LRAD® Corporation Receives $4.75 Million Indian Navy AHD Systems Maintenance Agreement
14 May 2019 - 10:30PM
LRAD Corporation (NASDAQ: LRAD), a global leader in long
range voice broadcast systems and advanced mass notification
solutions, today announced a $4.75 million five-year maintenance
agreement for acoustic hailing devices (“AHDs”) deployed by the
Indian Navy. The agreement is effective immediately.
“Under the agreement, established in-country
maintenance centers will continue to service the LRAD systems
deployed by India’s naval fleet in 2012,” remarked Richard S.
Danforth, Chief Executive Officer of LRAD Corporation. “This
agreement succeeds our $5.5 million seven-year maintenance contract
that expired earlier this year.”
LRAD systems deliver essential communication and
scalable escalation of force capabilities for 25 naval forces
around the world by providing more time and distance for naval
vessels to determine intent and distinguish between intruders,
terrorist threats, refugees and fishing boats, and respond
appropriately and effectively. Through the use of ship-to-ship
voice broadcasts and warning tones, LRAD systems establish large
standoff zones, enable peaceful conflict resolution and save
lives.
About LRAD Corporation
The Company's proprietary Long Range Acoustic
Devices® and advanced Genasys™ mass notification systems and mobile
alert solutions are designed to enable users to safely hail and
warn, notify and direct, prevent misunderstandings, determine
intent, establish large safety zones, resolve uncertain situations,
and save lives.
LRAD systems are in service in 72 countries
around the world in diverse applications, including public safety,
mass notification, defense, law enforcement, homeland and border
security, critical infrastructure protection, fire rescue, incident
management, maritime and port security, and wildlife control and
preservation. For more information, visit LRAD.com.
Forward Looking
Statements
Except for historical information contained
herein, the matters discussed are forward-looking statements within
the meaning of Section 21E of the Securities Exchange Act of 1934.
You should not place undue reliance on these statements. We base
these statements on particular assumptions that we have made in
light of our industry experience, the stage of product and market
development as well as our perception of historical trends, current
market conditions, current economic data, expected future
developments and other factors that we believe are appropriate
under the circumstances. These statements involve risks and
uncertainties that could cause actual results to differ materially
from those suggested in the forward-looking statements. These risks
and uncertainties are identified and discussed in our filings with
the Securities and Exchange Commission. These forward-looking
statements are based on information and management’s expectations
as of the date hereof. Future results may differ materially from
our current expectations. For more information regarding other
potential risks and uncertainties, see the “Risk Factors” section
of the Company’s Form 10-K for the fiscal year ended September 30,
2018. LRAD Corporation disclaims any intent or obligation to update
those forward-looking statements, except as otherwise specifically
stated.
Company Contact
E. Brian Harvey
Director, Investor Relations and Capital Markets
858.753.8974
ebharvey@lrad.com
LRAD (NASDAQ:LRAD)
Historical Stock Chart
From Apr 2024 to May 2024
LRAD (NASDAQ:LRAD)
Historical Stock Chart
From May 2023 to May 2024