EDAC Technologies Receives Additional $1.9 Million Upon an Option Exercise from the U.S. Military, Doubling a Contract That Had Been EDAC's Largest Military Contract to Date
FARMINGTON, Conn., April 2, 2008 /PRNewswire-FirstCall/ EDAC Technologies Corporation (NASDAQ:EDAC), a designer and manufacturer of jet engine components, tools, fixtures, injection molds and spindles, reported today that the U.S. Military has exercised its option for an additional $1.9 million on a contract that EDAC had been awarded earlier this year and announced by EDAC on January 10, 2008. This option exercise by the U.S. Military doubles the size of what had been EDAC's largest military contract to date. The original $1.9 million contract commences shipping in April 2008 continuing through February 2009. Delivery on the $1.9 million exercised option will commence after February 2009. This order will be produced by EDAC's Precision Aerospace product line. EDAC has been actively pursuing qualification by the military as a supplier of certain products that it has produced for many years.
About EDAC Technologies Corporation EDAC Technologies Corporation is a diversified manufacturing company primarily offering (i) design and manufacturing services for the aerospace industry in such areas as jet engine parts, special tooling, equipment, gauges and components used in the manufacture, assembly and inspection of jet engines (ii) high-precision fixtures, gauges, dies and molds and (iii) the design, manufacture and repair of precision spindles, which are an integral part of numerous machine tools found in virtually every manufacturing environment.
Cautionary Statement Regarding Forward Looking Statements - This press release contains forward-looking statements within the meaning of the Private Securities Litigation Reform Act of 1995. The Company uses words such as "plans," seeks," "projects," "expects," "believes," "may," "anticipates," "estimates," "should," and similar expressions to identify these forward looking statements. These statements are subject to risks and uncertainties and are based upon the Company's beliefs and assumptions. There are a number of important factors that may affect the Company's actual performance and results and the accuracy of its forward-looking statements, many of which are beyond the control of the Company and are difficult to predict. These important factors include, without limitation, factors which could affect demand for the Company's products and services such as general economic conditions and economic conditions in the aerospace industry and the other industries in which the Company competes; competition from the Company's competitors; and the Company's ability to enter into satisfactory financing arrangements. These and other factors are described in the Company's annual and quarterly reports filed from time to time with the Securities and Exchange Commission. In addition, the forward-looking statements included in this press release represent the Company's expectations and beliefs as of the date of this release. The Company anticipates that subsequent events and developments may cause these expectations and beliefs to change. However, while the Company may elect to update these forward-looking statements at some point in the future, it specifically disclaims any obligation or intention to do so. Contact:
CONTACT: Glenn Purple of EDAC Technologies Corporation, +1-860-677-2603 Web site: http://www.edactechnologies.com/
2008-04-02 18:39:56 0326921 PRNEWSWIRE
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