Genasys Inc. Awarded U.S. Navy SBIR Program Research & Development Contract
Genasys Inc. (NASDAQ: GNSS) has secured a competitive research and development contract from the U.S. Navy through the SBIR program. This contract aims to advance acoustic driver technologies that are smaller, lighter, louder, and more cost-effective. CEO Richard S. Danforth highlighted the partnership with the Department of Defense over the past 15 years, emphasizing the significance of this contract. Genasys' LRAD systems enhance naval communication and security operations for 27 global naval forces, contributing to defense and safety across various maritime operations.
- Secured a competitive contract with the U.S. Navy under the SBIR program.
- Contract aims to develop innovative, cost-effective acoustic technologies.
- Strengthened partnership with the Department of Defense over 15 years.
- LRAD systems provide critical communication for 27 naval forces worldwide.
- None.
SAN DIEGO, Dec. 15, 2020 (GLOBE NEWSWIRE) -- Genasys Inc. (NASDAQ: GNSS), the global leader in critical communications systems and solutions, today announced that it has received a highly competitive research and development contract from the U.S. Navy (Navy) under its Small Business Innovation Research (SBIR) program. The Focused Enhanced Acoustic Driver Technologies research will focus on developing smaller, lighter, louder and more cost-effective acoustic driver technologies.
“Genasys' recognition by the Navy as an acoustic technology research center of excellence is indicative of the strong government/industry partnership we have forged over the last 15 years with the Department of Defense,” said Richard S. Danforth, Chief Executive Officer of Genasys Inc. “We are excited to begin the SBIR Phase I study, which is designed to evaluate technical merit, feasibility and commercial potential of these technologies.”
LRAD systems provide essential communication and scalable escalation of force capabilities for 27 naval forces throughout the world. In uncertain situations or when approaching boats do not respond to radio calls, LRAD systems expand decision time and distance for naval ships to determine intent and respond appropriately and effectively. LRAD systems are used in many naval operations, including ship defense, establishing vessel exclusion zones, port and harbor security, search and rescue, and boarding and interdiction.
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 a range of 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 without limitation the business impact of health crises or outbreaks of disease, such as epidemics or 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, 2020. Genasys Inc. disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
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