SAN DIEGO, CALIF., Dec. 15, 2015 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), the world's leading provider of Long Range Acoustic Devices® and advanced ONE VOICE™ Mass Notification Systems (MNS), today announced that the Company has executed a modification to a current contract with the United States Navy ("Navy"), to allow the United States Army ("Army") to purchase LRAD acoustic hailing devices under that program. The existing program has approximately 2½ years remaining, and is a firm-fixed-price, indefinite-delivery/indefinite-quantity ("IDIQ") contract for small, medium and large LRAD devices.
"We have been working with the Army on this program since 2007," commented Tom Brown, President and Chief Executive Officer of LRAD Corporation. "This contract modification to the Navy IDIQ will provide a vehicle to begin fulfilling current Army requirements."
Today's threat environment has placed increasing demands on military forces stretching resources to the limit. Protection tools that act as a force multiplier, increase security coverage, favorably resolve uncertain situations and save lives alleviate these challenges. Military organizations around the world are using LRAD systems to fill the gap between initial engagement and the Escalation of Force (EOF). As part of a layered communication and EOF strategy, LRAD systems provide Army personnel additional time and distance to distinguish between security threats and innocent civilians before employing lethal force. From close range and up to 3 kilometers, LRAD systems broadcast focused, highly intelligible hails, warnings and commands to security threats or large crowds.
About LRAD Corporation
LRAD Corporation designs, manufactures and markets Long Range Acoustic Devices® and advanced ONE VOICE™ mass notification systems to save lives on both sides of its proprietary products. LRAD® systems are in service in more than 70 countries around the world in diverse applications including mass notification and public address, fixed and mobile defense deployments, maritime security, critical infrastructure and perimeter security, commercial security, border and port security, law enforcement and emergency responder communications, asset protection, and wildlife control and preservation. For more information about the Company and its LRAD systems, please visit www.lradx.com.
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, 2015. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.
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