HAMMONTON, N.J., Feb. 15, 2002 (PRIMEZONE) -- A team consisting of AIRTRAX, Inc. (OTCBB:AITX), General Dynamics Armament Systems of Burlington, Vt., and several other contractors has been selected for an award under the U.S. Office of Naval Research Future Naval Capabilities Broad Agency Announcement issued in the fall of 2001.
AIRTRAX and General Dynamic's concept is for a semi-autonomous, omni-directional, material-handling robot that can move cargo from the topside areas to spaces within the ship with a minimum of human oversight. AIRTRAX's omni-directional vehicle technology is a fundamental building block of this system.
A contract should be in place within a few weeks and is dependent on the workload of the ONR contracting officer and staff. The contract will consist of a base and option periods of approximately 12 months each. The total contract value will be about $3.3M of which AIRTRAX expects to receive $755K in the base and optional period.
Barney Harris, Vice President and Director of AIRTRAX'S Defense Services Division noted that "only ten awards were made from over forty responses to the Navy's BAA," and adds that "this brings AIRTRAX another step closer to supplying the Navy with omni-directional shipboard material handling products."
AIRTRAX is also developing product lines incorporating omni-directional vehicle technology for use in material handling, construction, health care and entertainment. AIRTRAX is currently completing final development of its ATX Series commercial omni-directional forklifts. AIRTRAX is incorporating the patented (US Patent 6,340,065) wheel technology into all of its products. A three-minute video showing the ATX-Series forklift in action can be seen on the Company website, http://www.airtrax.com. For more information or a Free Video, contact the Company at PO Box 1237, Hammonton, NJ 08037-1237; Phone 877-AIRTRAX; Fax: 609-567-7895.
This document contains forward-looking statements that are subject to risks and uncertainties. For such statements AIRTRAX claims the protection of the safe harbor for forward-looking statements contained in the Private Securities Litigation Reform Act. The Company intends that such statements about the Company's future expectations including future revenues and earnings and all other forward-looking statements be subject to the safe harbors created thereby. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results. Readers should refer to the Company reports filed with the Securities and Exchange Commission, which includes its Form 10-KSB for the period ended December 31, 2001, for a discussion of risks and uncertainties regarding the Company and its business.