VIENNA, Va., March 7, 2001 (PRIMEZONE) -- Allied Research Corporation (AMEX:ALR) said today that its Belgian-based defense subsidiary, MECAR S.A. received two significant contracts valued at $24.5 million. The majority of the new products ordered, for delivery in the next 12 months, are for traditional large caliber training ammunition. A new country, Brunei, is among the latest expansion of MECAR's customer base.
General (Retired) J.H. Binford Peay, III, Chairman, President and Chief Executive Officer of Allied Research Corporation, said, "This contract is a further indication of the successful acceptance of MECAR's recently developed product line of training ammunition. MECAR's backlog alone climbed to $67 million, most of which is comprised of high-volume products with strong margins. When combined with our commercial electronic security backlog at the VSK Group, our total company backlog of $75 million puts us in a position to deliver solid financial results this year."
"We are very pleased with MECAR's engineering and marketing success. Their efforts to expand into other markets are continuing to be very beneficial. We expect to report additional marketing expansion shortly," General Peay added.
Allied Research Corporation is a defense and commercial electronic security firm. Its operating units develop and produce ammunition. In addition, they design, produce and market sophisticated commercial electronic security and access control systems.
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.