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EDO AND ATLAS ANNOUNCE STRATEGIC ALLIANCE IN
MARITIME MINE COUNTER MEASURES
NEW YORK & BREMEN, Germany - May 6, 2004 – EDO Corporation (NYSE: EDO) and ATLAS ELEKRONIK GmbH, a wholly-owned subsidiary of BAE SYSTEMS, have reached an agreement to cooperate in the field of maritime Mine Counter Measures (MCM).
"Both companies are world-class specialists in undersea warfare, with extensive experience in their respective MCM capabilities," said James M. Smith, EDO’s chief executive officer. "Our complementary products and market strengths present a unique base from which to provide comprehensive MCM system solutions."
EDO’s expertise is in minesweeping systems which have been effectively employed in critical MCM operations since the clearance of Haiphong Harbor in Vietnam some 30 years ago, and most recently in the rapid clearing the Iraqi port of Umm Qasr for Operation Iraqi Freedom. EDO is now developing the next generation of miniaturized minesweeping equipment that can be deployed from both MH-60 helicopters and unmanned surface vehicles.
ATLAS has been designated by the German Ministry of Defense as its centre of excellence for underwater technology and is a market leader in MCM products. ATLAS has been the prime contractor and major equipment provider for the extensive modernization of the German Navy’s MCM fleet. For the Netherlands and Belgian navies, ATLAS is now developing a new multi-function MCM system for both minehunting and remote minesweeping, encompassing new sonars, an open-system-architecture MCM Combat System, and the expendable mine-disposal system known as SEAFOX. The first of this Netherlands-class system is to be delivered later this year.
John M. Young, chairman of the ATLAS management board, expressed his enthusiasm about the prospects of working together in this specialized field. "Both companies have an extensive, global customer base in the naval and maritime world. We believe our combined strengths will open a number of new opportunities that
About EDO Corporation
EDO Corporation provides military and commercial products and professional services,
with core competencies in a wide range of critical defense areas, including:
EDO was founded in 1925, and is headquartered in New York City. The company had revenues last year of $461 million, and employs 2,700 people.
About ATLAS Elektronik GmbH
In the
best traditions of German companies, ATLAS products for maritime applications are based
on a long-term pedigree in this field and continuous technological development. ATLAS
ELEKTRONIK employs 1600 people, with facilities in Bremen and Hamburg in Germany, as
well as Sydney and Cairns in Australia. Turnover in 2003 was 280 million Euros.
Forward-Looking Statements
Certain statements made in this release, including statements about future sales, 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 and services, product mix, the timing of customer orders
and deliveries, the impact of competitive products and services and pricing, 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.
Contact:
William A. Walkowiak, CFA
Director of Investor Relations, EDO Corporation
(212) 716-2038
ir@edocorp.com
Joerg Huthmann
Press Department, ATLAS Elektronik
+49-421-457-3932
huthmann@atlas.de
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