NEWMARKET, Ontario, Oct. 05, 2020 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (the "Company" or "AirBoss") today announced that AirBoss Defense Group ("ADG") has recently been awarded an additional US$22.0 million in contracts across its survivability portfolio for multiple parties in North America and internationally.
“ADG, which has been very active in the ongoing fight against the COVID-19 pandemic, offers domestic and international customers a range of survivability solutions across the CBRN-E spectrum for both first response and military applications,” said Chris Bitsakakis, President and Chief Operating Officer of AirBoss. “These latest contracts largely reflect the regular contribution from predominantly military and government customers as part of their overall defense and preparedness strategies, independent of their ongoing COVID-19 response.”
The US$22.0 million in awards include molded glove and overboot awards for the United Arab Emirates valued at $6.4 million, Husky ground penetrating radar and accessory orders for US$5.8 million for the Egyptian military, a Rollover Detection Warning (“RDWS”) System award from the 2 nd Cavalry Regiment (a unit of the U.S. Army Europe) for US$2.1 million, as well as a number of smaller orders from various groups in the U.S., with a focus on chemical and biological personal protective equipment, including mass casualty decontamination shelter systems and various Powered Air Purifying Respirator (“PAPR”) products. Deliveries on these awards are expected to begin in Q4 2020 and span 24 months.
These awards are not related to the Husky long-term contract extension announced on September 28 or the US$220 million in contracts announced since March 2020, specifically for FlexAir™ PAPR systems and related sustainment supplies of consumables to the Federal Emergency Management Agency (“FEMA”), the Department of Health and Human Services and the U.S. Department of Veteran Affairs (“VA”), in connection with the ongoing fight against the COVID-19 pandemic. AirBoss successfully completed a US$96 million FEMA contract at the end of July, a US$2.55 million VA contract in August, and has now begun delivering against the previously announced US$121 million award to the HHS, with product shipments expected though the balance of 2020 and into the first quarter of 2021.
The Husky is a blast-survivable, mission configurable vehicle platform that deploys a range of radar and sensor systems for countermine and non-conventional explosive detection. To date ADG has deployed more than 1,500 Husky systems globally.
ADG’s molded gloves and boots are made with an injection-molded advanced specialty polymer and were originally designed and developed to provide superior physical properties and protection compared to chemical, biological, radiological and nuclear (“CBRN”) products previously in service, and fully integrate with all currently fielded CBRN Suits. These boots and gloves have been broadly adopted worldwide and have been used in more than 40 countries.
The RDWS advises the user of impending vehicle rollover conditions based on terrain, operation, and vehicle limitations/parameters. The technology allows vehicle operators to be alerted of dangerous operating conditions in order to adjust as necessary to mitigate the risk.
AirBoss of America Corp.
AirBoss of America Corp. is a group of complementary businesses supplying custom compounded rubber, survivability solutions and anti-vibration components to a diverse group of customers globally. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 450 million turn pounds of annual capacity. AirBoss Defense Group manufactures and supplies a growing array of Chemical, Biological, Radioactive, Nuclear and Explosive ("CBRN-E") protective solutions and is a leading provider of personal protective equipment to governments, militaries and frontline healthcare workers both in the U.S. and internationally. AirBoss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market. The Company’s shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com for more information.
Contact: Chris Bitsakakis, President or Gren Schoch, Chairman and CEO at 905-751-1188.
AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ 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” “expects”, “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. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ 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; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ 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 the Company’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 the Company’s financial position or results of operations in future periods. While the direct impacts of COVID-19 are not determinable at this time, the Company has an undrawn credit facility as at June 30, 2020 that can provide financing up to $60,000,000. This list is not exhaustive of the factors that may affect any of AirBoss’ 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 AirBoss 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, AirBoss disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com .
