llen-Vanguard announces $9 million in new overseas orders
llen-Vanguard announces $9 million in new overseas orders for Electronic Counter Measures (ECM) equipment.
OTTAWA, Jan. 20 /CNW Telbec/ – Allen-Vanguard Corporation (the "Company" or "Allen-Vanguard") of Ottawa, Canada announced today that it has received $9M in new orders for its advanced digital ECM equipment which is used to counter the threat of remotely detonated explosive threats. "These orders are from new customers under government programs, with potential for follow on requirements", said David Luxton, Company Chairman and CEO. One order is for a European government for $3.1M and another is for an overseas client for $5.9M. The company expects to fulfill both orders in Q2 and Q3.
Allen-Vanguard has now received more than $13M in ECM orders in the past three months and signed a strategic agreement with Lockheed Martin. The two orders announced today are to meet foreign overseas requirements and are in addition to the potential for U.S. orders under the Technology License and Supply Agreement with Lockheed Martin announced January 18th, 2006. "The pace and order size we're seeing in ECM sales reflects the potential of this market and why we focused on ECM as a business development priority in the last year," added Luxton. "This is a key area of anticipated growth for the Company, driven by the critical need worldwide for better protection against remotely detonated explosive devices."