iRobot Secures Additional NAVSEA Funding for Man Transportable Robotic System; Contract Awarded as an Increase to September 2005 Initial Order.BURLINGTON, Mass. -- iRobot Corp. (NASDAQ NASDAQ in full National Association of Securities Dealers Automated Quotations U.S. market for over-the-counter securities. Established in 1971 by the National Association of Securities Dealers (NASD), NASDAQ is an automated quotation system that reports on :IRBT) has been awarded additional funds of more than $2.2 million by Naval Sea Systems Command The Naval Sea Systems Command (NAVSEA) is the largest of the U.S. Navy's five "systems commands," or materiel organizations. NAVSEA consists of four shipyards, eight "warfare centers" (two undersea and six surface), four major shipbuilding locations and the NAVSEA headquarters, (NAVSEA NAVSEA Naval Sea Systems Command NAVSEA Naval Avionics Support Equipment Appraisal ) for spare and depot level repair parts for its initial order of iRobot PackBot(R) Man Transportable Items that are usually transported on wheeled, tracked, or air vehicles, but have integral provisions to allow periodic handling by one or more individuals for limited distances (100-500 meters). Upper weight limit: approximately 65 pounds per individual. Robotic System robotic system An integrated system of devices that automate production and manufacturing of goods and services Surgery An AI-based surgical assistant system, which processes sensory input from haptic interfaces and/or allows surgeons to act with more accuracy than , or MTRS MTRS Massachusetts Teachers' Retirement System MTRS Mean Time to Restore Service (ITU-T) MTRS Message Transport and Routing Service (Telcordia) MTRS Man Transportable Robot System robots in September 2005. The initial order for 103 PackBot MTRS robots was valued at over $12.1 million. The additional funds raise the total value of the order placed, to date, to $14.3 million. iRobot could deliver up to 1,200 robots through 2012 under the indefinite-delivery/indefinite-quantity contract. The PackBot MTRS is custom-built to NAVSEA's specifications using the combat-proven PackBot Explosive Ordnance Device (EOD EOD abbreviation for every other day; used in medical records. ) robot as a platform. Already deployed in Iraq and Afghanistan, PackBot EOD is a rugged, lightweight robot designed to conduct explosive ordnance disposal The detection, identification, on-site evaluation, rendering safe, recovery, and final disposal of unexploded explosive ordnance. It may also include explosive ordnance which has become hazardous by damage or deterioration. Also called EOD. and handle hazardous materials, search-and-surveillance and other vital tasks for military units and bomb squads. The PackBot MTRS is specially equipped with a variety of tools and sensors to allow EOD technicians to perform reconnaissance and disrupt unexploded ordnance and improvised explosive devices from a safe distance. "Every day, our EOD robots are working in Iraq to save the lives of American service men and women," said Vice Admiral Joe Dyer (U.S. Navy, Ret.), executive vice president and general manager, iRobot. "NAVSEA's investment in logistics and lifecycle support will further improve iRobot PackBot robots' operational availability." 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. 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 Safe Harbor 1. A legal provision to reduce or eliminate liability as long as good faith is demonstrated. 2. A form of shark repellent implemented by a target company acquiring a business that is so poorly regulated that the target itself is less attractive. provisions of the Private Securities Litigation Reform Act The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corporation's expectations concerning estimates of future revenues and its business outlook. 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; our dependence on single-source manufacturers and a limited number of suppliers for critical components; our ability to manage our rapid growth; changes in government policies or spending priorities; competition; the global nature of our business; the failure of our products; our ability to retain our personnel and hire additional skilled personnel; our dependence on third-party collaborators; governmental regulation, 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 Corporation 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 Corporation, see the disclosure contained in our public filings with the Securities and Exchange Commission. |
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