April 29, 2024
New Contract Will Support Battlefield Obstacle Reduction, Path Clearing and Other Demolition Requirements
JESSUP, Md., April 29, 2024 (GLOBE NEWSWIRE) -- AirBoss Defense Group (ADG) announced today that it has been awarded a $45 million contract to provide its Bandolier lightweight, multipurpose energetic system to a NATO partner nation. Subject to satisfaction of customary conditions, including obtaining required export documentation, deliveries under this contract are expected to start in the second half of 2024 and continue through the end of 2025, The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single role explosive charges and standard bulk demolitions, and its unique, lightweight, modular design allows for flexible use across a variety of mission requirements. The system reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges, maximizing explosive efficiency and operational versatility.
This order builds upon other recent contracts which ADG has received for the Bandolier, as the company works to expand the deployment of this product amongst NATO partner nations. Those contracts, awarded in the third and fourth quarters of 2023, were valued at up to US$9 million, for an aggregate of US$57.8 million of Bandolier awards received by ADG in the past twelve months.
John Johns, COO of AirBoss Defense Group said, “The AirBoss Bandolier is a unique and highly versatile tool that addresses a wide range of battlefield obstacles and threats. The Bandolier effectively replaces multiple explosive products, enabled by its ability to be re-configured and tailored in the field to support a wide-spectrum of mission requirements. This capability sets it apart from other systems. ADG welcomes this opportunity to support our NATO partners and the growth in demand for this highly effective, multi-purpose energetic system.”
For more information about the Bandolier, click here.
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or ADG’s future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “is expected to”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. ADG cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause ADG’s actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; global defense budgets, notably in ADG’s target markets, and success of ADG in obtaining new or extended defense contracts; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; ADG’s ability to maintain existing customers or develop new customers in light of increased competition; ADG’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. COVID-19 could also negatively impact ADG’s operations and financial results in future periods. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. As such, it is not possible to estimate the impacts COVID-19 will have on ADG’s financial position or results of operations in future periods. While the direct impacts of COVID-19 are not determinable at this time, AirBoss of America Corp., the parent company of ADG, has a credit facility as at December 31, 2020 that can provide financing up to US$60,000,000. This list is not exhaustive of the factors that may affect any of ADG’s forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to ADG or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, ADG disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about ADG’ business are more fully discussed under the heading “Risk Factors” in AirBoss of America Corp.’s (“AirBoss”) recent Annual Information Form and are otherwise disclosed in AirBoss’ filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.