FOR IMMEDIATE RELEASE
60 East 42nd Street, Suite 5010,
New York, NY 10165, 212-716-2000
Company Contact:
William J. Frost
Vice President - Administration
(212) 716-2000
investor.relations@edocorp.com
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FOR IMMEDIATE RELEASE |
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Company Contact: |
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EDO CORPORATION
RECEIVES OASIS CONTRACT VALUED
AT UP TO $25.5 MILLION
NEW YORK, NEW YORK - May 2, 2002 - EDO Corporation (NYSE:EDO) announced today receipt of a contract for the System Demonstration and Development ("SDD") of the Organic Airborne and Surface Mine Influence Sweep ("OASIS") system from the U.S. Naval Sea Systems Command. The contract has an initial value of $25.0 million with SDD options valued at $.5 million.
EDO Marine and Aircraft Systems in Amityville, N.Y, will perform
the development work, which will extend through 2005. Completion
of the SDD contract is expected to result in future contracts
for production units.
"OASIS, employing new technology approaches, will provide
the U.S. Navy with in-stride, highly effective, airborne mine
defense for carrier and amphibious ready battle groups,"
said James M. Smith, President and Chief Executive Officer of
EDO Corporation. "EDO has been producing Airborne Mine Countermeasure
Systems for the U.S. Navy for over 40 years, including the currently
employed Mk 105 and the recently developed Shallow Water Influence
Minesweeping System ("SWIMS"). OASIS and SWIMS will
provide the U.S. Navy with capabilities sought by many nations
and thus open the door to pursue a growing international market
as well".
About EDO Corporation
EDO Corporation (www.EDOcorp.com)
supplies highly engineered products for governments and industry
worldwide, including advanced electronic, electromechanical and
information systems and engineered materials critical to the mission
success of its customers. The Company's Defense Segment provides
integrated front-line war fighting systems, including radar countermeasure
systems, aircraft weapons storage and release systems, airborne
mine countermeasure systems, integrated combat systems and sonar
systems and professional, operational, technical and information
technology services. EDO's Space and Communication Segment addresses
the needs of the remote sensing, communication, navigation, and
electronic warfare industries with ultra-miniature electronics
and a broad line of antennas. The Company's Engineered Materials
Segment supplies piezoelectric and advanced composites for the
communication, navigation, chemical, petrochemical, paper and
oil industries, for civilian infrastructure and military applications.
Forward-Looking Statement
This press release
contains statements that are forward-looking statements within
the meaning of the Private Securities Litigation Reform Act of
1995. 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, uncertainties and assumptions
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
those described above and the following: changes in demand for
the Company's products, product mix, the timing of customer orders
and deliveries, the impact of competitive products and pricing,
difficulties encountered in the integration of acquired businesses
and other risks discussed from time to time in the Company's Securities
and Exchange Commission filings and reports. 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.
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