TUCSON, Ariz., Jan. 8 /PRNewswire-FirstCall/ -- Applied Energetics, Inc., (Nasdaq: AERG) today announced it has been awarded a $10.4 million contract from the U.S. Marine Corps. The contract funds will support field operational support for deployed systems, training of U.S. Marines, procurement of additional systems, development of improvements to allow installation of the system on additional Marine Corps and U.S. Army vehicles, and an engineering package to facilitate future transition of the system to Low Rate Initial Production (LRIP). Due to the sensitivity of the effort, the Customer has requested that no additional details regarding this contract be publicly disclosed.
Joseph Hayden, Chief Operating Officer of Applied Energetics, commented, "We are very pleased to continue supporting the U.S. Marine Corps and to assist them in meeting their most critical operational requirements. We believe our close collaboration over the last year and a half has been an essential element in the success of this program to date, and we believe this follow-on contract is evidence of the Customer's confidence in our product and our Company. I am most proud of the dedication and professionalism of our employees who have been closely integrated with the Marines during the training process for our system and through the Operational Assessment of its performance."
The agreement is a Cost Plus Fixed Fee (CPFF) contract issued by the U.S. Army's Research, Development and Engineering Command (U.S. Army RDECOM - Aberdeen Proving Ground, MD) and funded by the Joint IED Defeat Organization (JIEDDO). The contract period of performance is 12 months.
About Applied Energetics, Inc.
Applied Energetics, Inc., based in Tucson, Arizona, specializes in development and manufacture of advanced high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy(TM) (LGE(TM)) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.
Such factors include, but are not limited to: the dependence on sales of a limited number of products and the uncertainty of the timing and magnitude of government funding and orders, dependence on sales to government customers; the uncertainty of patent protection; the uncertainty of strategic alliances; the uncertainty of management tenure; the impact of third-party suppliers' manufacturing constraints or difficulties; management's ability to achieve business performance objectives, market acceptance of, and demand for, the Company's products, and resulting revenues; development and testing of technology and products; manufacturing capabilities; impact of competitive products and pricing; litigation and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "believe," "demonstrate," "intend," "expect," "contemplate," "estimate," "anticipate," "likely" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Applied Energetics undertakes no obligation to update any forward-looking statements contained in this news release.
SOURCE Applied Energetics, Inc.