South Korea Awards ICx Technologies a Mass Spectrometry Contract with an Estimated Value of up to $40 Million
WASHINGTON (Mar. 4, 2009) - ICx Technologies (NASDAQ: ICXT), a developer of advanced sensor technologies for homeland security, force protection and commercial applications, announced today that ICx Analytical Instruments, a business unit of ICx Technologies, has been awarded a multi-year contract worth up to $40 million dollars.
The contract is for the development of a chemical and biological mass spectrometer (CBMS) for use in military reconnaissance vehicles. ICx Analytical Instruments will work jointly with ICx BioDefense to deliver a premium-class biological and chemical detection system. The CBMS system will be capable of detecting both chemical and biological warfare agents, and the first phase of the contract is a development effort.
"This contract is an important milestone for ICx Technologies. The award validates our technical approach and positions ICx as a leader in field-ready mass spectrometry," said Dennis Barket, President of ICx Analytical Instruments. "The KCBMS will be based on the Griffin 450 mass spectrometry platform." ICx will partner with Seoul-based Hankuk Communication Company, through Tradeways Ltd. based in Annapolis, Md., to introduce a superior product into the South Korean military market.
Hankuk Communication Company is a leading provider of chem/bio equipment to the South Korean military, and will serve as the prime contractor for the project.
"Terrorism and asymmetric warfare are global problems, and we are pleased that the quality of our sensors and solutions are being recognized on an international level," said Hans Kobler, CEO of the company. "It also strongly validates the strength of our mass spectrometers, their capabilities, and the power of our Chem/Bio business units."
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture, and marketing of sensor systems that enhance perception and awareness. The Company’s advanced thermal imaging and threat detection systems are used for a wide variety of imaging, thermography, and security applications, including airborne and ground-based surveillance, condition monitoring, research and development, manufacturing process control, search and rescue, drug interdiction, navigation, transportation safety, border and maritime patrol, environmental monitoring, and chemical, biological, radiological, nuclear, and explosives (CBRNE) detection. Visit the Company's web site at www.FLIR.com.
The statements in this release by Earl R. Lewis, and the other statements in this release about the award described above, are forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. Such statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the ability to manufacture and deliver the systems referenced in this release, changes in demand for the Company's products, product mix, the timing of deliveries under the award discussed above, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity, the ability of the Company to manufacture and ship products in the time period required, actual purchases under agreements, the Company's continuing compliance with U.S. export control laws and regulations, the timely receipt of export licenses for international shipments, the continuing eligibility of the Company to act as a federal contractor, and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the Company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release, or for changes made to this document by wire services or Internet service providers.
All trademarks, registered trademarks and service marks are the property of their respective owners.
Media Contacts
Angel Bennett
FLIR, Systems, Inc.
2800 Crystal Drive, Suite 330
Arlington, VA 22202
angel.bennett@flir.com
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