LRAD® Corporation Receives $4.75 Million Indian Navy AHD Systems Maintenance Agreement
SAN DIEGO, CA – May 14, 2019 – LRAD Corporation (NASDAQ: LRAD), – a global leader in long range voice broadcast systems and advanced mass notification solutions, today announced a $4.75 million five-year maintenance agreement for acoustic hailing devices (“AHDs”) deployed by the Indian Navy. The agreement is effective immediately.
“Under the agreement, established in-country maintenance centers will continue to service the LRAD systems deployed by India’s naval fleet in 2012,” remarked Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “This agreement succeeds our $5.5 million seven-year maintenance contract that expired earlier this year.”
LRAD systems deliver essential communication and scalable escalation of force capabilities for 25 naval forces around the world and provide more time and distance for naval vessels to determine intent and distinguish between intruders, terrorist threats, refugees and fishing boats, and respond appropriately and effectively. Through the use of ship-to-ship voice broadcasts and warning tones, LRAD systems establish large standoff zones, enable peaceful conflict resolution and save lives.
About LRAD Corporation
The Company’s proprietary Long Range Acoustic Devices® and advanced Genasys™ mass notification systems and mobile alert solutions are designed to enable users to safely hail and warn, notify and direct, prevent misunderstandings, determine intent, establish large safety zones, resolve uncertain situations, and save lives.
LRAD systems are in service in 72 countries around the world in diverse applications, including public safety, mass notification, defense, law enforcement, homeland and border security, critical infrastructure protection, fire rescue, incident management, maritime and port security, and wildlife control and preservation. For more information, visit LRAD.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, 2018. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
E. Brian Harvey
Director, Investor Relations and Capital Markets