Business Services Industry
iRobot Receives An Additional Order From the U.S. Army Totaling $17.5 Million
Business Wire, July 23, 2008
BEDFORD, Mass. -- iRobot Corp. (Nasdaq: IRBT) today announced it received an additional order under its current contract with the U.S. Army Program Executive Office for Simulation, Training, and Instrumentation (PEO STRI) totaling $17.5 million.
This is the fourth order under the $286 million Indefinite Delivery/Indefinite Quantity (IDIQ) xBot contract, which will deliver more than 220 additional robots to the Army by December 31, 2008. Orders with PEO STRI now total $44.5 million.
"Robots will continue to support soldiers in theater as unmanned systems increase critical mission effectiveness," said Joe Dyer, president of iRobot Government and Industrial Robots. "The continued investment from the U.S. Army is a clear symbol of iRobot's growing position as a supplier of critical battlefield equipment."
The robot included in this contract is the PackBot 510 with FasTac Kit, which will help warfighters investigate suspicious objects, identify roadside bombs and other improvised explosive devices (IEDs), as well as uncover unexploded ordnance while keeping soldiers in theater at safe distances.
The PackBot 510 represents the next generation of PackBot technology that increases overall robot speed by 30 percent, accelerates travel over tough terrains of rocks and mud to speeds of up to 5.6 miles per hour, and supports climbing grades of up to 60 degrees. Light enough for deployment by one warfighter, but strong enough to carry 30 pounds the PackBot 510 leverages a digital modular architecture to support interchangeable, modular payload capabilities that address specific missions.
iRobot has delivered more than 1,500 PackBot robots that make a difference everyday by conducting dangerous missions that keep warfighters out of harm's way.
About iRobot Corp.
iRobot is a provider of robots that perform dull, dirty or dangerous missions in a better way. The company's proprietary technology, iRobot AWARE[TM] Robot Intelligence Systems, incorporates advanced concepts in navigation, mobility, manipulation and artificial intelligence. This proprietary system enables iRobot to build behavior-based robots, including its family of consumer and military robots. For additional information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.'s expectations concerning estimates of future revenues. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things our dependence on the U.S. federal government and government contracts, efforts to expand product offerings may not succeed, changes in the policies and spending priorities of governments and government agencies, the complexities of our products, and reliance on limited source suppliers and third-party manufacturers. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corp. undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report of Form 10-K.
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