Sigma Labs, Inc.'s Wholly-Owned Subsidiary Sumner Associates Awarded $533,000 of New Contracts
SANTA FE, N.M., Feb. 28, 2012 /PRNewswire/ -- Sigma Labs, Inc. (OTCBB: SGLB.OB) announced today that its wholly-owned subsidiary Sumner Associates, Inc. has secured $533,000 in new contracts with the Department of Energy (DOE) which will be realized in 2012 with potential for additional new orders up to $3,700,000. These contracts are in support of the US Strategic Weapons Program with various National Laboratories including Los Alamos, Livermore, Sandia, Brookhaven, and the Nevada Test Site. Sumner Associates will provide high-level scientific and technical expertise for various defense programs.
Damon Giovanielli, President of Sumner Associates and former Director of Physics at Los Alamos National Laboratory, stated that "We are very encouraged that we can provide these technical and scientific services to the DOE during this period of budget contraction. The fact that we remain a primary subcontractor for high-level scientific and technical experts underscores our significant value." Rich Mah, CEO of Sigma Labs, added that "We are pleased with this contract growth in the face of a very challenging Federal Government fiscal situation, which speaks volumes to our ability to deliver significant value to our defense customers."
About Sigma Labs, Inc.
Sigma Labs, Inc. comprises three wholly-owned subsidiaries: B6 Sigma, Inc.; Sumner Associates, Inc. and La Mancha Company. These entities provide high-level consultants and develop manufacturing and materials technologies and R&D solutions for first-tier integrators like Boeing, Honeywell, Pratt & Whitney, and other commercial firms around the globe. Sigma Labs, Inc. has current contracts with Federal Government and private industry clients to provide high-level consultants, and develop technologies from their conception through the design, building, and testing of prototype systems by integrating sensing, software, materials and manufacturing technology risk-reduction solutions. Visit Sigma Labs at www.sigmalabsinc.com.
This news release contains forward-looking statements that reflect Management's current views about future events and financial performance. Forward-looking statements often contain words such as "expects," "anticipates," "intends," "believes" or "will." Our forward-looking statements are subject to a number of risks and uncertainties that may cause actual results and events to differ materially from those projected in the forward-looking statements. Risks and uncertainties that could adversely affect us include, without limitation, the loss of major customers, our failure to obtain new contracts, our inability to patent products or processes, our infringement of patents held by others, our inability to finance our business and the other risks and uncertainties that are discussed in our most recent filings with the Securities and Exchange Commission, including our most recent annual report on Form 10-K and our Report on Form 8-K that was filed in connection with the transaction we recently completed with B6 Sigma. The forward-looking statements in this news release are made only as of the date of this news release. We undertake no obligation to update our forward-looking statements, whether as a result of new information, future events or otherwise.
SOURCE Sigma Labs, Inc.