NEWMARKET, ONTARIO--(Marketwire - Oct. 14, 2011) - AirBoss (TSX:BOS) received two new contracts to supply the US DOD with up to 240,000 pairs of CBRN protective over- boots and up to 400,000 pairs of CBRN protective gloves. The maximum value of these contracts is US $20 million. The Company has received immediate orders against these contracts for 100,000 pairs of over-boots and 128,000 pairs of gloves with an approximate value of $7 million. Deliveries against these initial orders will be completed in the first quarter of 2012.
The Company also started production on the first major contract for the injection moulded CBRN over-boot for the Canadian Military. The total order is for approximately $2.5 million.
AirBoss of America Corp. develops, manufactures, and sells high quality, proprietary rubber-based products offering enhanced performance and productivity to transportation, military and industrial markets. With a capacity to supply over 250 million pounds of rubber annually to a diverse group of rubber manufacturers, AirBoss is also one of North America's largest custom rubber compounding companies. The Company's shares trade on the TSX under the symbol BOS. Visit www.airbossofamerica.com.
AIRBOSS FORWARD LOOKING STATEMENT DISCLAIMER
Certain statements included herein, including those that express management's expectations or estimates of future developments or AirBoss's future performance, constitute "forward-looking statements" within the meaning of applicable securities laws. Words such as "may", "could" "expects", "anticipates", "forecasts", "plans", "intends" or similar expressions are intended to identify forward-looking statements.
Forward-looking statements are necessarily based upon a number of estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive uncertainties and contingencies. AirBoss cautions that such forward-looking statements involve known and unknown risks, uncertainties and other risks that may cause AirBoss's actual financial results, performance, or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by those forward-looking statements. Numerous factors could cause actual results to differ materially from those in the forward-looking statements, including without limitation: changes in accounting policies and methods including uncertainties associated with critical accounting assumptions and estimates; AirBoss's ability to maintain existing customers or develop new customers in light of increased competition; cyclical trends in the tire and automotive, construction and mining industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; potential product liability and warranty claims; its dependence on key customers; equipment malfunction; changes in the value of the Canadian dollar relative to the US dollar; ability to obtain financing on acceptable terms; environmental damage caused by it and non-compliance with environmental laws and regulations; changes in tax laws, and potential litigation.
This list is not exhaustive of the factors that may affect any of AirBoss's forward-looking statements. Investors are cautioned not to put undue reliance on forward-looking statements. All subsequent written and oral forward-looking statements attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly these forward-looking statements. Risks and uncertainties about AirBoss's business are more fully discussed in the Management's Discussion and Analysis of Financial Condition and Results of Operations in the 2010 Annual Report to Shareholders under the heading "Risk Factors".
FOR FURTHER INFORMATION PLEASE CONTACT:
Earl Laurie AirBoss-Defense Division Divisional President (450) 534-9979 (ext. 352)
RL Hagerman AirBoss of America Corp. President and CEO (905) 751-1188 www.airbossofamerica.com