Print page
Email page
Download PDF
« Previous Release | Next Release »
FLIR Systems, Inc.
(Nasdaq:FLIR) announced today that it has been tentatively selected by Lockheed
Martin Corporation (NYSE:LMT) and Northrop Grumman Corp. (NYSE:NOC), working
together as a joint venture called the Integrated Coast Guard Systems (ICGS)
team, as a possible solution to provide thermal imaging systems as part of the
U.S. Coast Guard's ambitious "Deepwater Project." The formal award of this
program to the ICGS team was announced by the Department of Transportation on
Tuesday, June 25, 2002, at a ceremony at the National Press Club in Washington,
D.C.
The Deepwater Project is a 40 year, multi-billion dollar program to renovate,
modernize and in some cases replace the U.S. Coast Guard's fleet of 93 ships and
206 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, including 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. FLIR's participation in the Deepwater Project is subject to
the successful completion of contract negotiations with Lockheed Martin.
"The Deepwater Project is the most ambitious procurement program in Coast Guard
history. It may become the largest program in FLIR Systems' history as well,
upon the successful conclusion of contract negotiations to provide our thermal
imaging systems. We are proud to have been invited to participate in this
critical program to help upgrade the Coast Guard's mission capability. We also
are proud to work with two of this country's leading defense-electronics
companies, Lockheed Martin Corporation and Northrop Grumman Corp., 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.
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 news
gathering, 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.
This release contains statements, including statements regarding FLIR's
tentative selection to participate in the U.S. Coast Guard's Deepwater Project,
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 successfully
negotiate a long term supply contract with Lockheed Martin Corporation and
Northrop Grumman Corp., a lack of sufficient funds required under the contract
for the procurement of such systems, changes in the Deepwater Project 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, 2001. 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
CONTACT: FLIR Systems, Inc.
Dean Hutton or Paul Cameron, 503/684-3731
www.flir.com
or
Neil Berkman Associates
310/277-5162 (Investor Contact)
info@BerkmanAssociates.com
URL: http://www.businesswire.com
Today's News On The Net - Business Wire's full file on the Internet
with Hyperlinks to your home page.
Copyright (C) 2002 Business Wire. All rights reserved.
