the third quarter of fiscal 2007.
"This latest version of our ECM incorporates significant technology enhancements developed in the first quarter of this fiscal year," commented President and CEO David E. Luxton. "We are very pleased to see this work translate so quickly into additional orders, and we believe that these advances can drive significant follow-on orders for this fiscal year."
The $3 million in order notification announced today is a partial exercise of the option for up to $22 million in additional ECM equipment pursuant to the $8 million order received from Lockheed Martin on September 29th, 2006.
About Allen-Vanguard
Allen-Vanguard Corporation and its subsidiaries worldwide operate under the brand "Allen-Vanguard". The Company develops and markets technologies, tools and training for defeating and minimizing the effects of hazardous devices and materials, whether Chemical, Biological, Radiological, Nuclear or Explosive (CBRNE). The Company's equipment is in service with leading security and military forces in more than 120 countries. Products include Electronic Counter-Measures ("ECM") equipment for jamming remote detonation of terrorist devices, specialty security equipment for Explosive Ordnance Disposal ("EOD"), remote intervention robots for hazardous applications, vehicle barrier systems, and personal protective wear for use in dealing with bio-chemical agents. Allen-Vanguard is the sole, worldwide licensee and/or developer of patented technologies such as the Universal Containment System and CASCAD Foam for blast mitigation and decontamination of bio-chemical warfare agents. Head office operations are located in Ottawa, Ontario, Canada, with manufacturing operations in Stoney Creek, Ontario; Tewkesbury, U.K.; and Cork, Ireland, and sales offices in Canada, the U.S., the U.K. and Asia. The Company's shares are listed on The Toronto Stock Exchange (TSX: VRS).
This press release contains forward-looking statements, which reflect Allen-Vanguard's current expectations regarding future events. These forward-looking statements are neither promises nor guarantees, but involve risks and uncertainties that may cause actual results to differ materially from those in the forward-looking statements. Allen-Vanguard disclaims any obligation to publicly update or revise any such statements.
To find out more about Allen-Vanguard Corporation (TSX:VRS), visit our website at www.allen-vanguard.com.
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