Feb 21 2007
Ceramic Protection Corporation, a leading manufacturer and distributor of advanced ballistic products, announced today the receipt of several new important orders from the US military and the Department of Homeland Security.
The United States Marine Corps (USMC) has awarded the Corporation’s wholly-owned subsidiary, Protective Products International Corporation (PPI) of Florida, a new contract to produce protective ballistic packages for the Modular Tactical Vest (MTV). This new contract is valued at approximately CAD $15.4 million with deliveries currently anticipated to be completed by the end of the 2nd Quarter, 2007. The previously announced MTV contract for the vests totaled CAD $38 million.
The Corporation also announced that, as a result of product and program modifications requested by the USMC, PPI will be awarded an additional order for approx CAD $5.3 million as part of MTV contract.
Further, a firm delivery order for CAD $300,000 was received from the U.S. Department of Homeland Security Customs and Border Protection National Acquisition Center under the previously announced IDIQ contract for approximately CAD $46 million.
Mr. Stephen Giordanella, Chief Executive Officer of Ceramic Protection Corporation commented, “We are proud to be a supporter of, and supplier to, the US Marine Corps’ high profile MTV program and the Corporation is dedicated to ensuring that a quality product is provided to our Marines. The recent program modifications by the USMC have caused a delay in the originally anticipated delivery schedule for the original contract and will have an impact on 4th Quarter 2006 and projected 1st Quarter 2007 earnings. In addition, recent changes in purchases of ballistic ceramic plates by a key customer have resulted in a slowdown of deliveries for this product manufactured in the Corporation’s Delaware plant. However, in spite of these changes in overall deliveries, the Corporation is pleased to have been requested to increase its participation in the US Marine Corps MTV program. The Corporation considers that it is currently wellpositioned to increase market share for this key product for the US military and efforts are presently under way to secure additional and ongoing orders for both soft and hard-armor products.’’