American Science and Engineering, Inc. Receives $14.3 Million Service and Maintenance Order for ZBVs from the U.S. Government.
BILLERICA, Mass. -- American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E([R])), a leader in X-ray detection technology, announced today the receipt of a $14.3 million order from the U.S. Government for service, support, and spare parts for Z Backscatter Vans (ZBV). AS&E was awarded the initial Base year of the contract in September of 2006 valued at $11.0 million and was awarded Option year one of the contract in March 2007, valued at $17.5 million. This latest award brings the total funded amount to $42.8 million with a potential value of up to $46.2 million.
"With this latest award, the U.S. Government will continue to receive the highest quality technical support for their ZBVs operating in the field," said Anthony Fabiano, President and CEO. "AS&E's Field Service organization consistently receives the highest customer ratings for quality and reliability and this service and maintenance contract ensures that the ZBVs will continue to operate at peak performance for the U.S. Government's critical counterterrorism missions."
A breakthrough in X-ray detection technology, AS&E's Z Backscatter Van([TM]) (ZBV([TM])) is a low-cost, highly mobile screening system built into a commercially available delivery van. The ZBV allows for immediate deployment in response to security threats, and its high throughput capability facilitates rapid inspections. The system's unique "drive-by" capability allows one or two operators to conduct X-ray imaging while the ZBV drives past suspect vehicles and objects.
AS&E's highly skilled Field Service Engineers (FSEs) provide support services worldwide. Each FSE, with a technical degree in electrical and mechanical engineering or equivalent experience, is trained in the operation and repair of electronics, hydraulics, pneumatics, mechanics, electrical systems, and computers. Available 7 days a week, 24 hours a day, FSEs are located at AS&E offices in Asia, Europe, the Middle East, and North America.
American Science and Engineering, Inc. (AS&E) is the leading worldwide supplier of innovative X-ray inspection systems. With over 45 years of experience in developing advanced X-ray security systems, the Company's product line utilizes a combination of technologies, including patented Z Backscatter technology, Radioactive Threat Detection (RTD), high energy transmission and dual energy transmission X-ray. These technologies offer superior X-ray threat detection for plastic explosives, plastic weapons, liquid explosives, dirty bombs and nuclear devices. AS&E's complete range of products include cargo inspection systems for port and border security, baggage screening systems for facility and aviation security, and personnel and passenger screening systems. AS&E systems protect high-threat facilities and help combat terrorism and trade fraud, drug smuggling, weapon smuggling, and illegal immigration and people smuggling. AS&E customers include leading government agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security (DHS), U.S. Department of Defense (DoD), U.S. Customs and Border Protection (CBP), Royal Thai Police, HM Revenue & Customs (U.K.) and Hong Kong Customs. For more information on AS&E products and technologies, please visit www.as-e.com.
Safe Harbor Statement. The foregoing press release contains statements concerning AS&E's financial performance, markets and business operations that may be considered "forward-looking" under applicable securities laws. AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions or delays in procurements of the Company's systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E's products; litigation seeking to restrict the use of intellectual property used by the Company; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company's products to address such threats; and the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth, and future delays in federal funding. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
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|Date:||Apr 29, 2008|
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