TEXT EXHIBIT 99.1
FOR IMMEDIATE RELEASE
American Science and Engineering, Inc. Awarded
$45 Million Contract from a Middle East Customs Agency
to Secure Borders, Seaports, and Airports
BILLERICA, Mass. — March 1, 2006 — American Science and Engineering, Inc. (NASDAQ: ASEI) (AS&E®), a leader in X-ray detection technology, announced today that it has been awarded a two-phased contract valued at $45 million from a Middle East Customs Agency to use its patented X-ray detection systems to secure strategic borders, seaports, and airports. The first phase of the contract has been funded at $25 million. The contract includes multiple OmniView™ Shaped Energy™ Gantry Systems and multiple PalletSearch™ and ParcelSearch™ X-ray Inspection Systems.
“This significant follow-on order solidifies our position in the region and further demonstrates our customer’s confidence in AS&E’s proprietary technology to secure their seaports, borders, and airports,” said Anthony Fabiano, President and CEO. “In our on-going collaboration with this valued client, we have worked closely to provide a full range of product offerings to efficiently inspect parcels and cargo for manifest verification, contraband, and threats. This latest contract award attests to the effectiveness of AS&E systems currently deployed to protect their borders.”
The OmniView Shaped Energy Gantry System is the only multi-view relocatable system available today that combines high-energy transmission inspection plus multiple Z® Backscatter™ X-ray views. The combination of technologies delivers the most reliable means of detecting contraband and threatening materials, such as weapons and explosives hidden in cargo containers, tankers, and large vehicles. OmniView Shaped Energy Gantry provides high penetration into inspected objects. The System’s scanning platform operates by moving on rails past stationary vehicles and cargo. The System is bi-directional allowing for a high throughput of approximately 2 trucks per scan, 24 trucks per hour.
About AS&E®
American Science and Engineering, Inc. (AS&E) is the leading worldwide supplier of innovative X-ray inspection and screening systems. With more than 45 years experience in developing advanced X-ray security systems, the Company’s product lines utilize a variety of technologies including patented Z® Backscatter™, Shaped Energy™ and Radioactive Threat Detection (RTD). These technologies offer superior detection of threats including plastic explosives, plastic weapons, illegal drugs, other contraband, dirty bombs and nuclear devices. AS&E offers a complete range of X-ray inspection products including Z® Backscatter screening systems, CargoSearch™, and ParcelSearch™ inspection systems, used for critical detection and security applications to combat terrorism, drug and weapon smuggling, trade fraud, and illegal immigration. AS&E customers include leading governmental agencies, border authorities, military bases, airports and corporations worldwide, including the U.S. Department of Homeland Security, U.S. Department of Defense, U.S. Customs and Border Protection, Royal Thai Police, HM Customs & Excise (U.K.) and Hong Kong Customs. For more information on AS&E products and technologies, please visit www.as-e.com.
Public Relations Contact: | | |
Dana Harris | | Laura Berman |
Red Javelin Communications, Inc. | | American Science and Engineering, Inc |
978-440-8392 | | 978-262-8700 |
dana@redjavelin.com | | lberman@as-e.com |
Safe Harbor Statement. The foregoing press release contains statements concerning AS&E’s financial performance, markets and business operations that may be considered “forward-looking” under applicable securities laws. AS&E wishes to caution readers of this press release that actual results might differ materially from those projected in any forward-looking statements. Factors which might cause actual results to differ materially from those projected in the forward-looking statements contained herein include the following: significant reductions or delays in procurements of the Company’s systems by the United States and other governments; disruption in the supply of any source component incorporated into AS&E’s products; litigation seeking to restrict the use of intellectual property used by the Company; potential product liability claims against the Company; global political trends and events which affect public perception of the threat presented by drugs, explosives and other contraband; global economic developments and the ability of governments and private organizations to fund purchases of the Company’s products to address such threats; and the potential insufficiency of Company resources, including human resources, capital, plant and equipment and management systems, to accommodate any future growth, and future delays in federal funding. These and certain other factors which might cause actual results to differ materially from those projected are detailed from time to time in AS&E’s periodic reports and registration statements filed with the Securities and Exchange Commission, which important factors are incorporated herein by reference. AS&E undertakes no obligation to update forward looking statements to reflect changed assumptions, the occurrence of unanticipated events, or changes in future operating results, financial condition or business over time.
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