BK Technologies Receives $7.8 Million Follow-On Purchase Order for BKR 5000 From USDA Forest Service; Total New Order Bookings Year-to-Date for 2022 Exceed $60 Million

Rhea-AI Summary

BK Technologies Corporation (NYSE American: BKTI) announced a $7.8 million purchase order from the U.S. Department of Agriculture Forest Service for its BKR 5000 portable communications technology. This order is part of a 5-year Blanket Purchase Agreement and follows recent USFS orders worth $8.9 million. Year-to-date, BK Technologies has surpassed $60 million in new order bookings, breaking its previous record of $55.5 million set in 2021. The CEO emphasized the company's strong relationship with the USFS and the importance of reliable communication in challenging environments.

Positive

• Received a $7.8 million purchase order from USFS for BKR 5000 technology.
• Year-to-date new order bookings exceeded $60 million in 2022.
• Surpassed previous new bookings record of $55.5 million in 2021.

Negative

• None.

WEST MELBOURNE, FL / ACCESSWIRE / September 27, 2022 / BK Technologies Corporation (NYSE American:BKTI) today announced that it has received a purchase order valued at $7.8 million from the United States Department of Agriculture Forest Service (USFS) for its BKR 5000 portable communications technology. The purchase order is part of the Company's 5-year Blanket Purchase Agreement (BPA) with the U.S. Department of Agriculture, announced in May 2021, and is a follow-on to the recently announced USFS group of purchase orders totaling $8.9 million.

With this order, BK has exceeded $60 million in new order bookings year-to-date, driven by strong demand for its BKR 5000. The Company has now surpassed its new bookings record of $55.5 million, achieved in 2021.

John Suzuki, CEO of BK Technologies commented, "This order caps a record year of orders from the USFS for BK's portable communications technology in which we received purchase orders from the USFS for a total of $19.2 million. We have a strong, longstanding relationship with the USFS and we value our role in supporting their lifecycle replacement program designed to migrate to newer, more effective portable communications platforms. In the rugged, expansive and typically densely forested geographic areas the agency addresses, it is imperative that they provide their personnel with the most durable and reliable communications equipment, and we believe the BKR 5000 is the ideal solution. We look forward to continuing to provide our proven communications platform and equipment to support the USFS."

The United States Forest Service is an agency of the U.S. Department of Agriculture that administers the nation's 154 national forests and 20 national grasslands. The Forest Service manages 193 million acres of land.

About BK Technologies

BK Technologies Corporation manufactures high-specification, American-made communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. BK Technologies is honored to serve these heroes with reliable equipment when every moment counts. The Company's common stock trades on the NYSE American market under the symbol "BKTI". Maintaining its headquarters in West Melbourne, Florida, BK Technologies can be contacted through its web site at www.bktechnologies.com or directly at 1-800-821-2900.

Forward-Looking Statements

This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements concern the Company's operations, economic performance, and financial condition, including, but not limited to, statements regarding the Company's long-term strategic plan, and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties, and other factors that may cause the actual results, performance, or achievements of the Company, or industry results, to be materially different from any future results, performance, or achievements expressed or implied by such forward-looking statements. Such factors and risks, some of which have been, and may further be, exacerbated by the COVID-19 pandemic, include, among others, the following: changes or advances in technology; the success of our land mobile radio product line; disruption in the global supply chain creating delays, unavailability and adverse conditions; successful introduction of new products and technologies, including our ability to successfully develop and sell our anticipated new multiband product and other related products in the planned new BKR Series product line; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations, any impact from a prolonged shutdown of the U.S. Government, and the ongoing effects of the COVID-19 pandemic; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; risks associated with fixed-price contracts; heavy reliance on sales to agencies of the U.S. Government and our ability to comply with the requirements of contracts, laws and regulations related to such sales; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to comply with U.S. tax laws and utilize deferred tax assets; our ability to attract and retain executive officers, skilled workers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and to consummate, acquisition, disposition or investment transactions, and risks incumbent to being a noncontrolling interest stockholder in a corporation; impact of the COVID-19 pandemic on the companies in which the Company holds investments; impact of our capital allocation strategy; risks related to maintaining our brand and reputation; impact of government regulation; impact of rising health care costs; our business with manufacturers located in other countries, including changes in the U.S. Government and foreign governments' trade and tariff policies, as well as any further impact resulting from the COVID-19 pandemic; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results and stock price; acts of war or terrorism, natural disasters and other catastrophic events, such as the COVID-19 pandemic; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American listing; risks related to being a holding company; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2021, and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.

Company Contact:

IMS Investor Relations
John Nesbett/Jennifer Belodeau
bktechnologies@imsinvestorrelations.com
(203) 972-9200

SOURCE: BK Technologies Corporation

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FAQ

What is the recent purchase order received by BK Technologies?

BK Technologies received a $7.8 million purchase order from the U.S. Department of Agriculture Forest Service for its BKR 5000 communications technology.

How much has BK Technologies booked in new orders in 2022?

BK Technologies has surpassed $60 million in new order bookings year-to-date in 2022.

What is the significance of the $7.8 million order from USFS?

The $7.8 million order is part of a 5-year Blanket Purchase Agreement and emphasizes BK Technologies' strong relationship with the USFS.

How does the recent order impact BK Technologies' previous records?

The order contributes to BK Technologies surpassing its previous new bookings record of $55.5 million set in 2021.