New Strategic Alliance Gives BRS Major Role in Global Aerospace
26 June 2007 - 6:00AM
Business Wire
Ballistic Recovery Systems, Inc.(BRSI)(OTCBB:BRSI), a manufacturer
of whole-aircraft parachute recovery systems for general aviation
and recreational aircraft, announced today it has entered into a
tactical partnership agreement with Spain�s CIMSA Ingenieria de
Sistemas to develop a new, long-term strategic relationship. Under
terms of the agreement, BRS and CIMSA will sign a manufacturing and
product development agreement to jointly develop new and existing
parachute systems aimed at advancing the two companies� shared
technology into the global aerospace market. Under the agreement,
CIMSA has invested $1.5 million USD in BRS for which it has been
issued approximately 1.1 million shares of BRS common stock and a
common stock purchase warrant for approximately 275,000 shares...
CIMSA will provide technical assistance towards the development of
the new systems and applications. With this latest accord, CIMSA
will have also representative on the BRS Board of Directors. BRS
plans to use the proceeds to increase investments in research and
development, construct new manufacturing facilities and accelerate
progress on a number of programs, including whole-airframe
parachutes for Diamond Aircraft�s D-Jet and DA-50. The company
believes the new alliance immediately strengthens BRS� position in
worldwide aerospace markets. The two companies will combine efforts
to address the increasingly critical role of textile-based wings
and recovery systems, including Precision Aerial Delivery (PAD)
guided parachutes and Unmanned Aerial Vehicle (UAV) applications.
�By combining the design and engineering skills of BRS and CIMSA,
this creates a virtual dream team as we all speak the same
technical language and our product development goals are extremely
well aligned,� said BRS CEO Larry E. Williams. �Over the last
several months, BRS and CIMSA have worked together to establish a
strategic business relationship to build on the manufacturing
agreement we signed in February. This alliance allows us to
effectively evaluate current and future projects to identify areas
where mutual collaboration puts us in a strong position to compete
globally.� �For over ten years, CIMSA has focused on quality
products, services and built strong alliances through relationships
with successful organizations worldwide,� said, Fernando Caralt,
President of CIMSA, "This is an important development for both
companies. With the implementation of this agreement, both CIMSA
and BRS are expected to experience long-term benefits related to
the exchange of technical expertise and the expansion of our
worldwide market potential, both in the whole aircraft recovery
systems market and the defense market." �This builds on the BRS
global operation with low-cost manufacturing and a secure position
in both Europe and the United States� adds Williams. �This is one
more execution in our diversification efforts. CIMSA has
world-renowned expertise in military and scientific products and we
look forward to our expanded working relationship.� Under the
agreement, BRS has agreed to file a registration statement with the
U.S. Securities and Exchange Commission covering the resale of the
shares issued for the investment, as well as the shares issuable
upon exercise of the common stock purchase warrant. This press
release contains forward looking statements within the meaning of
the Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words
such as �anticipates,� �expects,� �plans,� �believes,� �intends�
and other similar words or phrases. These forward looking
statements include, without limitation, statements relating to the
benefits to be derived by BRS from its partnership with CIMSA.
These statements are only predictions and are based on current
information and expectations. Such statements involve a number of
risks and uncertainties, including market fluctuations, pricing,
procurement, manufacturing efficiencies, operating risks and other
risks that could cause the actual results to differ materially from
those projected. For more information as to these risks and
uncertainties, please review the company�s public filings made with
the Securities and Exchange Commission, particularly the company�s
annual report on Form 10-KSB. All forward looking statements are
qualified in their entirety by this cautionary statement and BRS
undertakes no obligation to revise or update this press release to
reflect events or circumstances after the date hereof. BRS has
delivered more than 27,000 parachute systems to aircraft owners
around the world including over 3,500 systems on certified
aircraft. To date, BRS parachute recovery systems have been
credited with saving the lives of 203 pilots and passengers.
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