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Valentec Systems Passes 40mm Lot Acceptance Tests

来源::网络整理 | 作者:管理员 | 本文已影响


  MINDEN, La., Nov. 28 /PRNewswire-FirstCall/ -- Valentec Systems, Inc., (OTC Bulletin Board: VSYN - News), a supplier of mission-critical conventional ammunition, pyrotechnic and related defense products, announced today it has completed additional "Lot Acceptance Test" milestones on its five-year Indefinite Delivery/Indefinite Quantity (ID/IQ) 40mm ammunition contract from the US Army.

On October 29, and November 20, 2007, Valentec successfully completed two consecutive "Lot Acceptance Test" milestone requirements for its M583 40mm ammunition contract. These "Lot Acceptance Test" events produced a performance rate of 98% and 99% respectively for the M583. These successful tests mark the US Army''s approval of continuing full-scale production from Valentec''s new modular facility. The new $1.25M facility provides flexible manufacturing cells which are reconfigurable for various munitions manufacturing programs. Valentec''s prime contractor for the program has issued a new purchase order for 13,948 40mm M992 illuminating rounds. This purchase order is in addition to the current purchase order for the 40mm M583. The total contract value for this program has a potential value of $40M over the five year period.

Mr. Robert A. Zummo, Chief Executive Officer and President of Valentec Systems, Inc. said, "Full-scale production from our new state-of-the-art facility is another accomplishment for Valentec. I am proud of the excellent ongoing performance demonstrated by the energetics team on this program. This new purchase order demonstrates our flexibility in manufacturing pyrotechnics. We will continue to exceed US Army expectations for high quality ammunition in support of our troops."

About Valentec Systems, Inc.

Valentec Systems, Inc., headquartered in Minden, LA is a supplier of mission-critical conventional ammunition, pyrotechnic and related defense products. The company markets its products to the United States Army, Israeli Defense Forces and other Ministries of Defense in friendly nations around the world. Valentec''s business lines can be classified in three distinct segments including Systems Management / Integration, Energetic Manufacturing and Metal Parts Manufacturing. For more information, please visit our website, or our most recent filings with the Securities and Exchange Commission (SEC).

Safe Harbor Language

Certain information discussed in this press release constitutes forward- looking statements as defined in the Private Securities Litigation Reform Act of 1995. Although Valentec Systems, Inc. believes that the expectations reflected in such forward-looking statements are based on reasonable assumptions, it can give no assurance that its expectations will be achieved. Forward-looking information is subject to certain risks and uncertainties that could cause actual results or statements to differ materially from those expressed or implied and the Company undertakes no obligation to update any such forward-looking statements. For further information on such factors and statements contained herein, please refer to our most recent filings with the Securities and Exchange Commission.

Source: Valentec Systems, Inc.
  


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