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[February 2007]
Ceramic Protection Corp Announces $21 Million in New Orders & Contracts
Ceramic Protection Corporation (Calgary, Alberta, Canada) a leading manufacturer and distributor of advanced ballistic products, has announced the receipt of several new important orders from the US military and the Department of Homeland Security.The United States Marine Corps (USMC) has awarded wholly-owned subsidiary, Protective Products International Corporation (PPI) of Florida, a new contract to produce protective ballistic packages for the Modular Tactical Vest (MTV). This new contract is valued at approximately CDN$15.4 million with deliveries currently anticipated to be completed by the end of the second quarter of 2007. The previously announced MTV contract for the vests totalled CDN$38 million.
Ceramic Protection Corp also announced that, as a result of product and programme modifications requested by the USMC, PPI will be awarded an additional order for approx CDN$5.3 million as part of the MTV contract.
Furthermore, a firm delivery order for CDN$300,000 was received from the U.S. Department of Homeland Security Customs and Border Protection National Acquisition Center under the previously announced IDIQ contract for approximately CDN$46 million.
Stephen Giordanella, CEO of Ceramic Protection Corp commented: "We are proud to be a supporter of, and supplier to, the US Marine Corps' high profile MTV program and the Corporation is dedicated to ensuring that a quality product is provided to our Marines. The recent program modifications by the USMC have caused a delay in the originally anticipated delivery schedule for the original contract and will have an impact on 4th Quarter 2006 and projected 1st Quarter 2007 earnings.
"In addition, recent changes in purchases of ballistic ceramic plates by a key customer have resulted in a slowdown of deliveries for this product manufactured in the Corporation's Delaware plant. However, in spite of these changes in overall deliveries, the Corporation is pleased to have been requested to increase its participation in the US Marine Corps MTV program. The Corporation considers that it is currently well positioned to increase market share for this key product for the US military and efforts are presently under way to secure additional and ongoing orders for both soft and hard-armor products.''
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