Optex Systems executes USD850,000 settlement agreement for Aiming Circle contract with the US Government.
M2 EQUITYBITES-September 28, 2015-Optex Systems executes USD850,000 settlement agreement for Aiming Circle contract with the US Government
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Optex Systems revealed Monday that it has entered into a USD850,000 settlement agreement for equitable adjustment on the Aiming Circle contract number W52H09-06-D-0229, under which, the shipments concluded in 2011 with the US Government.
The settlement is the result of a negotiation and fact gathering process managed through the Armed Services Contract Board of Appeals (ASBCA).
This settlement signifies a significant effort by the technical and business teams at Optex and at the US Army's Tank-automotive & Armaments Command (TACOM). While a request for an equitable adjustment is not the desired path by either party, the company appreciates the methodology afforded to small businesses through the ASBCA office in the rare occasion that it is needed, according to Danny Schoening, Optex's CEO.
Optex Systems is a manufacturer of optical sighting systems and assemblies for domestic and foreign militaries and a wholly owned subsidiary of Optex Systems Holdings (Other OTC:OPXS).
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