LRAD® Corporation Receives LRAD 1000Xi Systems Order from United States Navy
SAN DIEGO, CA – March 7, 2017 – LRAD Corporation (NASDAQ: LRAD), the world’s leading provider of acoustic hailing devices (“AHDs”) and advanced mass notification systems, today announced a $525,000 follow-on order from the United States Navy (“Navy”) under the multi-year $12.2 million firm-fixed-price, IDIQ contract awarded to the Company in June 2013. The LRAD 1000Xi systems and accessories are replacing first generation LRAD installations on certain Navy ships. The order is scheduled for delivery this fiscal year.
“Over 500 LRADs have been deployed throughout the U.S. fleet, which includes two to five LRADs onboard every Navy surface combatant,” remarked Richard S. Danforth, Chief Executive Officer of LRAD Corporation. “We look forward to delivering additional LRADs under both our multi-year contracts as the Navy upgrades the fleet’s LRAD installations and deploys LRAD systems on new ships.”
The Company previously received a multi-year $7.4 million firm-fixed-price, IDIQ contract from the Navy in March 2016 to add remotely operated, fully integrated LRAD RXL systems to Situational Awareness Systems on Military Sealift Command ships as well as other Navy and Coast Guard vessels.
The LRAD 1000Xi is a power efficient, long distance communication system designed for applications ranging from critical infrastructure protection to territorial water, border and port security, and large vessel and vehicle installations. Superior voice intelligibility and an extended frequency range ensure broadcasts are clearly heard and understood over wind, engine and background noise. The LRAD 1000Xi broadcasts authoritative voice commands and attention-commanding deterrent tones to determine intent, establish large standoff zones, enhance response capabilities, and initiate the escalation of force when necessary.
About LRAD Corporation
Using advanced technology and superior voice intelligibility, LRAD Corporation’s proprietary Long Range Acoustic Devices® and revolutionary ONE VOICE® mass notification systems are designed to enable users to safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, and resolve uncertain situations. LRAD systems are in service in more than 70 countries around the world in diverse applications including mass notification and public address, fixed and mobile defense deployments, homeland, border, critical infrastructure, maritime, oil & gas, and port security, public safety, law enforcement and emergency responder communications, asset protection, and wildlife control and preservation. For more information, please visit www.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, 2016. 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