DUNEDIN, Fla., June 1 /PRNewswire-FirstCall/ -- Vought Defense Systems Corporation (Other OTC: VDSC), today announced that Quality Performance, Inc. (http://www.goqpi.com) has been awarded contracts in excess of $720,000 for use by the US Navy and US Coast Guard shipboard applications Details as follows.
"Quality Performance is committed to its leadership role in developing advanced products that support critical defense applications such as the Moriah Wind System program," said Steve Fortner, Vice President of Quality Performance Inc. The Moriah Wind System (MWS) is a solid state wind measurement system employing ultrasonic technology to accurately measure wind speed and direction on Naval and Coast Guard ships. It includes numerous Multi-Functional Color Displays depicting wind, met., and navigation information. Moriah is planned to replace the legacy electro-mechanical "wind bird" system on all "air capable" Navy and Coast Guard ships over the next 20+ years. The Moriah Wind System is presently installed on approximately 35 US Navy & Coast Guard ships.
QPI is NAVAIR's prime contractor of the MWS. QPI's subcontract-manufacturer is Aeronautical & General Instruments Ltd (AGI), located in England. QPI is AGI's exclusive Value-Added Reseller in the USA and performs all of the program, contract, configuration, logistics, and depot-level repair in their Fredericksburg, VA facility.
As previously announced, Vought Defense has entered into a contract to acquire 100% of the voting stock of Quality Performance, Inc., ("QPI"), a Fredericksburg, Virginia based company (www.goqpi.com). In 2009, QPI generated $9.2 million in revenue and $1.5 million in Operating Profit.
About Vought Defense Systems Corp.:
Vought Defense Systems Corp. is a holding company which owns and operates through its wholly owned subsidiary, Redtide Defense Group, Inc. (http://www.redtidedefense.com) which is a manufacturer of UAV (Unmanned Aerial Vehicles). The Company has created an inexpensive and, it believes, technically superior solution to the growing $6 billion dollar a year worldwide market demand for UAV's. The Company is looking to grow both organically and through strategic acquisitions. In conjunction with this acquisition, Vought's name will be changed to ALAS Defense Corporation (Air, Land and Sea) www.alasdefense.com to better reflect its overall mission.
About Quality Performance, Inc.:
Founded in 1990, QPI sells products to government and commercial customers in the United States. QPI also provides life cycle product support services including maintenance services for its products. Services include program management, engineering and technical support, installation and checkout support on site, factory training, spare parts logistics support, technical documentation, and depot-level maintenance repair. QPI's largest customer is the United States Navy.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE Vought Defense Systems Corp.