Applied Energetics Receives $3.1 Million U.S. Army Contract For Laser Guided Energy
TUCSON, Ariz., Aug 18, 2009 /PRNewswire-FirstCall via COMTEX/ -- Applied Energetics, Inc., (Nasdaq: AERG) today announced it has been awarded a $3.1 million Contract from the U.S. Army's Research, Development and Engineering Command (U.S. Army RDECOM - Picatinny, NJ) for the continued development and advancement of the company's Laser Guided Energy(TM) (LGE) technology.
Regarding the contract, Mr. Joe Hayden, Chief Operating Officer of Applied Energetics commented, "We look forward to working with the Army on the continued development of our LGE technology to meet their mission requirements. This contract signifies the continued commitment of the Army to mature LGE and advance this technology to the field."
Laser Guided Energy (LGE) is a transformational weapon technology by which a controllable high voltage electric charge can be precisely guided by a laser through the atmosphere to induce a range of effects against a variety of targets. LGE has been a core proprietary technology for Applied Energetics since the company was founded in 2002. The company has a significant number of patent filings relating to the technology and its applications, with nine patents awarded and twenty-nine patent applications in process.
Mr. Ben Lagasca, Chief of the Advanced Energy Armaments Division at U.S. Army ARDEC, stated, "The U.S. Army has been involved with the development of LGE for the past 5 years. Now that the technology is approaching the level of maturity needed to begin weaponization we will be more closely coordinated with Applied Energetics through this contract to fulfill Army mission needs."
The award is a cost plus fixed fee Ordnance Technology Initiative Agreement with a ceiling value of $13.4 million over a period of performance of three years. The initial funded contract value is $3.1 million over a period of one year. The development effort will be incrementally funded to support the advances in the systems and components that comprise a Laser Guided Energy system and will be the next step in advancement of these systems to meet U.S. Army future requirements.
About Applied Energetics, Inc.
Applied Energetics, Inc., based in Tucson, Arizona, specializes in development and manufacture of advanced high performance lasers, high voltage electronics, advanced optical systems, and integrated guided energy systems for defense, aerospace, industrial, and scientific customers worldwide. Applied Energetics pioneered the development of Laser Guided Energy(TM) (LGE(TM)) technology, and related solutions for defense and security applications. For more information about Applied Energetics, please visit www.appliedenergetics.com.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995:
Certain statements contained in this News Release constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. Such forward-looking statements involve a number of known and unknown risks, uncertainties and other factors which may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors include, but are not limited to: the dependence on sales of a limited number of products and the uncertainty of the timing and magnitude of government funding and orders, dependence on sales to government customers; the uncertainty of patent protection; the uncertainty of strategic alliances; the uncertainty of management tenure; the impact of third-party suppliers' manufacturing constraints or difficulties; management's ability to achieve business performance objectives, market acceptance of, and demand for, the Company's products, and resulting revenues; development and testing of technology and products; manufacturing capabilities; impact of competitive products and pricing; litigation and other risks detailed in the Company's filings with the Securities and Exchange Commission. The words "looking forward," "believe," "demonstrate," "intend," "expect," "contemplate," "estimate," "anticipate," "likely" and similar expressions identify forward-looking statements. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date the statement was made. Applied Energetics undertakes no obligation to update any forward-looking statements contained in this news release.
SOURCE Applied Energetics, Inc.
URL: appliedenergetics.com
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