PORTLAND, OR, Jul 20, 2005 (MARKET WIRE via COMTEX) -- FLIR Systems, Inc. (NASDAQ: FLIR) announced today that it has received a contract from a team led by Korea Aerospace Industries to supply its most advanced airborne thermal imaging system, the Star SAFIRE® HD, to the Republic of Korea (ROK) as part of the Korean Navy's P-3 Lot II Maritime Patrol Aircraft program.
The ROK Navy P-3 program is a multi-billion dollar effort that includes the competitive procurement of the Star SAFIRE® HD system. Deliveries will begin in 2006. Total contract value is in excess of $5 million (USD), with the potential to be in excess of $10 million including follow on options. This contract also provides for potential future deliveries of additional systems in support of the Republic of Korea Navy's existing P-3 aircraft.
"The selection of the Star SAFIRE® HD system for this program underscores our leading position in providing stabilized airborne imagers to the international P-3 community. We are delighted that the Korea Aerospace Industries and its team have selected our newest, most advanced system for this critical program to help upgrade the Republic of Korea Navy's maritime patrol capability," said Earl Lewis, CEO and President of FLIR Systems.
This release contains forward-looking statements, including the Company's expectations for, and timing of, deliveries of its Star SAFIRE® HD systems under the contract described above. These statements are based on current expectations, estimates and projections about the Company's business based, in part, on assumptions made by management. These statements are not guarantees of future performance and involve risks and uncertainties that are difficult to predict. Therefore, actual outcomes and results may differ materially from what is expressed or forecasted in such forward-looking statements due to numerous factors, including the following: the availability of funding under the contract described above, including possible option awards, the continuing ability to penetrate new market applications, the Company's continued compliance with US export control laws, the Company's continuing eligibility to act as a government contractor, additional competition, the Company's ability to win larger delivery contracts, the impact of competitive products and pricing, constraints on supplies of critical components, excess or shortage of production capacity and other risks discussed from time to time in the Company's Securities and Exchange Commission filings and reports, including the Company's Annual Report on Form 10-K for the year ended December 31, 2004. In addition, such statements could be affected by general industry and market conditions and growth rates, and general domestic and international economic conditions. Such forward-looking statements speak only as of the date on which they are made and the company does not undertake any obligation to update any forward-looking statement to reflect events or circumstances after the date of this release.
About FLIR Systems
FLIR Systems, Inc. is a world leader in the design, manufacture and marketing of thermal imaging and stabilized camera systems for a wide variety of imaging and Thermography applications including intelligence, surveillance, reconnaissance, navigation, border patrol, industrial security, condition monitoring, research and development, manufacturing process control, and building diagnostics. FLIR Systems is headquartered in Portland, Oregon, with service and manufacturing facilities worldwide. Visit the company's web site at www.FLIR.com.
SOURCE: FLIR Systems, Inc.