FATS, Inc. Awarded $17 Million Contract from Singapore Government
Business Editors
ATLANTA--(BUSINESS WIRE)--Feb. 23, 2005-- FATS, Inc. today announced a contract valued at approximately $17 million with the Singapore Government to provide state of the art sea-based virtual training solutions at the new Integrated Tactical Training Center (ITTC) for the Police Coast Guard (PCG). Work on the contract will begin immediately. Delivery of the systems will occur over the next 36 months. "Singapore is one of the most sophisticated governments in the world in assessing technology, conducting rigorous competition and selecting suppliers on the basis of the best value for their users," said Ron Mohling, FATS Chairman and Chief Executive Officer. "FATS is committed to leading the technology curve and delivering high quality products to the PCG and all of our customers." The contract calls for the provision of two Firing Simulation Trainers that are motion platform-based training systems designed for sea-based individual, collective and tactical training. The ITTC will include five Boat Tactical Trainers (BTT) designed to support training of navigation and boat handling for each of the PCG's six ship types. The ITTC will also include integrated command and control simulation capabilities and extensive briefing and debriefing facilities. The contract includes options for additional weapons, boat models and logistical support. FATS will team with Force Technology and its Division for Maritime Industries to provide high fidelity ship motion models and configurable ship bridges for the FSTs and BTTs. "FATS first developed PCG's original weapon handling simulator ten years ago. Since then the company has continuously supported and upgraded the system," said Mohling. "Their confidence in extending our long relationship reflects FATS commitment to being a strategic partner with our customers."
About Force Technology
Force Technology is a Danish company with over 1,000 employees worldwide. The Division for Maritime Industries (DMI), which evolved from the Danish Maritime Institute, has extensive research, ship modeling and ship handling simulator experience. The company website is www.force.dk.
About FATS
FATS, Inc. (OTC: FATS), designs and sells virtual training systems that improve the skills of the world's military, law enforcement and security forces. Utilizing quality engineering and advanced technology, FATS provides a comprehensive range of training capabilities that include small and supporting arms, judgmental, tactical and combined arms. The company serves U.S. and international customers from headquarters in Suwanee, Georgia, with branch offices in Australia, Canada, Netherlands and United Kingdom. FATS, an ISO 9001:2000 certified company, celebrated its 20th anniversary in 2004. The company Web site is www.fatsinc.com.
Except for financial information contained in this press release, the matters discussed may consist of forward-looking statements under the Private Securities Litigation Reform Act of 1995. The accuracy of the forward-looking statements, including statements regarding future events or the future financial performance of the company, is necessarily subject to a number of risks and other factors which could cause the actual results to differ materially from those contained in the forward-looking statements. Among such factors including those discussed above are: general business and economic conditions; the company's success in competing for new contract awards; customer acceptance of and demand for the company's new products; receipt and delivery of a sufficient level of orders from new and existing customers as well as satisfactory completion of delivery of a sufficient portion of backlog; the company's overall ability to design, test, and introduce new products on a timely basis; the cyclical nature of the markets addressed by the company's products; and the risk factors listed from time to time in documents on file with the SEC. When used in this release, the words "believes," "estimates," "plans," "expects," "should," "will," "may," "might," "anticipates" or similar expressions as they relate to the company, or its management, are intended to identify forward-looking statements. The company, from time to time, becomes aware of rumors concerning the company or its business. As a matter of policy, the company does not comment on rumors. Investors are cautioned that in this age of instant communication and Internet access, it may be important to avoid relying on rumors and unsubstantiated information regarding the company. The company complies with Federal and State law applicable to disclosure of information concerning the company. Investors may be at significant risk in relying on unsubstantiated information from other sources.
KEYWORD: NORTH AMERICA GEORGIA UNITED STATES INDUSTRY KEYWORD: GOVERNMENT DEFENSE CONTRACT/AGREEMENT SOURCE: FATS, Inc.
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