NEWMARKET, Ontario, Nov. 07, 2022 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS)(OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that its wholly-owned subsidiary, AirBoss Defense Group (“ADG”), has received a US$35 million order for ten Husky 2G counter-improvised explosive device (“C-IED”) vehicles. The vehicles will be equipped with a full complement of detection systems and periphery subsystems including ground penetrating radar (GPR), M20 Interrogation Arms, Rollover Detection Systems, thermal cameras and RPG-defeat netting. ADG is also responsible for providing comprehensive operator and maintainer training as well as spare parts and sustainment supplies to the customer. Delivery of the vehicles is expected to take place over the next 16 months.
Furthermore, ADG, through its partner, DCD Protected (“DCD”), will be providing three Husky 2G C-IED vehicles, peripheral detection and survivability systems to support a customer in West Africa, valued at up to $5.6 million. ADG and DCD will also be providing spare parts and sustainment supplies as well as comprehensive operator and maintainer training. This contract, with deliveries expected to take place over the next six months, will provide a critical, best-in-class route clearance and threat detection and interrogation capability that will aid in the ongoing war on terror and efforts to counter a growing extremist threat in the region.
Patrick Callahan, CEO of AirBoss Defense Group said, “AirBoss Defense Group is growing its worldwide leadership in survivability solutions, ranging from IED detection to high-risk environment personal protective equipment. The Husky 2G is a cornerstone product in our portfolio of survivability solutions and is the most survivable vehicle available on the battlefield, providing unparalleled route clearance capabilities to U.S allies around the world. ADG welcomes the opportunity to continue supporting global route clearance missions.”
These new orders build upon previous U.S. and foreign government procurement from ADG of Husky 2G C-IED vehicles, equipment, spare parts, and training to counter growing IED and landmine threats around the globe. ADG vehicles enable a rapid response to the growing international demand for proven route clearance and survivability solutions delivered by ADG. Built with a unique V-shaped hull and modular design, the Husky 2G C-IED protects operators from blast impacts, small arms fire, and challenging terrain while supporting sensor systems for threat detection, identification, and mitigation.
The two-operator Husky 2G clearance vehicle was developed to meet the operational requirement for longer, more complex, mounted clearance missions and the employment of more sophisticated vehicle payloads. Recognized by the U.S. Department of Defense as a U.S. Army Top Ten Invention, the 2G platform addresses evolving explosive threats while applying operationally proven survivability capabilities.
AirBoss of America Corp.
AirBoss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through three divisions. AirBoss Defense Group is a global leader in personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market and other sectors. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.
AIRBOSS FORWARD-LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. COVID-19 could also negatively impact the Company’s operations and financial results in future periods. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. As such, it is not possible to estimate the impacts COVID-19 will have on the Company’s financial position or results of operations in future periods. While the direct impacts of COVID-19 are not determinable at this time, the Company has a credit facility that can provide financing up to $250 million. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this Interim Report and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.
Investor Contact: Chris Bitsakakis, President or Gren Schoch, CEO at 905-751-1188. Media Contact: media@airboss.com
