TUCSON, Ariz., June 2 /PRNewswire-FirstCall/ -- Applied Energetics, Inc., (Nasdaq: AERG) today announced it has been awarded increased funding for its existing contract from the U.S. Army's Research, Development and Engineering Command (U.S. Army RDECOM – Picatinny, NJ) for the continued development and advancement of the company's Laser Guided Energy (LGE) technology in the amount of $1.8 million.
Regarding the contract, Mr. Joe Hayden, Chief Operating Officer of Applied Energetics commented: "Our development efforts for LGE continue to progress and we are pleased to see this renewal of support from our Army customer."
Laser Guided Energy (LGE) is a transformational weapon technology by which a controllable high voltage electric charge can be precisely guided by a laser through the atmosphere to induce a range of effects against a variety of targets. LGE is a core proprietary technology that Applied Energetics has been developing since the company was founded in 2002. The company has over thirty patent filings relating to the technology and its applications, with nine patents awarded and twenty nine patent applications in process.
The award is a cost plus fixed fee Ordnance Technology Initiative Agreement with a ceiling value of $13.4 million over a period of performance of three years. The additional funding brings the total contract value to $4.9 million. The development effort is expected to be incrementally funded to support advances in the systems and components that comprise a Laser Guided Energy system and will be the next step in advancement of these systems to meet U.S. Army future requirements.
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™ (LGE™) 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.