LRAD Corporation Awarded $12.2 Million LRAD® Systems Contract from United States Navy
New Multi-Year Contract Continues LRAD's Support of United States Navy Anti-Terrorism/Force Protection Missions
SAN DIEGO, CA, June 11, 2013 - LRAD Corporation (NASDAQ: LRAD), the world's leading provider of long range acoustic hailing devices (AHDs), announced today it has been awarded a multi-year $12.2 million firm-fixed-price, indefinite-delivery/indefinite-quantity contract for small, medium and large LRAD AHDs from the United States Navy's Naval Surface Warfare Center located in Crane, Indiana. The contract was competitively bid with LRAD Corporation being awarded the contract over two other companies. United States Navy contract funds in the amount of $1,988,785 will be obligated at time of award.
"We are pleased to be awarded this contract and to continue our working relationship with the United States Navy," remarked Tom Brown, president and CEO of LRAD Corporation. "LRAD systems and support equipment will be used to support large and small deck naval surface ships, submarines, security boats and shore security operations in anti-terrorism/force protection missions. Having received competitively bid multi-year contracts from the United States Navy in 2007 and 2010, this new award continues to demonstrate that LRAD Corporation is the world's leading manufacturer of acoustic hailing devices."
The Company's proprietary LRAD systems were developed in response to the deadly attack on the USS Cole over twelve years ago. Today, LRAD systems are deployed in more than 60 nations around the world including by U.S. and international naval forces and other military organizations.
At distances up to 3,500 meters, LRAD systems have proven highly effective in anti-terrorism/force protection missions by broadcasting powerful deterrent tones and live or pre-recorded multi-language warnings, commands and instructions with unprecedented clarity and range. By communicating clearly over distance, LRAD systems create large standoff zones, unequivocally determine intent, resolve uncertain situations peacefully and save lives on both sides of the Long Range Acoustic Device®.
About LRAD Corporation
LRAD Corporation is using long range communication to resolve uncertain situations peacefully and save lives on both sides of its proprietary Long Range Acoustic Device®. LRAD® systems are in service around the world in diverse applications including fixed and mobile military deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, emergency warning and mass notification, asset protection, and wildlife preservation and control. For more information about the Company and its LRAD systems, please visit www.lradx.com.
Forward-looking Statements: Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2012. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.