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PORTLAND, Ore., Jul 23, 2003 (BUSINESS WIRE) -- FLIR Systems, Inc. (NASDAQ:FLIR) announced today that it has
signed a Site Pricing Agreement to supply its thermal imaging systems
equipment to the Integrated Deepwater System (IDS) program for the
U.S. Coast Guard. FLIR is a subcontractor to Lockheed Martin Naval
Electronics and Surveillance Systems-Surface Systems which is a major
contractor to Integrated Coast Guard Systems (ICGS), a joint venture
of Lockheed Martin (NYSE: LMT) and Northrop Grumman (NYSE: NOC). In
June 2002, the U.S. Coast Guard awarded the Deepwater contract to
ICGS.
The Site Pricing Agreement will expedite future procurements by
using pre-negotiated pricing and contract terms. FLIR Systems was
awarded this agreement under a competitive procurement. The Deepwater
Program utilizes an innovative "Mission-Based Performance Acquisition"
approach by partnering with the leaders in industry to maximize
operational effectiveness at the lowest total ownership cost. The
deliveries under the four-year agreement are conditioned on the
receipt of individual purchase orders.
The Deepwater Program is a 30-year, multi-billion-dollar program
to renovate, modernize and in some cases replace the U.S. Coast
Guard's fleet of ships and aircraft that patrol U.S. Territorial
Waters and involves the development and deployment of an integrated
system of surface and air command and control communications
incorporating computers, surveillance, reconnaissance and logistics
systems. There will be at least one thermal imaging system on each of
the vessels and aircraft in addition to those utilized at several
ground command and control facilities. The first asset to receive a
SeaFLIR™ II has been the USCGC MATAGORDA, which is the first
conversion of a 110' cutter into a 123' cutter under the Deepwater
Program.
"The execution of this agreement is a significant step for FLIR as
a member of the Deepwater Program, and we are proud to work with the
country's leading defense-electronics company, Lockheed Martin
Company, to provide the latest infrared imaging technology to allow
the men and women of the Coast Guard to perform their critical
missions more effectively and safely," said Earl Lewis, President and
CEO of FLIR Systems. "We look forward to supporting the Deepwater
Program for many years to come," he concluded.
About FLIR Systems
FLIR Systems designs, manufactures and markets infrared imaging
systems worldwide for a variety of applications. FLIR's imaging
products are used in such diverse applications as public safety,
defense, navigation, electronic newsgathering and search and rescue.
Thermography products support such applications as condition
monitoring, non-destructive testing, medical science, research and
development, and manufacturing process control. For more information,
please visit their Web site at www.flir.com.
Forward-Looking Statements
This release contains statements, including statements regarding
FLIR's deliveries under the site pricing agreement with Lockheed
Martin Corporation and its participation in the U.S. Coast Guard's
Deepwater Program, that are forward-looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. Such
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: an inability of the Company to satisfactorily perform under
the Site Pricing Agreement, a lack of sufficient funds required under
the contract for the procurement of such systems, changes in the
Deepwater Program generally, the impact of competitive products and
pricing, constraints on supplies of critical components, excess or
shortage of production capacity, actual purchases under agreements,
the amount and availability of appropriated government procurement
funds generally 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, 2002. 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.
SOURCE: FLIR Systems, Inc.
FLIR Systems, Inc.
Andy Teich, 503-684-3731
www.flir.com
or
Investor Contact:
Neil Berkman Associates, 310-277-5162
info@BerkmanAssociates.com
