- 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
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.
For further information:
For further information: David Luxton, (613) 769-5353