Simula to Produce Ceramic Composite Body Armor Insert
PHOENIX - Simula Inc. (NYSE:SMU) today announced that it has been awarded a firm-fixed-price contract to produce Small Arms Protective Inserts ("SAPIs") for the US Army and the US Marine Corps.
The contract, estimated at $20.4 million over the next 15 months, is expected to contribute approximately $1.5 million to the Company's fourth-quarter 2000 revenues.
When worn in conjunction with a soft body armor vest, Simula's innovative lightweight insert -- which utilizes a ceramic composite material developed and produced by M-Cubed Technologies Inc. of Monroe, Conn. -- provides an exceptionally high level of ballistic protection, said Brad Forst, president and CEO of Simula Inc. Forst noted that the Company, which has an exclusive licensing agreement with M-Cubed for use of the composite and its variants in armor applications, is currently developing designs for future body armor and vehicle armor applications using this material.
"Simula, with its commitment to the development and fabrication of the highest-performance personnel protective armor systems, is the only company to have qualified a cost-effective product that meets the rigorous performance standards established by the US military," said Forst. "This is the first time Simula has been selected as prime contractor for a SAPI product, and we believe it puts us in a strong competitive position. In winning this award," concluded Forst, "Simula has clearly established itself as a leading provider of armor in the United States."
The contract was let by the US Army Robert Morris Acquisition Center, Natick Contracting Division, Natick, Mass. Production of the body armor inserts will be performed at Simula's Tempe, Ariz.-based Applied Technologies Division.
Simula Inc., with headquarters in Phoenix, is a diversified technology company that designs and manufactures occupant safety systems and devices engineered to safeguard human life in a wide range of air, ground, and sea transportation vehicles. The Company operates in two principal markets that are aligned with its core technologies: government and defense contracting, and automotive safety systems. The Company's core products and technologies include inflatable restraints, energy absorbing seating systems, advanced polymer materials, transparent and opaque armor products, personnel protective equipment and parachutes, and crash sensors. Additional information about Simula can be found at its Web site, www.simula.com.
Safe Harbor statement under the Private Securities Litigation Reform Act of 1995: This news release contains forward-looking statements that involve risks and uncertainties that may cause the Company's actual experience to differ materially from that which is anticipated. These forward-looking statements include statements about the anticipated growth in the Company's protective armor products and statements regarding potential synergies between military and civilian applications of the Company's technologies. Actual results may differ materially from those projected. Additional risks include those described herein and in the Company's registration statements and periodic reports filed with the U.S. Securities and Exchange Commission.
Contact: Simula Inc. James C. Dodd, 602/631-4005 or Silverman Heller Associates Philip Bourdillon/Eugene Heller, 310/208-2550