Breeze-Eastern Awarded Navy Repair and Overhaul Contract.UNION, N.J. -- The Naval Inventory Control Point, Philadelphia, has announced that Breeze-Eastern, a division of TransTechnology Corporation (OTC OTC See: Over-the-counter. OTC See over-the-counter market (OTC). :TTLG TTLG Through the Looking Glass (book by Lewis Carroll - Alice in Wonderland) TTLG Through the Looking Glass (Looking Glass Studios fansite) ), has been awarded a contract for repair and overhaul of nine types of rescue hoists, cargo hooks, and other items used in support of H-3 and H-53 helicopters. The initial contract is valued at $9.6 million and contains options, which, if exercised, will bring the total cumulative value to over $15 million. All of the work involved under the contract will be performed at the company's facility in Union, N.J., and is expected to be completed by December 2008. "This contract represents a continuation in the ever-growing relationship between Breeze-Eastern and the US Navy. Our goal is to keep the Navy operational and mission-ready with respect to all Breeze-Eastern products," 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. 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 of $62.9 million in the fiscal year ended March 31, 2005. 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 inability to consummate a recapitalization Recapitalization Restructuring a company's debt and equity mixture often with the aim of making a company's capital structure more stable. Notes: Companies often want to diversify their debt-to-equity ratio to improve liquidity. transaction or transactions; the company's unwillingness to consummate such transaction or transactions on proposed terms or on terms that the company deems to be commercially reasonable; additional equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. may result in dilution to the company's existing stockholders; the company could be forced to reduce or delay capital expenditures and acquisitions or sell assets or downsize Downsize Reducing the size of a company by eliminating workers and/or divisions within the company. Notes: When a company downsizes, it is attempting to find ways to improve efficiency and increase profitability. It is sometimes referred to as trimming the fat. or restructure its operations if it fails to obtain sufficient additional capital or refinance; 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 Debt Financing When a firm raises money for working capital or capital expenditures by selling bonds, bills, or notes to individual and/or institutional investors. In return for lending the money, the individuals or institutions become creditors and receive a promise to repay in the amounts and on the terms necessary to support the Company's future business; interest rate trends; the Company's ability to provide a trading venue for its shares; 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 or acquire additional assets; general industry and economic conditions; events impacting the U.S. and world financial markets and economies; and those specific risks that are discussed in the Company's previously filed Annual Report on Form 10-K Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended March 31, 2005 and the Form 10-Q Form 10-Q See 10-Q. for the second quarter ended September 25, 2005. 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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