ALLIED RESEARCH CORPORATION REPORTS ITS NEW FRENCH UNIT RECEIVED $1.5 MILLION BANK SECURITY CONTRACT.VIENNA, Va.--(BUSINESS WIRE)--April 25, 1995--Allied Research Corporation (AMEX AMEX See: American Stock Exchange :ALR ALR Administrative License Revocation ALR Agricultural Land Reserve (Canada) ALR Automatic Locking Retractor (seat belts) ALR Australian Law Reports (University of Tasmania Library) ) said today that its new French unit of VSK VSK Verband Schweizerischer Kaderschulen (German: Federation of Swiss Cadre Schools) VSK Voice over Broadband Starter Kit VSK Virtual Storage Key VSK Vision Starter Kit Electronics had received a $1.5 million contract to provide security systems to offices of Credit Agricole, a major French bank. The contract represents the first significant order for the French unit since its organization in early 1995. The latest contract brings to $13.5 million the amount of contracts announced by VSK Electronics since its acquisition in mid-1994 by Allied Research Corporation, as part of ARC's European diversification program. Dr. J Noun 1. Dr. J - United States basketball forward (born in 1950) Erving, Julius Erving, Julius Winfield Erving .R. Sculley, chairman and chief executive of ARC, said the new contract validated ARC's decision to acquire VSK. "They are not only profitable, but their increasing success and strength will reduce our investment payback time markedly," Dr. Sculley said. Dr. Sculley said VSK had moved quickly to penetrate new markets and that the company's decision to establish a French operating unit operating unit A type of operating company that engages in transactions with outsiders and that is owned by another business. For example, in 1995 the stockholders of Capital Cities/ABC approved a $19 billion merger with the Walt Disney Company, whereupon had paid off faster than originally expected. He said VSK France is expected to gain market share rapidly. "VSK has been winning large-scale assignments because of a combination of technical excellence and a record of providing strong follow-up service and training. The large scope of their recent contract wins is expected to pave the way for additional contracts within the financial community and throughout industry," Dr. Sculley commented. "The demand for commercial security systems has been expanding rapidly and we are gaining an increasing share of the growing demand for commercial security systems. "It is our intention to use our very strong Belgian and French bases to continue expansion throughout Western Europe Western Europe The countries of western Europe, especially those that are allied with the United States and Canada in the North Atlantic Treaty Organization (established 1949 and usually known as NATO). ," Dr. Sculley concluded. Allied Research Corporation is a leading developer and producer of ammunition systems; supplies engineering services to defense departments worldwide; designs, produces and markets security systems in Europe and is active in environmental and demilitarization de·mil·i·ta·rize tr.v. de·mil·i·ta·rized, de·mil·i·ta·riz·ing, de·mil·i·ta·riz·es 1. To eliminate the military character of. 2. markets. CONTACT: Richard Farrell Associates, Inc. Richard Farrell, 1-800-743-2724 |
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