Genasys™ Inc. Announces $4.3 Million U.S. Navy IDIQ Contract

Rhea-AI Summary

Genasys Inc. (NASDAQ: GNSS) has secured a $4.3 million indefinite delivery/indefinite quantity contract from the U.S. Navy for LRAD® 1000Xi acoustic hailing devices. This three-year contract includes an initial order of $1.2 million for delivery within the current fiscal year. The new systems will replace outdated devices that have been in service for over a decade, enhancing the Navy's capabilities in various maritime operations. Genasys is recognized globally for its critical communication solutions across 72 countries.

Positive

• Secured a $4.3 million contract with the U.S. Navy.
• Initial order of $1.2 million contributes to immediate revenue.
• Long-range communication system enhances naval operational capabilities.

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• None.

SAN DIEGO, June 03, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced it has been awarded a $4.3 million indefinite delivery/indefinite quantity contract from the U.S. Navy (“Navy”) for LRAD^® 1000Xi acoustic hailing devices (“AHDs”). With the 3-year award, the Navy also placed an initial $1.2 million order for delivery this fiscal year.

“The award and this order are part of the Navy’s ongoing replacement of first generation AHDs previously deployed in the fleet, some of which have been in service 10 - 12 years,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “LRAD systems are used in many naval and maritime operations, including ship self-defense, establishment of vessel exclusion zones and restricted areas, port and harbor security, search and rescue operations, and boarding and interdiction missions.”

The LRAD 1000Xi is a power efficient, long-range communication system designed for critical infrastructure protection, territorial water, border and port security, and large vessel and vehicle installations. Featuring rugged military construction and a carbon fiber emitter head with integrated electronics and amplification, the LRAD 1000Xi delivers audible hails, warnings, notifications and commands from close range out to 3,000 meters.

About Genasys Inc.
Genasys™ is a global provider of critical communications solutions to help keep people safe. Genasys systems are in service in 72 countries around the world in diverse applications, including public safety, national emergency warning systems, mass notification, defense, law enforcement, critical infrastructure protection and many more. For more information, visit genasys.com.

Forward-Looking Statements

Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These forward-looking statements are subject to a number of risks and uncertainties, including the consequences of the COVID-19 outbreak, other pandemics and other risks and uncertainties, many of which involve factors or circumstances that are beyond the Company's control. Risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management’s expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the “Risk Factors” section of the Company’s Form 10-K for the fiscal year ended September 30, 2019. Genasys Inc. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.

Investor Relations Contacts
Jim Fanucchi and Satya Chillara
Darrow Associates, Inc.
ir@genasys.com

FAQ

What contract did Genasys Inc. win from the U.S. Navy?

Genasys Inc. won a $4.3 million indefinite delivery/indefinite quantity contract for LRAD® 1000Xi acoustic hailing devices.

How much is the initial order from the U.S. Navy for Genasys?

The initial order is valued at $1.2 million for delivery this fiscal year.

What does the LRAD 1000Xi acoustic hailing device do?

The LRAD 1000Xi is a long-range communication system designed for critical infrastructure protection and various naval operations.

How long is the contract awarded to Genasys by the U.S. Navy?

The contract is a three-year award.

In how many countries are Genasys systems currently used?

Genasys systems are in service in 72 countries worldwide.