Contract Ceiling Raised to $99 Million to Accommodate These and Future TOs
SAN DIEGO, July 16, 2018 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq:KTOS), a leading National Security Solutions provider, announced today that it received two additional task orders (TOs) on a Foreign Military Sales (FMS) indefinite delivery indefinite quantity (IDIQ) contract awarded to Kratos by the Naval Air Warfare Center Training Systems Division (NAWCTSD) in support of the Royal Saudi Naval Forces (RSNF). The ceiling on the FMS IDIQ contract was raised from $46 million to $99 million to accommodate these and future TOs.
The TOs cover training programs that are designed to sustain levels of military preparedness and performance, increase the protection of critical industrial infrastructure and further strengthen defense interoperability with U.S. and other allied forces. When added to the original $24 million TO, issued at the time of the IDIQ award in 2017, the new TOs increase Kratos’ contract award value to $62.6 million. Under the new TOs, Kratos will provide an extensive array of instructional services for a broad range of missions, functions and tasks including, but not limited to, surface operations and maintenance, damage control and English Language Training (ELT).
Jose Diaz, Sr. Vice President of Kratos Training Solutions, said, “Kratos continues our global expansion of training products and services in areas including the Middle-East, Australia and Europe. With the new TOs, we continue to support the RSNF’s commitment to the transformational goals of the Ministry of Defense with an extensive portfolio of military-focused training and instructional services for ground, sea and air platforms as it modernizes its growing naval fleet.”
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.