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AeroVironment Receives $7.8 Million Order for Raven Unmanned Aircraft System Digital Module Upgrade Kits

Dépèche transmise le 31 janvier 2011 par Business Wire

AeroVironment Receives $7.8 Million Order for Raven Unmanned Aircraft System Digital Module Upgrade Kits

MONROVIA, Calif.--(BUSINESS WIRE)--AeroVironment, Inc. (AV) (NASDAQ:AVAV) announced that it received a firm fixed-price order valued at $7,800,003 under an existing contract with the U.S. Army on January 25, 2011. The order comprises 919 digital module upgrade kits for the U.S. Marine Corps. The upgrade kits allow digital Raven unmanned aircraft systems (UAS) to operate using a different frequency band than provided by the stock configuration. Funding for this order was appropriated for RQ-11B Raven system procurement in the 2010 Department of Defense Appropriations Act, which was signed into law in December 2009. Work is scheduled to be completed by April 30, 2011.

The Raven unmanned aircraft is a 4.2-pound, backpackable, hand-launched sensor platform that provides day and night, real-time video imagery for "over the hill" and "around the corner" reconnaissance, surveillance and target acquisition in support of tactical units. U.S. armed forces use Raven systems extensively for missions such as base security, route reconnaissance, mission planning and force protection. Each Raven system typically consists of three aircraft, two ground control stations and spares.

In addition to the Raven system, AV's small UAS include Puma™ and Wasp™, which are also hand-launched and controlled by AV's hand-held ground control station. Each aircraft in AV's family of small UAS is interoperable and tailored to address a variety of operational user needs. AV's UAS logistics operation supports systems deployed worldwide to ensure a consistently high level of operational readiness. AV has delivered thousands of small unmanned aircraft to date. International purchasers of Raven systems include Italy, Denmark, the Netherlands, Spain and Norway.

About AeroVironment, Inc. (AV)

AeroVironment is a technology solutions provider that designs, develops, produces and supports an advanced portfolio of Unmanned Aircraft Systems (UAS) and electric transportation solutions. Agencies of the U.S. Department of Defense and allied military services use the company’s battery-powered, hand-launched unmanned aircraft systems extensively to provide situational awareness to tactical operating units through real-time, airborne reconnaissance, surveillance and communication. Multiple government agencies have funded the development and demonstration of Global Observer, a hybrid-electric, stratospheric UAS designed to provide affordable, persistent reconnaissance and communication over any location on the globe. Switchblade is a small UAS designed to provide a rapid, lethal, pinpoint precision strike capability with minimal collateral damage. AV’s electric transportation solutions include a comprehensive suite of electric vehicle (EV) charging systems and installation services for consumers, automakers, utilities and government agencies, power cycling and test systems for EV developers and industrial electric vehicle charging systems for commercial fleets. More information about AV is available at www.avinc.com.

Safe Harbor Statement

Certain statements in this press release may constitute "forward-looking statements" as that term is defined in the Private Securities Litigation Reform Act of 1995. These statements are made on the basis of current expectations, forecasts and assumptions that involve risks and uncertainties, including, but not limited to, economic, competitive, governmental and technological factors outside of our control, that may cause our business, strategy or actual results to differ materially from those expressed or implied. Factors that could cause actual results to differ materially from the forward-looking statements include, but are not limited to, our ability to perform under existing contracts and obtain additional contracts; changes in the regulatory environment; the activities of competitors; failure of the markets in which we operate to grow; failure to expand into new markets; failure to develop new products or integrate new technology with current products; and general economic and business conditions in the United States and elsewhere in the world. For a further list and description of such risks and uncertainties, see the reports we file with the Securities and Exchange Commission. We do not intend, and undertake no obligation, to update any forward-looking statements, whether as a result of new information, future events or otherwise.

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