Mile Marker International, Inc. Announces Major Military Contract
POMPANO BEACH, Fla.--(BUSINESS WIRE)--Mile Marker International, Inc. (Pink Sheets:MMRK), a specialty vehicle parts manufacturer and distributor, today announced the receipt of another major military contract for its unique hydraulic winch kits.
Mile Marker International Inc. announced that its Mile Marker, Inc. subsidiary has received another major new contract for the delivery of up to 3,275 of its unique patented Mile Marker hydraulic winch/bumper assemblies over five years with a maximum potential dollar value of $10,509,475. The Company also received the minimum guaranteed order for 131 hydraulic winch/bumper assemblies for $388,153 along with this new contract.
Alvin A. Hirsch, President and Chief Executive Officer, stated: "During 2008, the Company has received nine orders from the U.S. military totaling approximately $3,200,000 under its four existing contracts, has already delivered approximately $2,000,000 of these orders and expects to deliver the balance during 2008. With this latest military contract, the Company has approximately $53,000,000 of unfilled orders under all of its military contracts. The oldest contract expires on March 31, 2009, and the newest contract expires on August 21, 2013. All contracts are `Indefinite Delivery Indefinite Quantity' contracts based on the needs of the military and the availability of budgeted funds, both of which are intermittent and unpredictable. The Company's hydraulic winch is the only winch authorized for military Humvee vehicles. The Company's patents for these unique winches expire in 2018."
Included in this release are certain "forward-looking" statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company's financial performance. Such statements are based on management's current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements. In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company's previous filings with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward–looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.
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