AeroVironment Settles with United States Department of State for Voluntarily Reported Alleged Export Violations
22 November 2019 - 1:10AM
Business Wire
- The company voluntarily reported issues from
the period June 5, 2014 to December 22, 2016
- U.S. Department of State cites the company’s efforts to improve
compliance and finds no cause for debarment
AeroVironment, Inc. (NASDAQ:AVAV),
a global leader in unmanned aircraft systems (UAS), today announced
it has reached a settlement with the United States Department of
State for alleged export violations the company reported
voluntarily for the period June 5, 2014 to December 22, 2016.
AeroVironment has agreed to pay $1,000,000 over a two-year period,
$500,000 of which is suspended and can be credited against
investments already made or to be made to enhance export controls.
AeroVironment will also hire an outside Special Compliance Officer
(SCO) for a term of one year and conduct an external audit to
assess and improve its compliance program during the Consent
Agreement term.
“AeroVironment’s unmanned aircraft systems provide meaningful
operational advantages to frontline troops of the United States and
more than 45 allied nations,” said Melissa Brown, AeroVironment
vice president and general counsel. “We understand the importance
of protecting our technology while making it available to help
protect our allies, and therefore take United States export
regulations very seriously. We will continue to enhance our export
controls and appreciate the Department of State’s acknowledgement
of the corrective actions we have already taken.”
In reaching this settlement, the Department of State considered
certain mitigation factors with respect to the alleged violations.
An announcement from the Department of State included the following
statement:
“AeroVironment voluntarily disclosed to the Department the
alleged AECA (Arms Export Control Act) and ITAR (International
Traffic in Arms Regulations) violations, which are resolved under
this settlement. AeroVironment also acknowledged the serious nature
of the alleged violations, cooperated with the Department’s review,
and instituted a number of compliance program improvements during
the course of the Department’s review. For these reasons, the
Department has determined that it is not appropriate to
administratively debar AeroVironment at this time.”
About AeroVironment, Inc.
AeroVironment (NASDAQ: AVAV) provides customers with more
actionable intelligence so they can proceed with certainty. Based
in California, AeroVironment is a global leader in unmanned
aircraft systems and tactical missile systems, and serves defense,
government, and commercial customers. For more information visit
www.avinc.com.
Safe Harbor Statement
Certain statements in this press release may constitute
"forward-looking statements" as that term is defined in the Private
Securities Litigation Reform Act of 1995. These statements are made
on the basis of current expectations, forecasts and assumptions
that involve risks and uncertainties, including, but not limited
to, economic, competitive, governmental and technological factors
outside of our control, that may cause our business, strategy or
actual results to differ materially from those expressed or
implied. Factors that could cause actual results to differ
materially from the forward-looking statements include, but are not
limited to, our ability to perform under existing contracts and
obtain additional contracts; changes in the regulatory environment;
the activities of competitors; failure of the markets in which we
operate to grow; failure to expand into new markets; failure to
develop new products or integrate new technology with current
products; and general economic and business conditions in the
United States and elsewhere in the world. For a further list and
description of such risks and uncertainties, see the reports we
file with the Securities and Exchange Commission. We do not intend,
and undertake no obligation, to update any forward-looking
statements, whether as a result of new information, future events
or otherwise.
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version on businesswire.com: https://www.businesswire.com/news/home/20191121005529/en/
AeroVironment, Inc. Steven Gitlin +1 (805) 520-8350
pr@avinc.com
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