Allied Research Wins $13.8 Mn Ammo Order (June 14)
VIENNA, Va. --- Allied Research Corporation announces its Belgian defense unit, MECAR, S.A., has received a $13.8 million ammunition contract from a long-time European NATO customer.
The contract calls for special design of MECAR's 105mm training ammunition for use on a "short range" firing facility. The contract is for a firm delivery of $4.6 million of the ammunition in 2002 and $4.6 million in 2003, with a follow-on option for a $4.6 million delivery in 2004 from the same customer.
General (Ret) J.H. Binford Peay, III, Allied Research's Chairman and Chief Executive Officer, said, "This contract is another example of the exemplary work MECAR is known for and its contribution to the successes of Allied Research. Its products are well received and its long-standing customer relationships attest to the value and reliability MECAR provides. As a result of this contract, our consolidated backlog is strengthened and the outlook for 2002 is very good.
"For the last three months and even for the last twelve months, Allied Research's stock has outperformed the Defense and major indices. Our vision is correct, our subsidiaries are well led and managed, and our initiatives to increase shareholder value are making a difference. The addition of this contract brings our current backlog to over $180 Million, with additional orders expected to follow," General Peay concluded.
Allied Research Corporation is a diversified defense and security firm, developing and producing conventional ammunition, sophisticated security systems, and innovative training and simulation products, for European, Asian, African, North American and South American markets.
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Allied Research Reports $13.8 Million In New Orders
