SAN DIEGO, Jan. 03, 2019 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it was awarded a follow on Task Order (TO) by the Naval Air Warfare Center Training Systems Division (NAWCTSD). Valued at $17,251,091.00, it was issued against a U.S. Foreign Military Sales (FMS) sole-source, three-year, single award indefinite delivery indefinite quantity (IDIQ) contract to provide training-related products and services in a variety of disciplines to the Royal Saudi Naval Forces (RSNF), the Naval Force of the Kingdom of Saudi Arabia.
When combined with the value of previous awards, the contract funding to date is $80 million and has a potential value to Kratos of $99,301,007, depending on the number of task orders issued and anticipated contract modifications under the FMS agreement.
With this award, Kratos will continue to provide its extensive military-focused training and instructional services for air, ground and sea platforms to support the RSNF’s commitment to the transformational goals of the Ministry of Defense as it modernizes its growing naval fleet.
Jose Diaz, Sr. Vice President of Kratos' Training business, said: "This award is another example of the rapid and successful international expansion of our training services in support of the U.S and its allies’ efforts to meet the training challenges of increasingly sophisticated weaponry, tactics and readiness needs. Kratos integrates the latest in Virtual Reality (VR), Augmented Reality (AR) and Mixed Reality (MR) technology with its state-of-the-art simulation systems and instructional design approaches to address a broad spectrum of military training requirements.”
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technology for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems. For more information go to www.KratosDefense.com.
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 31, 2017, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
Source: Kratos Defense & Security Solutions, Inc.