MMFS MODERN MFG SERVICES INC - Signs Letter of Intent for the Acquisition of Watercraft - Military Defence Contractor
New York, New York, May 17, 2002 (Market News Publishing via COMTEX) -- Modern
MFG Services, Inc. (Modern) is pleased to announce the signing of a letter of
Intent to acquire 100% of Integrated Maritime Platforms International Inc., the
designer, developer and manufacturer of the GB-Challenger Class Craft a
high-speed, long-range multi-mission coastal patrol craft with interchangeable
mission modules.
The GB-Challenger Class Craft range in size from 7 to 16 meters, are highly
maneuverable, have a range in excess of 500 nautical miles at continuous speeds
of 40+ knots, and are capable of carrying a heavy payload. All of the
GB-Challenger Craft have been designed to be reconfigurable platforms, which
will accept mission modules that plug into the front deck section of the basic
craft. Available mission modules range from dive salvage, drug interdiction,
environmental response, and firefighting, to mine countermeasures and weapons
deployment. Mission modules can be removed and replaced in 30 minutes or less,
providing environmental, commercial, and military clients worldwide with a
flexible, multi-mission system, which performs exceptionally well in open ocean,
riverine, and littoral (brown water/near shore) environments.
Through this acquisition, Modern will become a member of a select group of
companies working on a program known as the Unmanned Surface Vehicle Consortium.
In an agreement with the United States Navy this consortium will design and
develop a Naval Undersea Warfare Combat Vehicle Prototype. Estimated value
placed on this agreement exceeds $22,500,000. The initial value of this program
to Modern (through the acquisition of Integrated Maritime) is approximately $12
million. Currently the company has a prototype boat in operation and is in
various stages of design and development of other crafts.
Biological Defence Corporation is continuing its testing on the sterilization of
active strains of Staphylococcus and Streptococcus viruses. Initial test results
have indicated a disturbance within the virus is occurring. The effect this will
have on the sterilization of the virus is not known at this time. Further
testing to determine precise output levels is on going. The Company will keep
its shareholders updated on the progress of the testing and will announce
further developments as they become available.
Safe Harbor Statement:
Investors should carefully consider the preceding information, as well as other
information contained herein before making an investment in the common stock of
the Company. Information contained herein contains "forward-looking statements"
which can be identified by the use of forward-looking terminology such as
"believes," "may," "should," or "anticipates," or the negative thereof or given
that the future results covered by such forward-looking statements will be
achieved. The preceding matters constitute cautionary statements identifying
important factors with respect to such forward-looking statements, including
certain risks and uncertainties that could cause actual results to vary
materially from the future results covered in such forward-looking statements.
Other factors could also cause actual results to vary materially from the future
results covered in such forward-looking statements.
CONTACT: TEL: (425) 315-1772 Modern MFG Services Inc.
WEBSITE: www.modernmfg.com
URL: www.modernmfg.com
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(C) 2002 Market News Publishing Inc.
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KEYWORD: New York, New York
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