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| American Science and Engineering, Inc. Receives $3.4 Million Service and Maintenance Order for ZBVs from the U.S. Government |
The Latest Order Exercises the Final Option of a Multi-Year Contract Valued at $46.2 Million BILLERICA, Mass.--(BUSINESS WIRE)--June 23, 2008--American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E(R)), a leader in X-ray detection technology, announced today the receipt of a $3.4 million order from the U.S. Government for service, support, and spare parts for Z Backscatter Vans (ZBV). AS&E was awarded the initial Base Year of the contract in September of 2006 valued at $11.0 million and was awarded Option Year One of the contract in March 2007, valued at $17.5 million. Option Year Two was received in April 2008 and this latest award completes the funding for the multi-year contract with a total value of $46.2 million. This valued U.S. Government client continues to rate our service and support group with the highest levels of customer satisfaction, said Anthony Fabiano, President and CEO. Receipt of the final phase of this multi-year contract ensures that the U.S. Government's ZBVs will continue to operate at the highest levels of performance for their critical counterterrorism missions. AS&E's Z Backscatter Van(TM) (ZBV) The Most Maneuverable, Versatile Mobile X-ray Detection System on the Market A breakthrough in X-ray detection technology, AS&E's Z Backscatter Van is the Number One selling non-intrusive mobile inspection system on the market. ZBV is a low-cost, highly mobile screening system built into a commercially available delivery van. The ZBV allows for immediate deployment in response to security threats, and its high throughput capability facilitates rapid inspections. The system's unique drive-by capability allows one or two operators to conduct X-ray imaging while the ZBV drives past suspect vehicles and objects. For personnel safety in dangerous environments, a remote console is available for operating the system in stationary mode from a distance of up to 500 meters. To date, AS&E has sold more than 300 Z Backscatter Vans to over 90 customers in 40 countries. AS&E's Worldwide Service and Support AS&E's highly skilled Field Service Engineers (FSEs) provide support services worldwide. Each FSE, with a technical degree in electrical and mechanical engineering or equivalent experience, is trained in the operation and repair of electronics, hydraulics, pneumatics, mechanics, electrical systems, and computers. Available 7 days a week, 24 hours a day, FSEs are located at AS&E offices in Asia, Europe, the Middle East, and North America. About AS&E(R) American Science and Engineering, Inc. (AS&E) is the leading worldwide supplier of innovative X-ray inspection systems. With 50 years of experience in developing advanced X-ray security systems, the Company's product line utilizes a combination of technologies, including patented Z Backscatter technology, Radioactive Threat Detection (RTD), high energy transmission and dual energy transmission X-ray. These technologies offer superior X-ray threat detection for plastic explosives, plastic weapons, liquid explosives, dirty bombs and nuclear devices. AS&E's complete range of products include cargo inspection systems for port and border security, baggage screening systems for facility and aviation security, and personnel and passenger screening systems. AS&E systems protect high-threat facilities and help combat terrorism and trade fraud, drug smuggling, weapon smuggling, and illegal immigration and people smuggling. AS&E customers span more than 40 countries, and include leading government agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security (DHS), U.S. Department of Defense (DoD), U.S. Customs and Border Protection (CBP), North Atlantic Treaty Organization (NATO), HM Revenue & Customs (U.K.) and Hong Kong Customs. For more information on AS&E products and technologies, please visit www.as-e.com. Safe Harbor Statement. The foregoing press release contains statements concerning AS&E's financial performance, markets and business operations that may be considered forward-looking under applicable securities laws. AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions or delays in procurements of the Company's systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E's products; litigation seeking to restrict the use of intellectual property used by the Company; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company's products to address such threats; and the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth, and future delays in federal funding. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E's periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
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| "Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding American Science and Engineering's business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year. |