iRobot's Future Combat Systems Contract Grows to Over $60 Million.
BURLINGTON, Mass. -- iRobot Corp. (NASDAQ:IRBT) today announced the company reached a funding agreement with the U.S. Army's Lead Systems Integrator (LSI) of Boeing and Science Applications International Corporation team on the previously determined direction of SUGV acceleration on January 17, 2008 under the Future Combat Systems (FCS) Program. Valued at $6 million, this award adds and accelerates delivery of 25 FCS Small Unmanned Ground Vehicle (SUGV) near-term robots for testing to ultimately provide added capabilities to soldiers in the field. iRobot's FCS Program contract now totals approximately $63 million.
"iRobot is committed to supporting infantry with revolutionary, combat-proven robots that provide soldiers a decisive advantage on the battlefield, while helping to keep them out of harm's way," said Helen Greiner, co-founder and chairman of iRobot. "With this agreement, as well as the recently announced accelerated testing schedule for FCS SUGV robots, it is clear the U.S. Army truly values the mission critical role robots play in theater as part of warfighters' teams."
In 2003 iRobot announced it was selected by the U.S. Army and its Lead System Integrator team of Boeing and Science Applications International Corporation to develop a next-generation SUGV for the FCS program. FCS is the Army's modernization program consisting of a family of manned and unmanned systems, connected by a common network, that enable warfighters with leading-edge technologies and capabilities for operating in complex environments.
Modeled after the combat-proven iRobot PackBot, SUGV features a rugged, lightweight body enabling a single soldier to easily carry and quickly deploy the robot. It is designed to enter and secure areas that are either inaccessible or extremely risky and dangerous for warfighters, and provide real-time intelligence while allowing the soldiers to maintain a safe distance from the enemy. By being linked in to the FCS network, the images and information gained by the SUGV can rapidly be made available to the warfighter.
To date, iRobot has delivered more than 1,400 PackBot robots to a broad range of military and civilian customers worldwide.
About iRobot Corp.
iRobot is a provider of robots that perform dull, dirty or dangerous missions in a better way. The company's proprietary technology, iRobot AWARE Robot Intelligence Systems, incorporates advanced concepts in navigation, mobility, manipulation and artificial intelligence. This proprietary system enables iRobot to build behavior-based robots, including its family of consumer and military robots. For additional information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.'s expectations concerning estimates of future revenues, product development plans, and its business outlook and business momentum. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our dependence on the U.S. federal government and government contracts; market acceptance of our products; changes in government policies or spending priorities; and our dependence on third-party collaborators. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
Approved for Public Release, Distribution Unlimited, PM FCS 18 APRIL 2008, case 08-045.