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The order represents the second largest placed under the three-year, $30 million firm fixed price, indefinite delivery, indefinite quantity, three-year, sole-source contract awarded in April 2009 to provide CPKs and spare parts for various types of construction vehicles used in U.S. Marine Corps military operations. The order is expected to be completed by March of 2010, with the majority of the order shipped by the end of 2009.
ADSI previously reported it expected to realize a little more than half of the total contract award amount -- or approximately $16 million -- from an initial CPK delivery order scheduled for completion by the end of 2009. This initial order has been shipped ahead of schedule and the company is currently working to complete approximately $5 million in additional CPK orders. The company now expects to fulfill the $30 million allotted under the U.S. Marines contract by the end of the first quarter of 2010.
Once the $30 million contract award is fulfilled, the company anticipates receiving future contracts and orders for CPKs and spare parts, as well as engaging in related training and maintenance activity, as the U.S. Marines continue to employ CPK-equipped vehicles in military operations around the world.
"This new $9 million order exceeds our original expectation for spare parts and accelerates the completion of the $30 million contract award from three years to less than one," said ADSI's chief executive officer, Anthony J. Piscitelli. "The $30 million contract award was the largest we have received from the U.S. Marines Corps, and we believe it demonstrates how the increasing adoption of our CPKs positions us to secure long-term recurring revenue through maintenance and repair over the life of these vehicles. We are naturally very proud to have this responsibility of protecting our military service personnel with our state-of-the-art CPKs, which have already saved many lives and continue to protect our brave men and women from serious injury."
More information about the award (#M67854-09-D-5069) can be found on the DoD DefenseLINK website: http://www.defenselink.mil/contracts/contract.aspx?contractid=3996.
About ADSI Crew Protection Kits
ADSI CPKs are custom designed and fitted to offer a maximum amount of security for the operator. They feature windows of fully transparent armor, opaque armor siding (ATC Aberdeen-tested and approved to meet all Operation Iraqi Freedom requirements), a patent-pending combat lock, tool-less emergency egress windows, fortified door hinges and an integrated crew comfort system. The CPKs are modular and can be applied to the vehicle either during its assembly stateside or as a retrofit in theater. ADSI employs field service representatives (FSRs) that are on the ground in Afghanistan, Iraq and Kuwait to train soldiers on the proper installation techniques and offer on-going expertise and assistance. In January 2008, ADSI was awarded the "Best Development in the Field of Armored Vehicle Survivability" prize by Defense IQ, a division of IQPC (http://defenseiq.com/Defence.aspx), an organization comprised of senior decision makers from the defense, aerospace and technology sectors, and partnered with the Institute for Defense and Government Advancement.
About the U.S. Marine Corps Systems Command
The U.S. Marine Corps Systems Command (MARCORSYSCOM) is the Commandant of the Marine Corps' principal agent for acquisition and sustainment of systems and equipment used by the operating forces to accomplish their warfighting mission. The command outfits U.S. Marines with literally everything they drive, shoot and wear. Their focus is the young Marine in harms way, protecting him or her, and providing this warfighter the wherewithal to execute the mission. MARCORSYSCOM's team of professional civilian Marines and active duty Marines equips the warfighter to win. They listen, learn, research, develop, test, procure and sustain -- whatever it takes to get Marines what they need, when they need it -- efficiently and for the best value possible. The command cares deeply about each and every individual Marine and works on a daily basis with one thought in mind: to provide U.S. Marines with the systems and equipment necessary to ensure they return home to their families safe and sound.
About American Defense Systems
American Defense Systems, Inc. (ADSI) offers advanced solutions in the design, fabrication, and installation of transparent and opaque armor, security doors, windows and curtain wall systems for use by military, law enforcement, homeland defense and corporate customers. ADSI engineers also specialize in developing innovative, functional and aesthetically pleasing security applications for mobile and fixed infrastructure physical security. For more information about American Defense Systems, go to www.adsiarmor.com.
Some of the statements made by American Defense Systems, Inc. ("ADSI") in this press release, including, without limitation, statements regarding ADSI's anticipated future growth, are forward-looking in nature. ADSI intends that any forward-looking statements shall be covered by the safe harbor provisions for such statements contained in the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as "may," "will," "should," "expects," "anticipates," "intends," "plans," "believes," "estimates," "predicts," "potential," "continues" and similar expressions are forward-looking statements. ADSI cautions you that forward-looking statements are not guarantees of performance. ADSI undertakes no obligation and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements involve known and unknown risks and uncertainties that may cause ADSI's actual future results to differ materially from those projected or contemplated in the forward-looking statements. ADSI believes that these risks include, but are not limited to: ADSI's reliance on the U.S. government for a substantial amount of its sales and growth; decreases in U.S. government defense spending; ADSI's ability to contract further with the U.S. Department of Defense; ADSI's ability to comply with complex procurement laws and regulations; competition and other risks associated with the U.S. government bidding process; changes in the U.S. government's procurement practices; ADSI's ability to obtain and maintain required security clearances; ADSI's ability to realize the full amount of revenues reflected in its backlog; ADSI's ability to finance the redemption of ADSI's series A convertible preferred stock in accordance with the terms of such stock and ADSI's settlement agreement with the holders of stock; ADSI's reliance on certain suppliers; and intense competition and other risks associated with the defense industry in general and the security-related defense sector in particular. Additional information concerning these and other important risk factors can be found under the heading "Risk Factors" in ADSI's filings with the Securities and Exchange Commission, including, without limitation, its most recent annual report on Form 10-K and quarterly report on Form 10-Q, and its registration statement on Form S-1 filed with the SEC on August 6, 2009. Statements in this press release should be evaluated in light of these important factors.
Company Contacts: Roger Ward V.P. of Marketing & Investor Relations American Defense Systems, Inc. Tel 516-390-5300, x326 Email Contact Investor Relations: Ron Both Managing Director Liolios Group, Inc. Tel 949-574-3860 Email Contact
SOURCE: American Defense Systems, Inc.
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