Marion Composites Awarded F-22 Contract
ROSWELL, Ga., June 18 - Advanced Technical Products, Inc. (NASDAQ:ATPX), announced today that its Marion Composites division has been awarded a contract by Lockheed Martin Aeronautics Company, a division of the Lockheed Martin Corporation, to produce composite airframe parts for the U.S. Air Force F-22 Raptor fighter aircraft. The initial contract is for $22 million in support of approximately 50 aircraft with follow-on potential of $135 million over the next eight years for an additional 289 aircraft.
The contract is for carbon fiber reinforced airframe parts including, but not limited to, vertical stabilizer skins, chine assemblies, fairing assemblies and door assemblies. Marion Composites' processing operations would include prepreg hand layup, honeycomb sandwich bonding, autoclave cure, trim/drill/assembly operations and finishing. Preparation at the Marion, Virginia facility begins immediately with contract deliveries of more than 1,200 units comprising 28 different part types scheduled to begin in December 2001 and continue into 2005.
Lockheed Martin and principal subcontractors Boeing and Pratt & Whitney have teamed to develop and manufacture the revolutionary F-22 aircraft. The F-22, currently in the Engineering and Manufacturing Development (EMD) phase, is the world's first stealth air-to-air fighter and will replace the U.S. Air Force's fleet of F-15 fighters. A decision by the U.S. government in favor of Low Rate Initial Production (LRIP) is expected sometime this summer. The U.S. Air Force currently plans to purchase 339 F-22s with operational capability scheduled for 2005.
Marion Composites produces a wide variety of aerospace composite structures, shelters, and relocatable hospitals, and is the world's leading manufacturer and designer of radomes for high-performance jet aircraft.
Advanced Technical Products, Inc.'s operating divisions include Intellitec, Lincoln Composites, Lunn Industries and Marion Composites. The Company's products are used in a variety of applications in the aerospace and defense industries, as well as commercial markets. ATP designs, develops, and manufactures high-performance radomes, aircraft components, rocket motor cases, pressure vessels, fuel tanks, shelter systems and other advanced composite products utilizing various production capabilities. The Company is also a leader in the design, development and manufacture of biological and chemical detection and protection systems. ATP also designs and manufactures electronic products for the specialty vehicle market. Further information on Advanced Technical Products, Inc. is available at www.atpx.com .
"Safe Harbor" Statement Under the Private Securities Litigation Reform Act of 1995: This press release includes forward-looking statements regarding the present intentions and expectations of management of ATP, such as "the U.S. Air Force currently plans to purchase 339 F-22s". Certain factors beyond ATP's control could cause results to differ materially from those in these forward-looking statements. Risk factors include general market conditions, dependence on the aerospace and defense industries, the level of military expenditures and competition in the markets for ATP's products, and are more fully described in filings with the Securities and Exchange Commission.