SAN DIEGO, Nov. 4, 2008 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading national defense, information technology and homeland security solutions provider, today announced that it received an award from the American Electronics Association (AEA) as the leading Technology and I.T. Services company in San Diego.
The award is reflective of the diverse base of Kratos' operations and provides further recognition of the technological achievement and innovation of the Oriole Rocket System, developed by Kratos' Rocket Support Services business unit. The Kratos Oriole Rocket is an integral part of the United States' Missile Defense program.
"I am very pleased that the AEA has recognized Kratos and our efforts on this very critical program," said Howard Bates, President of the Advanced Technical Solutions Division of Kratos. "Our established track record of providing innovative, cost effective solutions is critical to continued growth as the premier provider of rocket and suborbital missile defense testing and evaluation solutions."
Earlier this year, Kratos announced the award of a $100 million indefinite delivery/indefinite quantity (IDIQ) prime contract to support the Department of Defense at the White Sands Missile Range to provide rocket launch and engineering services and associated hardware for the Army, Navy, and Air Force.
Kratos has exclusive rights to market the Oriole rocket motor for three key applications: Sounding rockets, suborbital research, and target rockets. The key members of Kratos' Rocket Support Services business were formerly involved with the NASA sounding rocket program and each have over 40 years of experience launching sounding rockets.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS) provides mission critical engineering, IT services and war fighter solutions for the U.S. federal government and for state and local agencies. Principal services include C4ISR, weapon systems lifecycle support, military weapon range and technical services, network engineering services, advanced IT services, security and surveillance systems, and critical infrastructure design and integration. The Company is headquartered in San Diego, California, with resources throughout the U.S. and at key strategic military locations. News and information are available at www.KratosDefense.com.
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Notice Regarding Forward-Looking Statements
This news release contains certain forward-looking statements including, without limitation, expressed or implied statements concerning the Company's expectations regarding the amount of revenues that will ultimately be derived from the IDIQ contract from the Department of Defense and whether any additional work or task orders will be issued and the amount of revenues that will be derived from additional work or tasks, if issued. Such statements are only predictions, and the Company's actual results may differ materially. Factors that may cause the Company's results to differ include, but are not limited to: risks that work under the Department of Defense contracts will curtail, change or terminate; risks that the new business, if or when issued, may not have the scope of work anticipated by the Company; risks that integration activities related to the recent SYS acquisition will prove more costly, take more time, or be more distracting than currently anticipated; risks that the transaction will cause disruption of the Company's operations and distraction of its management; risks of adverse regulatory action or litigation; failure to ultimately settle the litigation and/or to settle the related derivative suit; risks associated with debt leverage; risks that changes or cutbacks in spending by the U.S. Department of Defense may occur, which could cause delays or cancellations of key government contracts; failure to successfully consummate acquisitions or integrate acquired operations and competition in the marketplace which could reduce revenues and profit margins. The Company undertakes no obligation to update any forward-looking statements. These and other risk factors are more fully discussed in the Company's Annual Report on Form 10-K for the period ended December 31, 2007, the Company's Quarterly Report on Form 10-Q for the period ended June 29, 2008, and in other filings made with the Securities and Exchange Commission.