Here's why FATS was strong today:
FATS Wins Norwegian Armed Forces and Egyptian Army Contracts; Announces New Chief Financial Officer
Business Wire - March 24, 1999 10:20
SUWANEE, Ga.--(BUSINESS WIRE)--March 24, 1999--Firearms Training Systems, Inc. (Nasdaq: FATS), announced today that the Norwegian Army Materiel
Command has selected FATS to provide small arms simulators for the training of the Norwegian Army and Police. The contract value currently exceeds $3 million
dollars with options for additional simulators valued over $1,750,000. Initial product deliveries are expected to be complete by January 2000 with follow-on
maintenance and training requirements in future years.
FATS also announced today that the Egyptian Ministry of Defence has selected FATS to provide small arms trainers to the Egyptian Army. The selection of FATS
follows a lengthy and highly competitive evaluation process in which FATS was chosen to supply small arms trainers valued initially at nearly $2,000,000 with options
available for additional systems.
"These are important contracts for FATS," said Peter Marino, President and CEO. "The selection process by Norway was rigorous and the requirements demand
taking full advantage of technology. We are very pleased to be part of meeting the Norwegian Army's future training needs. The Egyptian Army contract award adds yet
another highly respected military force to the list of customers that use FATS simulators for gunnery training."
The Company announced also that Mr. John A. Morelli has been appointed as Acting Chief Financial Officer pending formal approval by the Board of Directors to
replace Emory O. Berry who has resigned. Appointment of Mr. Morelli as CFO will provide the Company an opportunity to consolidate senior management positions.
Mr. Morelli has served as the Corporate Controller since September 1996 and has over twenty years of experience in financial management with defense related firms.
FATS is the leading worldwide producer of interactive simulation systems designed to provide training in the handling and use of small and supporting arms. FATS(R)
products also include air defense, anti-armor, and armored vehicle training products, which are designed and manufactured by its Canadian subsidiary, Simtran
Technologies, Inc. Commercial versions of FATS(R) products supporting the sports shooting enthusiast and professional hunter are designed and manufactured by its
Colorado-based subsidiary, Dart International, Inc.
Certain of the foregoing information are forward-looking statements regarding future events or the future financial performance of the Company, and are subject to a
number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors
including those discussed above are: general business and economic conditions; the company's success in competing for new contract awards; customer acceptance of
and demand for the Company's new products; receipt and delivery of a sufficient level of orders from new and existing customers as well as satisfactory completion of
delivery of a sufficient portion of backlog, the Company's overall ability to design, test, and introduce new products on a timely basis; the cyclical nature of the markets
addressed by the Company's products; and the risk factors listed from time to time in documents on file with the SEC.
CONTACT: Firearms Training Systems, Inc.
Investor Relations
John A. Morelli, 770/622-3236 |
