AirBoss Awarded Bandolier Contract Valued at up to US$45 million

Rhea-AI Summary

AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) announced that its subsidiary, AirBoss Defense Group, has been awarded a contract valued at up to US$45 million to provide its Bandolier lightweight, multipurpose energetic system to a NATO partner nation. This contract is expected to commence in the second half of 2024 and continue through the end of 2025. The Bandolier is designed to bridge the capability gap between large, complex, single-role explosive charges and standard bulk demolitions, reducing dependence on cumbersome single-role explosives and time-consuming user-constructed charges. President and Co-CEO, Chris Bitsakakis, emphasized the system's adaptability and distinctive features, making it suitable for diverse mission demands. This latest contract is in addition to other recent contracts ADG has received for the Bandolier, totaling US$57.8 million in awards in the past twelve months.

Positive

• Awarded contract valued at up to US$45 million
• Bandolier contract to provide lightweight, multipurpose energetic system to a NATO partner nation
• Expected deliveries from the second half of 2024 to the end of 2025
• The Bandolier reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges
• System's adaptability and distinctive features make it suitable for diverse mission demands
• Total of US$57.8 million in awards for the Bandolier received by ADG in the past twelve months

Negative

• None.

NEWMARKET, Ontario, April 29, 2024 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that its wholly-owned subsidiary, AirBoss Defense Group (“ADG”), has been awarded a contract valued at up to US$45 million to provide its Bandolier lightweight, multipurpose energetic system to a NATO partner nation. Subject to satisfaction of customary conditions, including obtaining required export documentation, deliveries under this contract are expected to commence in the second half of 2024 and continue through to the end of 2025.

The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single role explosive charges and standard bulk demolitions, and its lightweight, modular design allows for flexible use across a variety of mission requirements. The system reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges, maximizing explosive efficiency and operational versatility.

“The AirBoss Bandolier stands out as an adaptable and distinctive device that tackles various challenges and threats on the battlefield,” said Chris Bitsakakis, President and Co-CEO of AirBoss. “It has the capability to supplant several explosive devices due to its on-the-field customizable features, making it suitable for diverse mission demands. We believe that this distinctive feature distinguishes it from competing systems, and the Company is pleased to embrace this chance to assist our NATO allies and the increasing need for this versatile, efficient solution.”

This order builds upon other recent contracts which ADG has received for the Bandolier, as it works to expand the deployment of this product amongst NATO partner nations. Those contracts, awarded in the third and fourth quarters of 2023, were valued at up to US$9 million, for an aggregate of US$57.8 million of Bandolier awards received by ADG in the past twelve months.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.

AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies; AirBoss’ ability to secure the required end user statements or similar documents; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; current and future litigation; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

FAQ

What contract was awarded to AirBoss Defense Group?

AirBoss Defense Group was awarded a US$45 million contract to provide its Bandolier lightweight, multipurpose energetic system to a NATO partner nation.

When are deliveries expected to begin for the awarded contract?

Deliveries under the contract are expected to commence in the second half of 2024 and continue through to the end of 2025.

What is the Bandolier designed for?

The Bandolier is designed to bridge the capability gap between large, complex, single-role explosive charges and standard bulk demolitions, reducing dependence on cumbersome single-role explosives and time-consuming user-constructed charges.

Who emphasized the adaptability and distinctive features of the Bandolier?

President and Co-CEO, Chris Bitsakakis, emphasized the system's adaptability and distinctive features, making it suitable for diverse mission demands.

How much has ADG received in total awards for the Bandolier in the past twelve months?

ADG has received a total of US$57.8 million in awards for the Bandolier in the past twelve months.