Ronnie Barrett, President and founder of Barrett Firearms, named as an Ernst and Young Entrepreneur of the Year for 2006

Business Wire, July 5, 2006

MURFREESBORO, Tenn. -- Ronnie Barrett was honored June 28th at a special 20th anniversary gala event at the Grand Hyatt Atlanta. More than 500 of the region's most successful business people attended.

An independent panel composed of leaders from business, academic, and civic organizations selected Barrett because he turned his idea into one America's most successful companies. Barrett was nominated in the Southeast defense and security category.

The prestigious award recognizes leaders and visionaries who are creating and building world-class businesses. Awards are given to entrepreneurs who have demonstrated excellence and extraordinary success in areas of innovation, financial performance and personal commitment to their businesses and communities.

"Ernst & Young Entrepreneur of the Year award winners embrace the entrepreneurial spirit and determination necessary to achieve success," said Gerry Wilson, Ernst & Young partner in charge of the Southeast region. "Ernst & Young is proud of its 20 year history in recognizing and supporting these outstanding leaders and their companies." Past recipients in their respective categories include Home Depot founder Arthur Blank, Hospital Corporation of America (HCA) founder Thomas Frist, Jr., and Chick-fil-A founder S. Truett Cathy.

In 1982, at only 28, Ronnie Barrett had a gravel-floored garage workshop, a keen interest in firearms and an inventor's drive. A self-taught engineer, Ronnie's vision was to design, develop, manufacture and sell a unique .50 caliber rifle. Unlike other rifles in this caliber, his was to be shoulder-fired. Colleagues initially questioned Barrett's bold idea but Ronnie pressed forward improving his designs and perfecting the manufacturing of his rifles. Ronnie persevered and in 1987 earned a patent for his invention.

From the very beginning, customers loved his high-quality rifles and an intense brand loyalty developed. But Ronnie had not only invented a dependable rifle, he had pioneered a viable market for an entirely new classification of rifle. Recognized as the world's premier manufacturer of .50 caliber rifles, Barrett dominates this market and enjoys customer allegiance approaching a cult following. Winning competitive shooters, law enforcement officers and military members all depend on Barrett rifles.

Civilian sport shooters were early adopters and they alone supported his business in its infancy. Now government contracts play an increasing role in Barrett's success. Sweden signed his first military contract in 1989 and 50 allied countries now use Barrett rifles. Thousands of Barrett rifles have been proven in battle and the U.S. Military has developed new tactics that capitalize on his rifle's unique capability. In 2005, the U.S. Army recognized his M107 rifle with their coveted "Ten Greatest Inventions" award.

Once known only as a rifle inventor, Barrett is now known as an accomplished businessman leading a highly profitable operation. Barrett has secured his company's future by continuously reducing manufacturing costs, motivating and training a top-quality workforce, and funding research and development to create innovative products exceeding the high expectations of a Barrett customer.

Barrett is eligible for Ernst & Young's National Entrepreneur Of The Year. National category winners will be announced at the annual awards gala in Palm Springs on November 18th where Jay Leno will serve as master of ceremonies. The national winner is considered for the world event held in Monte Carlo.