AeroVironment Statement Regarding DARPA Phase Three Tern Decision
September 22 2015 - 9:10AM
Business Wire
AeroVironment, Inc. (NASDAQ: AVAV) AeroVironment today announced
it was informed by the Defense Advanced Research Projects Agency
(DARPA) that the company was not selected to receive a phase III
contract for DARPA’s Tern program. The announcement came after a
competition for the phase III contract following successful phase I
and II efforts.
“Our team developed a truly innovative approach to addressing
DARPA’s requirements, but our customer elected not to pursue our
proposed solution,” said Kirk Flittie, AeroVironment vice president
and general manager of its Unmanned Aircraft Systems business
segment. “We thank DARPA for the opportunity to apply our
innovation toward developing a next generation unmanned aircraft
system to protect United States Navy personnel. We are grateful for
the outstanding contributions of our employees and our business
partners in this endeavor.”
The company indicated the impact of this decision is immaterial
to its previously announced fiscal year 2016 guidance and revenue
neutral for the phase III performance period as a result of the
company’s proposed funded research and development approach.
About AeroVironment, Inc.
AeroVironment is a technology solutions provider that designs,
develops, produces, supports and operates an advanced portfolio of
Unmanned Aircraft Systems (UAS) and electric transportation
solutions. The company’s electric-powered, hand-launched unmanned
aircraft systems generate and process data to deliver powerful
insight, on demand, to people and enterprises engaged in military,
public safety and commercial activities around the world.
AeroVironment’s electric transportation solutions include a
comprehensive suite of electric vehicle (EV) charging systems,
installation and network services for consumers, automakers,
utilities and government agencies, power cycling and test systems
for EV developers and industrial electric vehicle charging systems
for commercial fleets. More information about AeroVironment is
available at www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may
constitute "forward-looking statements" as that term is defined in
the Private Securities Litigation Reform Act of 1995. These
statements are made on the basis of current expectations, forecasts
and assumptions that involve risks and uncertainties, including,
but not limited to, economic, competitive, governmental and
technological factors outside of our control, that may cause our
business, strategy or actual results to differ materially from
those expressed or implied. Factors that could cause actual results
to differ materially from the forward-looking statements include,
but are not limited to, our ability to perform under existing
contracts and obtain additional contracts; our reliance on sales to
the U.S. government; changes in the timing and/or amount of
government spending; changes in the supply and/or demand and/or
prices for our products and services; changes in the regulatory
environment; the activities of competitors; failure of the markets
in which we operate to grow; failure to expand into new markets;
failure to develop new products or integrate new technology with
current products; and general economic and business conditions in
the United States and elsewhere in the world. For a further list
and description of such risks and uncertainties, see the reports we
file with the Securities and Exchange Commission, including our
most recent Annual Report on Form 10-K and Quarterly Reports on
10-Q. We do not intend, and undertake no obligation, to update any
forward-looking statements, whether as a result of new information,
future events or otherwise.
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version on businesswire.com: http://www.businesswire.com/news/home/20150922005753/en/
AeroVironment, Inc.Steven Gitlin, 626-357-9983pr@avinc.com
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