AirBoss Awarded Two New Contracts Valued at up to $22.3 Million
NEWMARKET, Ontario, July 05, 2023 (GLOBE NEWSWIRE) — AirBoss of America Corp. (TSX: BOS)(OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that its wholly-owned subsidiary, AirBoss Defense Group (“ADG”), has received an order from the Defense Logistics Agency (“DLA”) for the ADG AirBoss Molded Glove (“AMG”) and that a partner nation has re-selected ADG to supply its Bandolier multipurpose line charge system for use by its military. The combined value of these contract awards is expected to be worth up to US$22.3 million.
Glove Contract Provides Superior Protection to American Warfighters
The AMG contract, which was awarded as a part of DLA’s JB2GU CBRN glove program, is expected to be worth up to an aggregate amount of US$18.5 million over a term of three years. ADG currently holds the single source contract for this requirement and is pleased to have again been selected as the supplier of choice for this critical personal protective equipment. The AMG was designed to provide superior protection against CBRN threats and a wide range of toxic industrial chemicals. The glove was developed to provide optimal fit, comfort, and functionality while fully integrating with current field equipment.
Order Extension Based on the Bandolier’s Unique Design and Capabilities
ADG’s Bandolier order is an expansion of the customer’s ongoing program of record for the Bandolier and is expected to worth US$3.8 million over a period of 12 months. The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single role explosive charges and standard bulk demolitions, and its unique, lightweight, modular design allows for flexible use across a variety of mission requirements.
“With these latest two contracts, ADG continues to provide customers with unique protective and survivability solutions,” said Chris Bitsakakis, President and COO of AirBoss. “We look forward to providing DLA with this critical glove system now and in the future to ensure the safety of warfighters in austere environments and challenging conditions. We are also excited to have extended ADG’s supplier relationship for the Bandolier line charge system. The Bandolier is an important part of ADG’s portfolio of survivability solutions and demonstrates the ADG team’s ability to innovate to meet the unique needs of its customers.”
AirBoss of America Corp.
AirBoss of America is a leading and diversified developer, manufacturer and provider of innovative survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through three divisions. AirBoss Defense Group is a global leader in personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Engineered Products is a supplier of innovative anti-vibration solutions to the North American automotive market and other sectors. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.
AIRBOSS FORWARD-LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; current and future litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. The continued COVID-19 pandemic could also negatively impact the Company’s operations and financial results in future periods. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. As such, it is not possible to estimate the impacts the continued COVID-19 pandemic will have on the Company’s financial position or results of operations in future periods. While the direct impacts of COVID-19 are not determinable at this time, the Company has a credit facility that can provide financing up to $250,000. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this Interim Report and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.
CONTACT: Investor Contact: investor.relations@airboss.com Media Contact: media@airboss.com
