MONROVIA, Calif., Nov. 2, 2010 - AeroVironment, Inc. (AV) (NASDAQ:AVAV) announced today that it has received a $17,197,960 cost-plus-fixed-fee letter contract that was previously announced by the United States Army on October 22. This letter contract establishes not-to-exceed amounts for digital Puma® All Environment (AE) unmanned aircraft systems (UAS) contractor logistics support, training and accounting for contract services in support of a Joint Urgent Operational Need Statement entitled "Unmanned Aircraft Systems for Route Clearance." The services are scheduled to be delivered within the next 12 months.
The United States Special Operations Command (USSOCOM) selected the Puma UAS in 2008 for its AECV program after a full and open competition, the fourth U.S. Department of Defense competition for programs of record involving small UAS and the fourth such competition won by AV. Each Puma system consists of three air vehicles and two ground control systems. The air vehicle carries an integrated electro-optical and infrared gimbaled video camera, is designed for enhanced survivability in land and maritime environments, and can operate effectively in foul weather and over rugged terrain. Its quiet operation, stabilized imagery and precision landing capability make Puma systems easy to operate and recover. The Puma air vehicle weighs 13 pounds, is battery powered and has a flight endurance of two hours.
About AV's Small UAS
Raven®, Wasp® and Puma® comprise AV's Family of Small Unmanned Aircraft Systems. Operating with a common ground control system (GCS), this Family of Systems provides an increased capability to the warfighter that will give ground commanders the option of selecting the appropriate aircraft based on the type of mission that is going to be performed. This increased capability has the potential to significantly improve force protection and force multiplication for small military units. AV's UAS logistics operation supports systems deployed worldwide to ensure a consistently high level of operational readiness. AV has delivered more than 15,000 new and replacement small unmanned air vehicles to date. International purchasers of AV's small UAS include the armed forces of Italy, Denmark, the Netherlands, Spain, France, Norway, the Czech Republic, Thailand and Australia.
About AeroVironment, Inc. (AV)
AV is a technology company that designs, develops, produces and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and efficient electric energy systems. Agencies of the U.S. Department of Defense and allied military services use the company's battery-powered, hand-launched UAS to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and target acquisition. AV's electric transportation solutions include electric vehicle (EV) home charging, public charging and fast charging systems for consumers, automakers, utilities and government agencies, power cycling and test systems for EV developers and industrial electric vehicle charging systems for commercial fleets. More information about AV is available at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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