news Tuesday September 9 12:39 PM EDT
Company Press Release
H.E.R.C. Products Inc. Announces Five Year Contract
with the U.S. Navy
PHOENIX--(BUSINESS WIRE)--Sept. 9, 1997--H.E.R.C. Products Inc. (NASDAQ Small Cap:
HERC) announced today, the award of a five year contract with the U.S. Navy, Norfolk Supervisor
of Shipbuilding to use its proprietary technology to clean vacuum sewer systems on ships of the
Atlantic Surface Fleet in the Norfolk, Va. region.
The Atlantic Surface Fleet contract is expected to generate approximately $8,000,000 of revenues
during the five year term. The company's services under this contract are to begin immediately on
three Landing Ships, the USS Oakhill, USS Portland and USS Ashland, which will represent
revenues of approximately $200,000.
S. Steven Carl, Chairman and Chief Executive Officer of H.E.R.C. commented, ``We are please
with being chosen by the U.S. Navy to maintain the CHT (vacuum sewer) Systems for the 147 ships
of the Atlantic Fleet out of Norfolk. Along with the continuing growth of our marine business with the
U.S. Coast Guard, we believe that the volume of business will help us move toward our profitability
goals.''
``In addition to Norfolk,'' Carl continued, ``we are pursuing four other Supervisor of Shipbuilding
offices that manage the balance of the Atlantic Fleet and the Pacific Fleet. We believe the award of
this contract will help us in our presentation to these other offices.''
H.E.R.C. Products Inc. develops, manufactures, and markets products that eliminate and control
scaling and tuberculation on surfaces that come into contact with water, and develops, manufactures
and markets biorational (natural) pest management and plant growth products for the agricultural and
horticultural markets through its three operating division: H.E.R.C. Consumer Products Inc., CCT
Corp. (both wholly owned subsidiaries), and the Industrial Products Group.
This press release contains forward-looking information. Readers are cautioned not to place undue
reliance on any such forward-looking statements, each of which speaks only as of the date made.
Such statements are subject to certain risks and uncertainties which are disclosed in the Company's
SEC reports, including Form 10-KSB for the year ended Dec. 31, 1996 and the Form 10-QSB for
the quarter ended June 30, 1997. These risks and uncertainties could cause actual results to differ
from those currently anticipated or projected. |
