Naval Air Warfare Center Training Systems Division Awards Kratos $38.6 Million in New Royal Saudi Naval Forces Training Task Orders
Contract Ceiling Raised to $99 Million to Accommodate These and Future TOs
SAN DIEGO, July 16, 2018 (GLOBE
NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a
leading National Security Solutions provider, announced today that it
received two additional task orders (TOs) on a Foreign Military Sales (FMS)
indefinite delivery indefinite quantity (IDIQ) contract awarded to Kratos
by the Naval Air Warfare Center Training Systems Division (NAWCTSD) in
support of the Royal Saudi Naval Forces (RSNF). The ceiling on the FMS
IDIQ contract was raised from $46 million to $99 million to accommodate
these and future TOs.
The TOs cover training programs that are designed to sustain levels of military preparedness and performance, increase the protection of critical industrial infrastructure and further strengthen defense interoperability with U.S. and other allied forces. When added to the original $24 million TO, issued at the time of the IDIQ award in 2017, the new TOs increase Kratos’ contract award value to $62.6 million. Under the new TOs, Kratos will provide an extensive array of instructional services for a broad range of missions, functions and tasks including, but not limited to, surface operations and maintenance, damage control and English Language Training (ELT).
Jose Diaz, Sr. Vice President of Kratos Training Solutions, said, “Kratos continues our global expansion of training products and services in areas including the Middle-East, Australia and Europe. With the new TOs, we continue to support the RSNF’s commitment to the transformational goals of the Ministry of Defense with an extensive portfolio of military-focused training and instructional services for ground, sea and air platforms as it modernizes its growing naval fleet.”
About Kratos Defense &
Security Solutions
Kratos Defense & Security Solutions,
Inc. (NASDAQ:KTOS) develops and fields transformative, affordable
technology, platforms and systems for United States National Security
related customers, allies and commercial enterprises. Kratos is
changing the way breakthrough technology for these industries are rapidly
brought to market through proven commercial and venture capital backed
approaches, including proactive research and streamlined development
processes. Kratos specializes in unmanned systems, satellite
communications, cyber security/warfare, microwave electronics, missile
defense, hypersonic systems, training and combat systems. For more
information go to www.KratosDefense.com.
Notice Regarding Forward-Looking
Statements
Certain statements in this press release may
constitute "forward-looking statements" within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking statements
are made on the basis of the current beliefs, expectations and assumptions
of the management of Kratos and are subject to significant risks and
uncertainty. Investors are cautioned not to place undue reliance on any
such forward-looking statements. All such forward-looking statements speak
only as of the date they are made, and Kratos undertakes no obligation to
update or revise these statements, whether as a result of new information,
future events or otherwise. Although Kratos believes that the expectations
reflected in these forward-looking statements are reasonable, these
statements involve many risks and uncertainties that may cause actual
results to differ materially from what may be expressed or implied in these
forward-looking statements. For a further discussion of risks and
uncertainties that could cause actual results to differ from those
expressed in these forward-looking statements, as well as risks relating to
the business of Kratos in general, see the risk disclosures in the Annual
Report on Form 10-K of Kratos for the year ended December 31, 2017, and in
subsequent reports on Forms 10-Q and 8-K and other filings made with the
SEC by Kratos.
Press Contact: Yolanda White 858-812-7302 Direct Investor Information: 877-934-4687 investor@kratosdefense.com |