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VillageWorld.com Sub-Contract to Upgrade Saudi Air Base Approved By US Air Force
Initial $4 Million Contract to Provide Secure Network Systems Already Underway
BOHEMIA, N.Y.--(BUSINESS WIRE)--Oct. 23, 2001--VillageWorld.com, Inc. (OTC BB: VILW - news), a provider of secure network solutions to military, commercial and defense industry contractors, today announced that its multi-year, multi-million dollar sub-contract with ATTI International Development to implement a local and wide area network (LAN/WAN) solution for Royal Saudi Air Force (RSAF) bases had been approved by the US Air Force. Work on the contract to upgrade the first RSAF base, valued at four million dollars, is already underway.
VillageWorld.com expects to upgrade a total of 14 Royal Saudi Air Force military bases, with the contract for each base valued at approximately $4-8 million, for a total of approximately $80 million. Recurring annual maintenance fee income is expected to equal approximately 20% of the contract price.
Payments for the work are scheduled to precede working capital outlays, making the project self-funding. This allows the Company to properly stage resources to ensure a timely and successful installation.
VILW President Peter Keenan stated, ``Speed, accuracy, reliability and security are the benchmarks of today's military communication and data network needs. Our designs and implementation plans satisfy these needs better than that of our competitors. Given the events that are unfolding in the Middle East, there is a renewed sense of urgency to implement upgrades quickly and efficiently. VILW is prepared to get underway and get these systems installed ASAP.''
Mr Keenan concluded, ``We are pleased to have been selected to provide these vital systems to the RSAF. We expect to leverage our success in Saudi Arabia to provide similar services to armed forces throughout the world.'' |
