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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.
Forward-Looking Statements
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.
http://www.flir.com
Contact:
Tony Trunzo
503.498.3547
www.flir.com
