Fri, Feb 12, 2010
US Army Awards BRS Major Cargo Parachute Contracts
BRS Aerospace (Ballistic Recovery
Systems, Inc.) a manufacturer of whole-aircraft emergency parachute
systems, military cargo and personnel parachutes, and reflective
safety products, announced Thursday that it has been awarded an
additional $8M in new orders by the US Army to manufacture "low
velocity" and “high velocity” cargo parachutes. This is
a more than 50% increase to the current contract production levels.
Production will occur at both the South St. Paul corporate
headquarters facility and the company's North Carolina defense
products facility. This significant contract increase will require
an additional 134 new employees.
“We have been producing both low velocity and high
velocity parachutes for the past several months and are delivering
well ahead of schedule on the high velocity program. Such a
sizeable increase to the delivery rate, coming relatively soon
after our first run, is indicative of the trust and confidence the
Army has in our quality and throughput abilities,” said Dave
Blanchard, BRS Aerospace Chief Operating Officer.
"We expected increases in government spending on parachutes,"
according to Larry E.Williams, BRS Aerospace Chief Executive
Officer. "As demonstrated by these contract awards from the
Department of Defense, we are very proud of our ability to provide
quality defense articles in a timely manner. This is something we
have been planning and executing for some time now. We anticipate
this increase in our defense business to significantly and
positively affect the growth of BRS Aerospace. BRS is an industry
leader in parachute technology and we are especially proud to be
supporting our troops in this unique way."
“While the general aviation market continues to struggle,
the strategic plan we embarked upon to diversify our product lines
has proven itself, as military contracts now make up a majority of
our total revenues,” said BRS Aerospace founder and director
of public affairs, Boris Popov. “This diversification is
making us more stable, predictable, and better able to position BRS
Aerospace for the future. We are currently in the process of
recapitalizing our debt structure. This, in conjunction with an
infusion of additional financing, will both stabilize our financial
situation and realize the opportunity these contracts
present,” Mr. Popov concluded.
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