Ceradyne Inc. Receives Small Arms Protective Inserts Award to Produce Ceramic Armor for U.S. Military.Business Editors COSTA MESA Costa Mesa (kŏs`tə mā`sə), city (1990 pop. 96,357), Orange co., S Calif., on the Pacific south of Santa Ana; inc. 1953. It is a transportation, residential, and light industrial center. , Calif.--(BUSINESS WIRE)--Oct. 29, 2001 Ceradyne Inc. ("Company") (Nasdaq:CRDN CRDN Certified Restoration Drycleaning Network ) today announced it has received a small arms protective inserts (SAPI (Speech API) A programming interface from Microsoft for speech recognition and synthesis. It provides a way for developers to enable their applications to receive text from and send text to voice devices. 1. ) lightweight ceramic personnel armor award from the U.S. Defense Logistics Agency Noun 1. Defense Logistics Agency - a logistics combat support agency in the Department of Defense; provides worldwide support for military missions Defense Department, Department of Defense, DoD, United States Department of Defense, Defense - the federal department ("Agency"). The award represents an indefinite quantity, firm fixed-price contract, with First Article, or the first test shipment for evaluation, due in November 2001. Upon Agency approval, the Company is scheduled under the contract to ship an initial order of approximately $1.8 million by the end of December 2001. Joel Moskowitz, Ceradyne chief executive officer, stated: "We anticipate that once Ceradyne's SAPI armor First Article is approved and the initial contract order is shipped, the government will continue to issue monthly `delivery orders' at a rate of $1.8 million per month for up to six months. Subsequent orders would depend on military requirements and Ceradyne's ability to meet those requirements. "I believe the U.S. military's needs are greater than this initial award and may extend out several years," Moskowitz added. "As a result, I am particularly pleased that the multimillion-dollar expansion of our armor-producing capacity was recently completed at our Costa Mesa, California Costa Mesa is a suburban middle class city in Orange County, California, United States. The population was 108,724 at the 2000 census. Since its incorporation in 1953, the city has grown from a semi-rural farming community of 16,840 to a suburban city with an economy based on , facility, since it will allow us to meet and exceed the delivery requirements and, thereby, contribute to America's war on terrorism Terrorist acts and the threat of Terrorism have occupied the various law enforcement agencies in the U.S. government for many years. The Anti-Terrorism and Effective Death Penalty Act of 1996, as amended by the usa patriot act . "Credit for this `win' goes to the many Ceradyne employees who have worked for almost two years for an opportunity to demonstrate our SAPI production capabilities," Moskowitz continued. "This order represents the opportunity for which we've all been working." Ceradyne develops, manufactures and markets advanced technical ceramics for industrial, electronic, defense and consumer applications. Additional information about the Company can be found at www.ceradyne.com. This news release contains forward-looking statements regarding future events and the future performance of Ceradyne that involve risks and uncertainties that could cause actual results to differ materially. These risks and uncertainties are described in the Company's 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 Dec. 31, 2000, as filed with the Securities and Exchange Commission. |
|
||||||||||||||||
Printer friendly
Cite/link
Email
Feedback
Reader Opinion