LAW ENFORCEMENT ASSOCIATES TRANSITIONS TO PROFITABILITY ON 39% INCREASE IN FULL-YEAR REVENUE; FOURTH QUARTER REVENUE INCREASES 92% VERSUS PRIOR-YEAR PERIOD
Full-year operating income improves by $1.9 million versus fiscal 2007
RALEIGH, N.C. - Mar. 23, 2009 - Law Enforcement Associates Corporation (LEA) (OTCBB: LAWE), the largest U.S.-based developer and manufacturer of electronic surveillance equipment, today announced financial results for the fourth quarter and full fiscal year ended December 31, 2008.
Fourth quarter revenue increased 92% to $3.0 million from revenue of $1.6 million in last year's fourth quarter. Income from operations was $198,000, an improvement of $1.5 million when compared to a loss from operations of $1.3 million reported in last year's fourth quarter. Net income in the fourth quarter was $124,000, or less than $0.01 per share, versus a net loss of $784,000, or $0.03 per share, in the 2007 fourth quarter.
For the full fiscal year, revenue increased 39% to a record $9.2 million from $6.7 million in fiscal 2007. Full-year operating income was $243,000, a $1.9 million improvement when compared to a loss from operations of $1.6 million in fiscal 2007. LEA transitioned to full-year profitability, reporting net income of $72,000, or less than $0.01 per share, versus a net loss of $1.0 million, or $0.04 per share, in fiscal 2007.
"Our financial growth and operational success during fiscal 2008 was especially encouraging given the current economic climate," said Paul Feldman, president. "Our results reflect an aggressive effort to expand our product offering and increase sales within our traditional law enforcement markets, while also establishing a broader presence in various non-core sectors. Recent large orders from the state of New Jersey and the U.S. Census bureau are clear measures of our success at expanding our customer base.
"During the past year, we also implemented a focused program designed to improve operational efficiencies and streamline our cost structure. These efforts led to an $825,000, or 23%, reduction in our full-year operating expenses, and were critical in our overall effort to return LEA to profitability."
Feldman said that during fiscal 2009, LEA is positioned to deliver improved profitability and top-line growth that could be comparable to the rate achieved in 2008. "Although we are still in the first quarter, the combined value of orders we have booked so far in 2009 are more than 60% of the record revenue we reported in all of 2008.
"Budgets have been very tight throughout the domestic law enforcement sector for several years, and this has created a backlog of demand for specialized surveillance and security equipment. With nearly $4 billion of funding from the American Recovery and Reinvestment Act being directed at the law enforcement sector, we believe LEA will soon benefit from a rebound in capital spending by our customers."
Paul Briggs, chief financial officer, said LEA's balance sheet should strengthen considerably by the mid-year point of fiscal 2009, as the Company completes deliveries on its record $5.7 million order from the U.S. Census Bureau. "We have no long-term debt and will be highly focused on enhancing our cash balance in the months ahead."
LEA will host a conference call and simultaneous webcast to discuss its 2008 results, as well as the Company's general business outlook. The event will begin at 10 a.m . Eastern on March 26, and will be accessible via the "Investor Relations" page of LEA's website, located at http://www.leacorp.com, or by dialing into the teleconference at 877-407-9205 (201-689-8054 for international callers).
Webcast participants should access the website at least 15 minutes early to register and download any necessary audio software. A replay of the webcast will be available for 90 days and a telephonic replay will be available through March 30, 2009, by calling 877-660-6853 (201-612-7415 for international callers) and entering account number 286 and conference ID number 317016.
About Law Enforcement Associates Corporation LEA is a leading security and surveillance technology company that manufactures and markets a diverse product line to the worldwide law enforcement, military, security and corrections markets. The company's Audio Intelligence Devices (AID) division has been serving the law enforcement sector for more than 30 years and is one of the most respected names in the surveillance equipment industry. LEA's products are used by a wide variety of government and non-governmental agencies, as well as public and private companies. These include military bases, nuclear facilities, embassies, government installations, oil refineries, United Nations and NATO locations. The company enjoys close working relationships with other prominent players in the security and surveillance industry, such as Smith & Wesson, one of the world's largest manufacturers of quality firearms and firearm safety/security products. LEA's products have been used at high-profile events such as the Summer & Winter Olympics, Super Bowl, U.S. Golf Championship, and the Democratic and Republican National Conventions. Its products include the Under Vehicle Inspection System (UVIS), Smith & Wesson-branded UVIS Swift, EDK123 (Explosive Detection Kit), Bloodhound and Birddog GPS Tracking Systems, Graffiti Cam, Letter-bomb Visualizer Spray, and a wide variety of Audio & Video Surveillance Equipment. Headquartered in Raleigh, N.C., the company has been featured in many industry publications and websites. For more information, please visit www.leacorp.com.
Forward-Looking Information:
The statements in this news release contain forward-looking information within the meaning of the Private Securities Litigation Reform Act of 1995. Statements that use words such as "believe," "anticipate," "estimate," "intend," "could," "plan," "expect," "project," "predict," "forecast," "outlook," "potential," "continue," "may," "future," "can," "enhance," and "should," or the negative of these, as well as similar expressions, can be used to identify forward-looking statements. Such forward-looking statements involve certain risks, assumptions and uncertainties, including the inability to generate and secure the necessary product sales, or the lack of acceptance of the company's products by its customers. In each case actual results may differ materially from such forward-looking statements. The company does not undertake to publicly update or revise its forward-looking statements even if experience or future changes make it clear that any projected results (expressed or modified) will not be realized.
Monday, March 23, 2009
Friday, March 20, 2009
Verizon Business Awarded Department of Defense Contract Valued at Up to $2.5 Billion
Verizon Business Awarded Department of Defense Contract Valued at Up to $2.5 Billion
Company to Provide Network and Data Services to Military Installations Around the World
ASHBURN, Va., March 10 2009 -- Verizon Business, a unit of Verizon Communications (NYSE: VZ), will provide network and data services at U.S. Department of Defense installations around the world under a new contract awarded by the Defense Information Systems Agency (DISA).
Under the Defense Information System Network Transmission Services - Pacific II (DTS-P II) contract, Verizon Business will provide telecommunications services at military installations and other government sites located in the Asia-Pacific region, Canada, the Caribbean, Central America and South America, the Middle East and the United States. The contract term is 10 years, if all options are exercised, and has a maximum value of $2.5 billion.
The network services Verizon Business will provide under the agreement range from individual circuits to fully managed transmission services, for bandwidth ranging from 64 Kbps (kilobits per second) to 10G wavelength over fiber or satellite, or both. Verizon Business will also provide managed data services including Internet protocol, Ethernet and Internet services.
The DTS-P II network, part of the Defense Information System Network (DISN), is managed by Verizon Business round-the-clock, 365 days a year. It supports many aspects of the military operations around the globe and other authorized Defense Department requirements.
"As a long-time communications provider for defense agencies, we have seen the government's demands for advanced, network-centric communications evolve, and we look forward to helping military installations remain on the cutting edge of the latest technology," said Marlin Forbes, regional vice president, Verizon Federal, a sales organization within Verizon Business dedicated to serving federal government customers. "As the leading provider of communications to the federal government, we have unmatched experience helping the U.S. military meet its missions around the globe."
Verizon Business previously had provided the network services under the predecessor contract, the Defense Information System Network Transmission Services - Pacific (DTS-P).
Verizon Business is the largest provider of communications services to the U.S. federal government and one of the largest providers of advanced communications and information technology services globally. The company offers local-to-global network capabilities coupled with a broad range of telecommunications products and services -- including advanced Internet protocol (IP) services, professional services, managed network services and systems integration -- to all levels of government. With this broad portfolio of services, Verizon Business can provide federal agencies with one-stop shopping for their communications or connectivity needs. The company has built the next-generation services that are helping to transform the way government customers -- and their constituents -- do business.
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a global leader in communications and IT solutions. We combine professional expertise with the world's most connected IP network to deliver award-winning communications, IT, information security and network solutions. We securely connect today's extended enterprises of widespread and mobile customers, partners, suppliers and employees -- enabling them to increase productivity and efficiency and help preserve the environment. Many of the world's largest businesses and governments -- including 96 percent of the Fortune 1000 and thousands of government agencies and educational institutions -- rely on our professional and managed services and network technologies to accelerate their business. Find out more at www.verizonbusiness.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases. SOURCE Verizon Business
Company to Provide Network and Data Services to Military Installations Around the World
ASHBURN, Va., March 10 2009 -- Verizon Business, a unit of Verizon Communications (NYSE: VZ), will provide network and data services at U.S. Department of Defense installations around the world under a new contract awarded by the Defense Information Systems Agency (DISA).
Under the Defense Information System Network Transmission Services - Pacific II (DTS-P II) contract, Verizon Business will provide telecommunications services at military installations and other government sites located in the Asia-Pacific region, Canada, the Caribbean, Central America and South America, the Middle East and the United States. The contract term is 10 years, if all options are exercised, and has a maximum value of $2.5 billion.
The network services Verizon Business will provide under the agreement range from individual circuits to fully managed transmission services, for bandwidth ranging from 64 Kbps (kilobits per second) to 10G wavelength over fiber or satellite, or both. Verizon Business will also provide managed data services including Internet protocol, Ethernet and Internet services.
The DTS-P II network, part of the Defense Information System Network (DISN), is managed by Verizon Business round-the-clock, 365 days a year. It supports many aspects of the military operations around the globe and other authorized Defense Department requirements.
"As a long-time communications provider for defense agencies, we have seen the government's demands for advanced, network-centric communications evolve, and we look forward to helping military installations remain on the cutting edge of the latest technology," said Marlin Forbes, regional vice president, Verizon Federal, a sales organization within Verizon Business dedicated to serving federal government customers. "As the leading provider of communications to the federal government, we have unmatched experience helping the U.S. military meet its missions around the globe."
Verizon Business previously had provided the network services under the predecessor contract, the Defense Information System Network Transmission Services - Pacific (DTS-P).
Verizon Business is the largest provider of communications services to the U.S. federal government and one of the largest providers of advanced communications and information technology services globally. The company offers local-to-global network capabilities coupled with a broad range of telecommunications products and services -- including advanced Internet protocol (IP) services, professional services, managed network services and systems integration -- to all levels of government. With this broad portfolio of services, Verizon Business can provide federal agencies with one-stop shopping for their communications or connectivity needs. The company has built the next-generation services that are helping to transform the way government customers -- and their constituents -- do business.
About Verizon Business
Verizon Business, a unit of Verizon Communications (NYSE: VZ), is a global leader in communications and IT solutions. We combine professional expertise with the world's most connected IP network to deliver award-winning communications, IT, information security and network solutions. We securely connect today's extended enterprises of widespread and mobile customers, partners, suppliers and employees -- enabling them to increase productivity and efficiency and help preserve the environment. Many of the world's largest businesses and governments -- including 96 percent of the Fortune 1000 and thousands of government agencies and educational institutions -- rely on our professional and managed services and network technologies to accelerate their business. Find out more at www.verizonbusiness.com.
VERIZON'S ONLINE NEWS CENTER: Verizon news releases, executive speeches and biographies, media contacts, high-quality video and images, and other information are available at Verizon's News Center on the World Wide Web at www.verizon.com/news. To receive news releases by e-mail, visit the News Center and register for customized automatic delivery of Verizon news releases. SOURCE Verizon Business
Thursday, March 19, 2009
Investing In Defense – It’s Good for the Economy, Too
Investing In Defense – It’s Good for the Economy, Too
Tim Wilson
Original article published at Family Security Matters
http://www.familysecuritymatters.org/publications/id.2788/pub_detail.asp
With unemployment at serious levels and still climbing, “shovel ready” programs seem to be in short supply. Much of the “Stimulus” Bill spending is still far in the future and the focus has been on creating work through what will be, in effect, short term government contracts for laborers, a relatively few “green” jobs and a considerable increase in the size of government at local, State and Federal levels.
more -
http://www.familysecuritymatters.org/publications/id.2788/pub_detail.asp
Tim Wilson
Original article published at Family Security Matters
http://www.familysecuritymatters.org/publications/id.2788/pub_detail.asp
With unemployment at serious levels and still climbing, “shovel ready” programs seem to be in short supply. Much of the “Stimulus” Bill spending is still far in the future and the focus has been on creating work through what will be, in effect, short term government contracts for laborers, a relatively few “green” jobs and a considerable increase in the size of government at local, State and Federal levels.
more -
http://www.familysecuritymatters.org/publications/id.2788/pub_detail.asp
Lockheed Martin (NYSE: LMT ), Hellenic Air Force Celebrate Inauguration of Newest Advanced F-16 Fighter
Lockheed Martin (NYSE: LMT ), Hellenic Air Force Celebrate Inauguration of Newest Advanced F-16 Fighter
FORT WORTH, Texas, March 19 2009 -- Ceremonies were held today at Lockheed Martin (NYSE: LMT ) in Fort Worth, Texas, to commemorate the F-16 Peace Xenia IV program for Greece. The ceremony marks an important production milestone, demonstrating that the program is on schedule and on budget. This F-16 acquisition is the fourth for the Hellenic Air Force (HAF) and the nation of Greece.Lt. Gen. Ioannis Giagkos, chief of the Hellenic Air Force General Staff, accepted the first Peace Xenia IV F-16 Block 52 advanced aircraft on behalf of his nation and expressed satisfaction with its timely delivery. "I am grateful to everyone who contributed to the design and construction of this ultra-modern weapon system. With these new aircraft, the defense and deterrent force of the Hellenic Air Force will be significantly enhanced," he said.
U.S. officials attending the ceremony included Bruce Lemkin, deputy undersecretary of the Air Force for International Affairs. Hosting the ceremony were Ralph D. Heath, executive vice president of Lockheed Martin and president of Lockheed Martin Aeronautics; Dennys Plessas, vice president of business development in Greece; and John Larson, vice president of F-16 Programs.
"Lockheed Martin is pleased that through this government-to-government agreement, we are able to offer for the first time, a fully integrated and comprehensive weapon system, including a self-protection system, weapons and other subsystems which make this advanced version of the F-16 particularly effective for the operational needs of the Hellenic Air Force," said Plessas. "The recent completion of the infrastructure facilities as a special project in conjunction with this aircraft buy at Araxos Air Base, 116 Combat Wing guarantees the immediate use of this weapon system by the Hellenic Air Force."
"The F-16 we see before us today is a symbol of our 66-year friendship with the Hellenic Air Force, providing a path for the future to the next generation in aircraft with the F-35, as we continue to deliver on our promises between Lockheed Martin and the country of Greece," said Larson.
The Peace Xenia IV purchase program raises the total fighters ordered by the HAF to 170. The aircraft rolled out today is the first of 30 Block 52 Advanced F-16s being produced in the newest lot. The HAF received the F-16 Block 30 version starting in 1988, the Block 50 version starting in 1997 and the Block 52+ version in 2003. Greece has been a Lockheed Martin customer since 1943, when it acquired its first squadron of Martin A-30 Baltimore Mk III, IV and Vs.
The Peace Xenia IV program includes 20 F-16Cs and 10 F-16Ds, all powered by the Pratt & Whitney F100-PW-229 engine. This first aircraft - a single-seat F-16C model - was accepted by the U.S. government (as agent for Greece in the Foreign Military Sales process) in January 2009, one month ahead of schedule. The U.S. government also accepted the first two-seat F-16D version in January. The first four aircraft will be ferried to Greece in May with the remainder following in 2009 and 2010.
BACKGROUND INFORMATION
The F-16 is the choice of 25 nations. More than 4,400 aircraft have been delivered worldwide from assembly lines in five countries. The F-16 program has been characterized by unprecedented international cooperation among governments, air forces and aerospace industries. Major upgrades to all F-16 versions are being incorporated to keep the fleet modern and fully supportable over the aircraft's long service life.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.
High resolution photo will be available this afternoon at Web site:
http://www.lockheedmartin.com
F-16 is a registered trademark of Lockheed Martin Corp.
Source: Lockheed Martin Aeronautics Company
FORT WORTH, Texas, March 19 2009 -- Ceremonies were held today at Lockheed Martin (NYSE: LMT ) in Fort Worth, Texas, to commemorate the F-16 Peace Xenia IV program for Greece. The ceremony marks an important production milestone, demonstrating that the program is on schedule and on budget. This F-16 acquisition is the fourth for the Hellenic Air Force (HAF) and the nation of Greece.Lt. Gen. Ioannis Giagkos, chief of the Hellenic Air Force General Staff, accepted the first Peace Xenia IV F-16 Block 52 advanced aircraft on behalf of his nation and expressed satisfaction with its timely delivery. "I am grateful to everyone who contributed to the design and construction of this ultra-modern weapon system. With these new aircraft, the defense and deterrent force of the Hellenic Air Force will be significantly enhanced," he said.
U.S. officials attending the ceremony included Bruce Lemkin, deputy undersecretary of the Air Force for International Affairs. Hosting the ceremony were Ralph D. Heath, executive vice president of Lockheed Martin and president of Lockheed Martin Aeronautics; Dennys Plessas, vice president of business development in Greece; and John Larson, vice president of F-16 Programs.
"Lockheed Martin is pleased that through this government-to-government agreement, we are able to offer for the first time, a fully integrated and comprehensive weapon system, including a self-protection system, weapons and other subsystems which make this advanced version of the F-16 particularly effective for the operational needs of the Hellenic Air Force," said Plessas. "The recent completion of the infrastructure facilities as a special project in conjunction with this aircraft buy at Araxos Air Base, 116 Combat Wing guarantees the immediate use of this weapon system by the Hellenic Air Force."
"The F-16 we see before us today is a symbol of our 66-year friendship with the Hellenic Air Force, providing a path for the future to the next generation in aircraft with the F-35, as we continue to deliver on our promises between Lockheed Martin and the country of Greece," said Larson.
The Peace Xenia IV purchase program raises the total fighters ordered by the HAF to 170. The aircraft rolled out today is the first of 30 Block 52 Advanced F-16s being produced in the newest lot. The HAF received the F-16 Block 30 version starting in 1988, the Block 50 version starting in 1997 and the Block 52+ version in 2003. Greece has been a Lockheed Martin customer since 1943, when it acquired its first squadron of Martin A-30 Baltimore Mk III, IV and Vs.
The Peace Xenia IV program includes 20 F-16Cs and 10 F-16Ds, all powered by the Pratt & Whitney F100-PW-229 engine. This first aircraft - a single-seat F-16C model - was accepted by the U.S. government (as agent for Greece in the Foreign Military Sales process) in January 2009, one month ahead of schedule. The U.S. government also accepted the first two-seat F-16D version in January. The first four aircraft will be ferried to Greece in May with the remainder following in 2009 and 2010.
BACKGROUND INFORMATION
The F-16 is the choice of 25 nations. More than 4,400 aircraft have been delivered worldwide from assembly lines in five countries. The F-16 program has been characterized by unprecedented international cooperation among governments, air forces and aerospace industries. Major upgrades to all F-16 versions are being incorporated to keep the fleet modern and fully supportable over the aircraft's long service life.
Headquartered in Bethesda, Md., Lockheed Martin is a global security company that employs about 146,000 people worldwide and is principally engaged in the research, design, development, manufacture, integration and sustainment of advanced technology systems, products and services. The corporation reported 2008 sales of $42.7 billion.
High resolution photo will be available this afternoon at Web site:
http://www.lockheedmartin.com
F-16 is a registered trademark of Lockheed Martin Corp.
Source: Lockheed Martin Aeronautics Company
Versar, Inc. Announces New Middle East Joint Venture
Versar, Inc. Announces New Middle East Joint Venture
SPRINGFIELD, Va.--March 19 2009 --Versar, Inc. (NYSE Alternext US:VSR) today announced that its international subsidiary, VIAP, Inc. has entered into a joint venture with Technical Resources International Limited to create a business venture that will provide program and project management services to private and governmental entities in the United Arab Emirates and other Gulf Cooperation Countries. This new company, VIAP Technical Resources Limited, will be owned 50% by VIAP and 50% by Technical Resources International Limited and will be headquartered in Abu Dhabi. The parties intend that VIAP Technical Resources Limited will officially start operations around July 1, 2009, at which time it is expected to have work under program and project management contracts worth approximately $6 million.
Technical Resources International Limited specializes in environmental services and has offices located in the United Kingdom, Amman Jordan and Baghdad, Iraq.
VIAP, Inc., Versar’s international business subsidiary, has offices in Abu Dhabi, UAE, Baghdad, Iraq, Kabul, Afganistan, Manila, Philippines and Denver, Colorado.
Dr. Ted Prociv, President and CEO of Versar said, “With this new venture Versar is engaging in a new approach to our international growth, pursuing business with a partner having established inroads in selected markets. VIAP Technical Resources Limited brings world class program and project management services to the Middle East, an important area of the world for our global growth strategy. This venture allows us to further grow and diversify our business in the UAE and ultimately become a major participant in that part of the world.” Mr. Ali Jaffar, President of Technical Resources International Limited, said, “This new business relationship allows VIAP Technical Resources to quickly become a provider of world class project and program management services throughout the GCC. With our knowledge of the market conditions coupled with the professional services provided by VIAP, we look forward to developing a successful and profitable business in a very short period of time.”
VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, and http://www.geomet.com; http://www.viap.com and http://www.dtaps.com.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 27, 2008. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
Contacts Versar, Inc.James DobbsSenior Vice President703-642-6712jdobbs@versar.comorInvestor Relations:Barry Kaplan AssociatesAndrew J. Kaplan732-747-0702smallkap@aol.com
SPRINGFIELD, Va.--March 19 2009 --Versar, Inc. (NYSE Alternext US:VSR) today announced that its international subsidiary, VIAP, Inc. has entered into a joint venture with Technical Resources International Limited to create a business venture that will provide program and project management services to private and governmental entities in the United Arab Emirates and other Gulf Cooperation Countries. This new company, VIAP Technical Resources Limited, will be owned 50% by VIAP and 50% by Technical Resources International Limited and will be headquartered in Abu Dhabi. The parties intend that VIAP Technical Resources Limited will officially start operations around July 1, 2009, at which time it is expected to have work under program and project management contracts worth approximately $6 million.
Technical Resources International Limited specializes in environmental services and has offices located in the United Kingdom, Amman Jordan and Baghdad, Iraq.
VIAP, Inc., Versar’s international business subsidiary, has offices in Abu Dhabi, UAE, Baghdad, Iraq, Kabul, Afganistan, Manila, Philippines and Denver, Colorado.
Dr. Ted Prociv, President and CEO of Versar said, “With this new venture Versar is engaging in a new approach to our international growth, pursuing business with a partner having established inroads in selected markets. VIAP Technical Resources Limited brings world class program and project management services to the Middle East, an important area of the world for our global growth strategy. This venture allows us to further grow and diversify our business in the UAE and ultimately become a major participant in that part of the world.” Mr. Ali Jaffar, President of Technical Resources International Limited, said, “This new business relationship allows VIAP Technical Resources to quickly become a provider of world class project and program management services throughout the GCC. With our knowledge of the market conditions coupled with the professional services provided by VIAP, we look forward to developing a successful and profitable business in a very short period of time.”
VERSAR, INC., headquartered in Springfield, VA, is a publicly held international professional services firm supporting government and industry in national defense/homeland defense programs, environmental health and safety and infrastructure revitalization. VERSAR operates a number of web sites, including the corporate Web sites, http://www.versar.com, http://www.homelanddefense.com, and http://www.geomet.com; http://www.viap.com and http://www.dtaps.com.
This press release contains forward-looking information. The forward-looking statements are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. Forward-looking statements may be significantly impacted by certain risks and uncertainties described herein and in Versar’s Annual Report on Form 10-K filed with the Securities and Exchange Commission for the year ended June 27, 2008. The forward-looking statements are made as of the date hereof and Versar does not undertake to update its forward-looking statements.
Contacts Versar, Inc.James DobbsSenior Vice President703-642-6712jdobbs@versar.comorInvestor Relations:Barry Kaplan AssociatesAndrew J. Kaplan732-747-0702smallkap@aol.com
Wednesday, March 18, 2009
K2 Energy Solutions Tapped by U.S. Army to Develop New Rechargeable Lithium Battery for Military Applications
K2 Energy Solutions Tapped by U.S. Army to Develop New Rechargeable Lithium Battery for Military Applications
New, Ultra-Safe Battery Will Reduce Number of Batteries Troops Need in the Field, and Save Weight and Logistics Needed for Transportation
HENDERSON, Nev.-- March 18 2009 - K2 Energy Solutions, a manufacturer of rechargeable battery systems for electric vehicles and energy storage applications, has been awarded a $119,000 contract by the U.S. Army’s Communications-Electronics Research, Development, and Engineering Center (CERDEC) at Fort Monmouth, New Jersey.
The contract was awarded under the Army’s Small Business Innovation Research (SBIR) program and calls for the development of an improved, ultra-safe BB-2590 rechargeable battery, a high-power lithium ion battery for military applications.
As one of the most advanced rechargeable batteries of its kind, the BB-2590 is designed to power a variety of rugged military devices, including portable electronics, military communication systems, robotics, Unmanned Aerial Vehicles (UAV) and Unmanned Underwater Vehicles (UUV). An advanced, more powerful BB-2590 will allow the Army to utilize the battery for more complex applications such as Non-Line-of-Sight missile firing.
“This new contract allows K2 to take the Lithium Ion Phosphate battery technology we’ve already developed for commercial use and modify it in a way that is advantageous for the military,” said Jim Hodge, Chief Technical Officer at K2. “Not only will this new generation of battery provide the Army with a more powerful form of portable energy, but it will be at a much lower cost than hi-grade batteries currently being deployed.”
One of the nation’s leaders of rechargeable battery technology, the Henderson, Nevada-based K2 Energy Solutions has been tapped by the Army to create an updated BB-2590 battery that is three times as powerful, can be used longer, is lighter weight, is capable of a faster recharge, and costs less than the original. Such improvements will drastically reduce the number of batteries troops must carry in the field, and save weight and logistics needed to transport the battery to the field.
ABOUT K2 ENERGY SOLUTIONS:
K2 Energy Solutions, Inc. was founded to commercialize and manufacture rechargeable battery systems for electric vehicles and energy storage applications. The company’s battery systems are based on a lithium iron phosphate cathode material whose inherent safety and low cost makes them ideal for the large format systems required for energy storage and EV applications. K2 differentiates itself as a solutions provider for large format battery packs and systems, developing products based upon customer requirements and utilizing expertise in Lithium Iron Phosphate (LFP) battery chemistry.
K2 is a private corporation headquartered in Henderson, Nevada, with manufacturing capabilities in both Nevada and China.
Contacts Discovery CommunicationBret Butler, 801-783-7330bretbutler@discovery-communication.com
New, Ultra-Safe Battery Will Reduce Number of Batteries Troops Need in the Field, and Save Weight and Logistics Needed for Transportation
HENDERSON, Nev.-- March 18 2009 - K2 Energy Solutions, a manufacturer of rechargeable battery systems for electric vehicles and energy storage applications, has been awarded a $119,000 contract by the U.S. Army’s Communications-Electronics Research, Development, and Engineering Center (CERDEC) at Fort Monmouth, New Jersey.
The contract was awarded under the Army’s Small Business Innovation Research (SBIR) program and calls for the development of an improved, ultra-safe BB-2590 rechargeable battery, a high-power lithium ion battery for military applications.
As one of the most advanced rechargeable batteries of its kind, the BB-2590 is designed to power a variety of rugged military devices, including portable electronics, military communication systems, robotics, Unmanned Aerial Vehicles (UAV) and Unmanned Underwater Vehicles (UUV). An advanced, more powerful BB-2590 will allow the Army to utilize the battery for more complex applications such as Non-Line-of-Sight missile firing.
“This new contract allows K2 to take the Lithium Ion Phosphate battery technology we’ve already developed for commercial use and modify it in a way that is advantageous for the military,” said Jim Hodge, Chief Technical Officer at K2. “Not only will this new generation of battery provide the Army with a more powerful form of portable energy, but it will be at a much lower cost than hi-grade batteries currently being deployed.”
One of the nation’s leaders of rechargeable battery technology, the Henderson, Nevada-based K2 Energy Solutions has been tapped by the Army to create an updated BB-2590 battery that is three times as powerful, can be used longer, is lighter weight, is capable of a faster recharge, and costs less than the original. Such improvements will drastically reduce the number of batteries troops must carry in the field, and save weight and logistics needed to transport the battery to the field.
ABOUT K2 ENERGY SOLUTIONS:
K2 Energy Solutions, Inc. was founded to commercialize and manufacture rechargeable battery systems for electric vehicles and energy storage applications. The company’s battery systems are based on a lithium iron phosphate cathode material whose inherent safety and low cost makes them ideal for the large format systems required for energy storage and EV applications. K2 differentiates itself as a solutions provider for large format battery packs and systems, developing products based upon customer requirements and utilizing expertise in Lithium Iron Phosphate (LFP) battery chemistry.
K2 is a private corporation headquartered in Henderson, Nevada, with manufacturing capabilities in both Nevada and China.
Contacts Discovery CommunicationBret Butler, 801-783-7330bretbutler@discovery-communication.com
Protonex Awarded $3.3 Million Contract to Develop a Deployable Fuel Cell Power System for Small Unmanned Aerial Vehicles
Protonex Awarded $3.3 Million Contract to Develop a Deployable Fuel Cell Power System for Small Unmanned Aerial Vehicles
SOUTHBOROUGH, Mass.----Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems for portable, remote and mobile applications, today announces that it will develop a robust, deployable pre-production fuel cell power system, designed for powering a small, unmanned aerial vehicle (UAV) that will be capable of extended flight duration and mission endurance. This work will be completed under an awarded $3.3M contract ($2.2M base award with a $1.1M option) from the Department of Defense (DoD) and will draw on continuing developments by Protonex of its unmanned power systems and UAV technologies.
Under the terms of this contract, which was expected by management, Protonex will customize one of its fuel cell power platforms and will integrate it into development partner, AeroVironment’s (NASDAQ: AVAV) “Puma-AE” UAV. The resulting UAV, powered by the Protonex fuel cell power system, is expected to enable new long-duration missions, not previously feasible with hand-launched UAVs powered by advanced batteries.
Protonex has already demonstrated its fuel cell power systems for small UAVs through programs with the U.S. Air Force Research Laboratory, the Naval Research Laboratory, and AeroVironment. Most recently, AeroVironment’s Puma UAV, utilizing a highly advanced fuel cell system from Protonex, broke its previous flight records and flew continuously for over nine hours—three to four times the endurance capability of its current rechargeable batteries.
Until recently, extended flight endurance capabilities were only achievable with larger scale, more costly UAV platforms. With the introduction of cutting-edge fuel cell propulsion systems from Protonex, new missions such as persistent surveillance, search and rescue, chemical-biological monitoring, and other long-endurance specialty missions can be achieved by smaller, more flexible, and cost-effective UAV platforms.
“This contract represents yet another significant milestone on our path towards the full commercialization of our power systems for UAVs and is a culmination of our development and demonstration efforts to date,” stated Dr. Paul Osenar, Chief Technology Officer, Protonex. “We look forward to continuing this progress to extend the reach of this UAV technology to other military and commercial markets.”
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the 100 to 1000-watt range. The Company’s fuel cell systems are designed to meet the needs of military, commercial and consumer customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is headquartered in Southborough, Massachusetts.
About AeroVironment, Inc. (AV)
www.avinc.com
Building on a history of technological innovation, AV designs, develops, produces, and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. Agencies of the U.S. Department of Defense and allied military services use the company’s hand-launched UAS to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance, and target acquisition. Commercial and government entities use AV’s clean transportation solutions such as electric vehicle test systems and electric vehicle fast charge systems, as well as its clean power solutions.
This announcement includes statements which are, or may be deemed to be, "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Protonex’ financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Protonex’ products and services) are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Protonex to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These factors include but are not limited to those described in the Admission Document issued in connection with the Company’s admission to AIM.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement speak only as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relation to Protonex’ operations, results of operations, growth strategy and liquidity.
Contacts Protonex Technology CorporationScott Pearson, +1 508-490-9960Chief Executive Officer
SOUTHBOROUGH, Mass.----Protonex Technology Corporation (LSE: AIM: PTX and PTXU), a leading provider of advanced fuel cell power systems for portable, remote and mobile applications, today announces that it will develop a robust, deployable pre-production fuel cell power system, designed for powering a small, unmanned aerial vehicle (UAV) that will be capable of extended flight duration and mission endurance. This work will be completed under an awarded $3.3M contract ($2.2M base award with a $1.1M option) from the Department of Defense (DoD) and will draw on continuing developments by Protonex of its unmanned power systems and UAV technologies.
Under the terms of this contract, which was expected by management, Protonex will customize one of its fuel cell power platforms and will integrate it into development partner, AeroVironment’s (NASDAQ: AVAV) “Puma-AE” UAV. The resulting UAV, powered by the Protonex fuel cell power system, is expected to enable new long-duration missions, not previously feasible with hand-launched UAVs powered by advanced batteries.
Protonex has already demonstrated its fuel cell power systems for small UAVs through programs with the U.S. Air Force Research Laboratory, the Naval Research Laboratory, and AeroVironment. Most recently, AeroVironment’s Puma UAV, utilizing a highly advanced fuel cell system from Protonex, broke its previous flight records and flew continuously for over nine hours—three to four times the endurance capability of its current rechargeable batteries.
Until recently, extended flight endurance capabilities were only achievable with larger scale, more costly UAV platforms. With the introduction of cutting-edge fuel cell propulsion systems from Protonex, new missions such as persistent surveillance, search and rescue, chemical-biological monitoring, and other long-endurance specialty missions can be achieved by smaller, more flexible, and cost-effective UAV platforms.
“This contract represents yet another significant milestone on our path towards the full commercialization of our power systems for UAVs and is a culmination of our development and demonstration efforts to date,” stated Dr. Paul Osenar, Chief Technology Officer, Protonex. “We look forward to continuing this progress to extend the reach of this UAV technology to other military and commercial markets.”
Notes to Editors
About Protonex Technology Corporation
www.protonex.com
Protonex Technology Corporation develops and manufactures compact, lightweight and high- performance fuel cell systems for portable power applications in the 100 to 1000-watt range. The Company’s fuel cell systems are designed to meet the needs of military, commercial and consumer customers for off-grid applications underserved by existing technologies by providing customizable, stand-alone portable power solutions and systems that may be hybridized with existing power technologies. The Company is headquartered in Southborough, Massachusetts.
About AeroVironment, Inc. (AV)
www.avinc.com
Building on a history of technological innovation, AV designs, develops, produces, and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. Agencies of the U.S. Department of Defense and allied military services use the company’s hand-launched UAS to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance, and target acquisition. Commercial and government entities use AV’s clean transportation solutions such as electric vehicle test systems and electric vehicle fast charge systems, as well as its clean power solutions.
This announcement includes statements which are, or may be deemed to be, "forward-looking statements". All statements other than statements of historical facts included in this announcement, including, without limitation, those regarding Protonex’ financial position, business strategy, plans and objectives of management for future operations (including development plans and objectives relating to Protonex’ products and services) are forward-looking statements. By their nature, such forward-looking statements involve known and unknown risks, uncertainties and other important factors that could cause the actual results, performance or achievements of Protonex to be materially different from future results, performance or achievements expressed or implied by such forward-looking statements. These factors include but are not limited to those described in the Admission Document issued in connection with the Company’s admission to AIM.
Forward-looking statements may and often do differ materially from actual results. Any forward-looking statements in this announcement speak only as at the date of this announcement and are subject to risks relating to future events and other risks, uncertainties and assumptions relation to Protonex’ operations, results of operations, growth strategy and liquidity.
Contacts Protonex Technology CorporationScott Pearson, +1 508-490-9960Chief Executive Officer
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