LRAD CORPORATION ANNOUNCES $17.6 MILLION LRAD®
SYSTEMS AND MAINTENANCE ORDER FROM A FOREIGN GOVERNMENT
Order Includes $5.5 Million Maintenance Agreement
(SAN DIEGO, CA, September 29, 2010) – LRAD Corporation (Nasdaq: LRAD) the global leader in acoustic hailing devices (AHDs), announced today it has received a LRAD® systems and maintenance order from a foreign government for one of its military services totaling approximately $17.6 million. The LRAD systems order totals over $12.1 million and is scheduled to ship in the first half of the Company’s fiscal year 2011 (October 1, 2010 – March 31, 2011).
As part of the order, LRAD Corporation also received a multi-year maintenance agreement worth approximately $5.5 million. Under the terms of the agreement, the Company will establish and outsource several maintenance locations in the country where the order originated. The foreign government is not being disclosed at this time per the terms of the order.
LRAD Corporation’s proprietary LRAD directed sound systems enable military forces to communicate clearly and determine the intent of potential threats at safe distances, providing time and distance to employ a measured response to a threat’s actions. Through the use of focused multi-lingual voice commands and deterrent tones, LRAD creates large standoff and safety zones, supports peaceful conflict resolution, and potentially saves lives on both sides of the device.
“LRAD systems are becoming an essential part of the layered defense strategies being deployed by international military forces,” commented Tom Brown, president and CEO of LRAD Corporation. “LRAD provides military and security organizations the unique capability of communicating, hailing, warning and determining intent at distances up to three kilometers. The fact that this order is the largest international order to date in the Company’s history demonstrates the expanding markets for, and the growing acceptance of, LRAD throughout the world.”
About LRAD Corporation
LRAD Corporation’s Long Range Acoustic Device® (LRAD®) directional sound systems are being used 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, and wildlife preservation and control. For more information about LRAD Corporation and its long-range directional sound systems, please visit the company’s web site at http://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, including but not limited to, the performance of our management team, market acceptance of our directed sound technologies and products, entry of competitors, the possibility our intellectual property protections will not prevent others from marketing products similar to or competitive with our products, potential technical or manufacturing difficulties that could delay product deliveries or increase warranty costs, and other risks 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, 2009. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
FOR FURTHER INFORMATION CONTACT: