Breeze-Eastern Awarded $5 Million Bomb Hoist Contract.Business Editors UNION, N.J.--(BUSINESS WIRE)--May 8, 2003 Breeze-Eastern, a Division of TransTechnology Corporation (NYSE NYSE See: New York Stock Exchange :TT) announced today that the Naval Air Systems Command The Naval Air Systems Command, or NAVAIR, is the part of the United States Navy which provides materiel support for naval aircraft and airborne weapon systems, such as guided missiles. NAVAIR was established in 1966 as the successor to the Navy's Bureau of Naval Weapons (BuWeps). , Naval Air Warfare Center The Naval Air Warfare Center was a former U.S. Navy military installation located in Warminster, Pennsylvania and Ivyland, Pennsylvania. The U.S. Navy purchased the grounds to establish this facility from the Brewster Aeronautical Corporation following its bankruptcy in the Aircraft Division, Lakehurst, New Jersey Lakehurst is a Borough in Ocean County, New Jersey, United States. As of the United States 2000 Census, the borough population was 2,522. Lakehurst was incorporated as a borough by an Act of the New Jersey Legislature on April 7, 1921, from portions of Manchester Township, , exercised its option for the procurement of 147 HLU-196 D/E D/E Depression/Elevation (Angle) Electric Powered Bomb Hoists and 100 HLU-196 D/E Bomb Hoist Battery Pack Recharge Units with an aggregate value of $5,021,600. The Breeze-Eastern bomb hoist will replace the Navy's current gasoline engine powered bomb hoist and will be used to lift weapons onto carrier-based aircraft. Along with the hoist systems and battery packs, Breeze-Eastern will provide battery chargers and AC adapters for use when battery power is not available. All of the units are scheduled for delivery during the current fiscal year. "This contract represents the third and final option under an agreement with the Navy to provide them with Breeze-Eastern 'state-of-the-art', highly engineered weapons handling hoists," stated Robert L.G. White, President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of TransTechnology Corporation. He continued, "The Bomb Hoist marks a milestone in our ever-growing weapons handling systems capability. This product has come from a concept to a final product in less than two years, and we have received more than $18 million of orders for the product during that time. We believe that the Bomb Hoist, and similar products currently under development, are indicative of the growth potential that is available in this segment of the sophisticated lifting equipment market." TransTechnology Corporation, (http://www.transtechnology.com), operating as Breeze-Eastern, (http://www.breeze-eastern.com), is the world's leading designer and manufacturer of sophisticated lifting devices for military and civilian aircraft, including rescue hoists, cargo hooks, and weapons-lifting systems. The company, which employs approximately 180 people at its facility in Union, New Jersey, reported sales from continuing operations continuing operations Parts of a business that are expected to be maintained as an ongoing segment of an overall business operation. Income and losses from continuing operations are reported separately if any segments have been discontinued during the of $55.0 million in the fiscal year ended March 31, 2003. INFORMATION ABOUT FORWARD-LOOKING STATEMENTS Certain statements in this press release constitute "forward-looking statements" within the meaning of the Securities Act of 1933, as amended, and the Securities Exchange Act of 1934, as amended (the "Acts"). Any statements contained herein that are not statements of historical fact are deemed to be forward-looking statements. The forward-looking statements in this press release are based on current beliefs, estimates and assumptions concerning the operations, future results, and prospects of the Company. As actual operations and results may materially differ from those assumed in forward-looking statements, there is no assurance that forward-looking statements will prove to be accurate. Forward-looking statements are subject to the safe harbors created in the Acts. Any number of factors could affect future operations and results, including, without limitation, the Company's ability to be profitable with a smaller and less diverse base of operations Noun 1. base of operations - installation from which a military force initiates operations; "the attack wiped out our forward bases" base air base, air station - a base for military aircraft army base - a large base of operations for an army that will generate less revenue; the Company's ability to satisfy the listing requirements Listing requirements Requirements, including minimum shares outstanding, market value, and income, that are laid down by an exchange for any stock to be listed for trading. of the NYSE or any other national exchange on which its shares are or will be listed or otherwise provide a trading market venue for its shares; the value of replacement operations, if any; determination by the Company to dispose of To determine the fate of; to exercise the power of control over; to fix the condition, application, employment, etc. of; to direct or assign for a use. See also: Dispose additional existing assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; interest rate trends; capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. ; competition from other companies; changes in applicable laws, rules and regulations affecting the Company in the locations in which it conducts its business; the availability of equity and/or debt financing in the amounts and on the terms necessary to support the Company's future business; and those specific risks that are discussed in the Company's previously filed Annual Report on Form 10-K for the fiscal year ended March 31, 2002. The Company undertakes no obligation to update publicly any forward-looking statements, whether as a result of new information or future events. |
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