- Tewkesbury facilities high and dry and operational - Advance shipment of Lockheed Martin orders in progress, additional requirements forecasted
OTTAWA, July 25 /CNW Telbec/ - Allen-Vanguard Corporation (the "Company" or "Allen-Vanguard") (TSX: VRS) of Ottawa, Canada today advised that its facilities in Tewkesbury, U.K. remain fully operational, despite widespread flooding in the area. There is no material effect on deliveries, and the Company has begun advance shipment of Symphony ECM component systems to Lockheed Martin pursuant to the previously announced requirement for up to 1,000 systems.
Recent media reports stated that Tewkesbury and surrounding communities have been hit hardest by flooding in the U.K. due to extreme weather. Speaking on site at Tewkesbury, David E. Luxton, President and CEO, said that "we are fortunate that our facility is in an elevated area that is not flooded and we've been able to continue functioning." At the same time he noted that "the severe flooding in the surrounding area has caused extensive property damage and disruption to power and water systems, causing personal hardship for many of our staff. They have done a heroic job keeping our Tewkesbury facilities operational in the face of extraordinary obstacles and we are immensely proud of them."
The Company added that it has begun advance shipments of Symphony ECM component systems to Lockheed Martin, and is confident of increased quantity requirements within this calendar year. "We announced on 5 July, 2007 that we expected a series of purchase orders from Lockheed Martin pursuant to the 7 May, 2007 notice on FEDBIZOPS for up to 1,000 Symphony systems sole sourced to Lockheed Martin," said Mr. Luxton. Lockheed Martin has since requested that Allen-Vanguard commence deliveries on its usual terms pending the processing of purchase orders, to follow shortly. "We are very pleased that despite the challenge of severe weather in the U.K. we have been able to accelerate our ECM production and are tracking to a delivery schedule that will deliver a record fourth quarter and a record revenue and profit for fiscal 2007," commented Mr. Luxton. "We are also encouraged at the growing visibility from Lockheed Martin on additional requirements and the prospects for stable, long term volume production runs".
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, its strategy, expected performance and condition. Forward-looking statements include statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "expects," "anticipates," "plans," "believes," "estimates" or negative versions thereof and similar expressions. In addition, any statement that may be made concerning future performance, strategies or prospects, and possible future acquisitions or dispositions, is also a forward-looking statement. Forward-looking statements are based on current expectations and projections about future events and are inherently subject to, among other things, risks, uncertainties and assumptions about the Company and economic factors. Forward-looking statements are not promises or guarantees of future performance, and actual events and results could differ materially from those expressed or implied in any forward-looking statements made about the Company. Any number of important factors could contribute to these digressions, including, but not limited to, general economic, political and market factors in North America and internationally, interest and foreign exchange rates, global equity and capital markets, business competition, technological change, changes in government regulations, unexpected judicial or regulatory proceedings, and catastrophic events. We stress that the above-mentioned list of important factors is not exhaustive. We encourage you to consider these and other factors carefully before making any investment decision and we urge you to avoid placing undue reliance on forward-looking statements. Further, you should be aware that the Company disclaims any obligation to publicly update or revise any such forward-looking statements whether as a result of new information, future events or otherwise, prior to the release of the next Management Discussion and Analysis to be released by the Company.
To find out more about Allen-Vanguard Corporation (TSX:VRS), visit our website at www.allen-vanguard.com.
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