VIENNA, Va., Feb 19, 2002 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR) announces its Belgian defense unit, MECAR, S.A., has received a $15 million ammunition contract from a South American customer. The contract calls for various types of 90mm and 105mm rounds to be delivered over an 18 month period.
General (Ret) J.H. Binford Peay, III, Allied Research's Chairman and Chief Executive Officer, said, "The contract is the first from the South American customer and represents an extension of MECAR's marketing scope into new areas. This recent contract will add to MECAR's customer base and diversify its Middle-Eastern customer concentration. We expect that good field performance by the MECAR rounds should lead to additional orders."
Of its extensive product line, ranging from 25mm to 155 mm, MECAR is having exceptional marketing success with its 90mm rounds. The modernization program undertaken by the MECAR Research & Development team in the late 1990s, to bring this product in line with the latest NATO safety standards, allows MECAR to outpace its competition. This recent contract continues to validate MECAR's product development work and vigorous marketing efforts.
About Allied Research Corp.
Allied Research Corporation is a diversified defense and commercial electronic security firm, developing and producing conventional ammunition marketed to defense departments worldwide; and designing, producing and marketing sophisticated electronic security systems for European, Asian, African, North American and now South American markets.
For more Information, please visit the Company web site: www.alliedresearch.com
Certain statements contained herein are "forward looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.