NORWALK, Conn., Sept. 7, 2011 (GLOBE NEWSWIRE) -- Bolt Technology Corporation (Nasdaq:BOLT) announced that its subsidiary, SeaBotix Inc. of San Diego, California, received record sales orders during August, 2011. The orders are in excess of $3,500,000 and include an initial contract to supply fifteen (15) specialized underwater robotic vehicles to the United States Navy Expeditionary Combat Command for use by its Explosive Ordinance Disposal Groups. These vehicles will be used in locating and identifying underwater improvised explosive devices and limpet mines. All of the orders received in August are scheduled for shipment prior to December 31, 2011.
Raymond M. Soto, Bolt's Chairman, President and CEO, commented, "We are pleased to have received these orders and believe they reflect the high quality of the SeaBotix product as well as the hard work of the SeaBotix sales team."
Bolt Technology Corporation is a leading worldwide developer and manufacturer of marine seismic data acquisition equipment used for offshore oil and natural gas exploration. Bolt also develops and manufactures remotely-operated robotic vehicles systems used for a variety of underwater tasks. The Company's operating segments include "Seismic Energy Sources," "Underwater Cables and Connectors," "Seismic Energy Source Controllers" and "Underwater Robotic Vehicles."
Forward-looking statements in this release are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These include statements about anticipated financial performance, future revenues and earnings, business prospects, new products, anticipated energy industry activity, anticipated market performance, planned production and shipping of products, expected cash needs and similar matters. Investors are cautioned that all forward-looking statements involve risks and uncertainty, including without limitation (i) the risk of technological change relating to the Company's products and the risk of the Company's inability to develop new competitive products in a timely manner, (ii) the risk of changes in demand for the Company's products due to fluctuations in energy industry activity, (iii) the Company's reliance on certain significant customers, (iv) risks associated with a significant amount of foreign sales, (v) the risk of fluctuations in future operating results, (vi) risks associated with global economic conditions and (vii) other risks detailed in the Company's filings with the Securities and Exchange Commission. The Company believes that forward-looking statements made by it are based on reasonable expectations. However, no assurances can be given that actual results will not differ materially from those contained in such forward-looking statements. The words "estimate," "project," "anticipate," "expect," "predict," "believe," "may," "could," "should" and similar expressions are intended to identify forward-looking statements.