National Technical Systems Wins Five-Year Contract to Test Weapons, Munitions Technology for U.S. Department of Defense
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National Technical Systems Wins Five-Year Contract to Test Weapons, Munitions
Technology for U.S. Department of Defense
Expects to Provide Services for First Phase of Contract by Early 2010
CALABASAS, Calif., Oct. 8 /PRNewswire-FirstCall/ -- National Technical
Systems, Inc. (Nasdaq: NTSC) (NTS), a leading provider of engineering and
testing services to the defense, aerospace, telecommunications, automotive and
high technology markets, announced today that it has been awarded a five-year,
Other Transaction Agreement (OTA) contract with maximum potential revenues of
$10 million from the U.S. Department of Defense to test and help develop new
weapons and ammunition technology. NTS expects to provide approximately $1.67
million of services by early in calendar year 2010 for the first phase of the
contract and, pending further Department of Defense approvals, up to $8.33
million of additional services throughout the contract's five-year term.
National Technical Systems Chief Executive Officer William C. McGinnis
commented: "This significant new contract with the U.S. Department of Defense
demonstrates the confidence the U.S. military has in our services. It also
positions National Technical Systems as the leader and primary commercial
provider of these types of testing and engineering services for the Armed
Services, in partnership with the Department of Defense and consortium
members."
The consortium members consist of 120 companies and academic institutions
brought together to address the Department of Defense's long range science and
technology objectives.
The contract supports the military's Ordnance Technology Initiative titled
"Assessment Support of Direct and Indirect Fire Munitions Product Improvements
for Insensitive Munitions Performance." The first award is specifically for
the U.S. Army but the technology being developed will benefit all the U.S.
Armed Forces.
The efforts are focused on five technical areas: high performance rocket
propulsion, minimum signature rocket propulsion, blast-fragmenting warheads,
anti-armor warheads and large caliber gun propulsion.
About National Technical Systems
National Technical Systems, Inc. is a leading provider of engineering and
testing services to the defense, aerospace, telecommunications, automotive and
high technology markets. Through a world-wide network of resources, NTS
provides full life-cycle product integrity support, offering world class
design engineering, compliance, testing, certification, quality registration
and program management. For additional information about NTS, visit our
website at www.ntscorp.com or call 800-270-2516.
Forward Looking Statements
The statements in this press release that relate to future plans, events or
performance, are forward-looking statements that involve risks and
uncertainties, including risks associated with uncertainties pertaining to
customer orders, including the possibility of contract cancellations, demand
for services and products, development of markets for the companies' services
and products and other risks identified in the companies' SEC filings. Actual
results, events and performance may differ materially. Readers are cautioned
not to place undue reliance on these forward-looking statements, which speak
only as of the date hereof. The companies undertake no obligation to release
publicly the result of any revisions to these forward-looking statements that
may be made to reflect events or circumstances after the date hereof or to
reflect the occurrence of unanticipated events.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of
1995: Statements in this press release regarding National Technical Systems'
business which are not historical facts are "forward-looking statements" that
involve risks and uncertainties. For a discussion of such risks and
uncertainties, which could cause actual results to differ from those contained
in the forward-looking statements, see "Risk Factors" in the Company's Annual
Report or Form 10-K for the most recently ended fiscal year.
Contact: Allen & Caron
Jill Bertotti (investors)
Jill@allencaron.com
Len Hall (media)
Len@allencaron.com
(949) 474-4300
National Technical Systems, Inc.
Aaron Cohen, Vice Chairman (corporate)
aaron.cohen@ntscorp.com
Raffy Lorentzian, Sr. Vice President, CFO (financial)
raffy.lorentzian@ntscorp.com
(818) 591-0776
SOURCE National Technical Systems, Inc.
investors, Jill Bertotti, Jill@allencaron.com, or media, Len Hall,
Len@allencaron.com, both of Allen & Caron, +1-949-474-4300, for National
Technical Systems, Inc.; or corporate, Aaron Cohen, Vice Chairman,
aaron.cohen@ntscorp.com, or financial, Raffy Lorentzian, Sr. Vice President,
CFO, raffy.lorentzian@ntscorp.com, both of National Technical Systems, Inc.,
+1-818-591-0776
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