EXHIBIT 99.1
Spartan Chassis Receives $49 Million Subcontract to Supply Chassis
Components for High Priority MRAP Vehicle Production
CHARLOTTE, Michigan, November 20, 2007 - Spartan Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), today announced it has received a $49 million subcontract order from General Dynamics Land Systems to supply and integrate key chassis components in the production of advanced tactical vehicles under the Mine Resistant Ambush Protected, or MRAP, program.
The vehicles under this order will be utilized by multiple branches of the U.S. military. MRAPs are prized by the military for their V-shaped hulls, raised chassis and improved armor, which help protect servicemen and women from improvised explosive devices, or IEDs, mines and other hazards of war.
"This latest contract award is further validation of Spartan's expertise and responsiveness in the critical role we play in the production of MRAP vehicles," said Richard Schalter, president of Spartan Chassis. "These vehicles continue to be the U.S. military's highest priority and we are honored to be among the suppliers selected to provide products that safeguard the lives of our military men and women."
MRAP vehicles are prized by the military for their V-shaped hulls, raised chassis and improved armor, which help protect servicemen and women from improvised explosive devices, or IEDs, mines and other hazards of war.
General Dynamics Land Systems, headquartered in Sterling Heights, Michigan, is a wholly owned subsidiary of General Dynamics Corporation (NYSE: GD). The company designs and builds armored vehicles and subsystems for the U.S. Army, U.S. Marine Corps, and international customers, and is the defense industry's largest supplier of armored military vehicles.
About Spartan Chassis, Inc.:
Spartan Chassis, Inc., a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), is a leading developer and manufacturer of custom chassis for recreational vehicles, fire trucks and specialty vehicles. Spartan Motors, which also manufactures emergency rescue vehicles under the brand names of Crimson Fire, Crimson Fire Aerials and Road Rescue, reported sales of $445 million in 2006 and is focused on becoming the premier manufacturer of specialty vehicles and chassis in North America.
This release contains forward-looking statements, including, without limitation, statements concerning our business, future plans and objectives and the performance of our products. These forward-looking statements involve certain risks and uncertainties that ultimately may not prove to be accurate. Actual results and future events could differ materially from those anticipated in such statements. Technical complications may arise that could prevent the prompt implementation of the plans outlined above. The company cautions that these forward-looking statements are further qualified by other factors including, but not limited to, those set forth in the company's Annual Report on Form 10-K filing and other filings with the United States Securities and Exchange Commission (available athttp://www.sec.gov). Government contracts and subcontracts typically involve long payment and purchase cycles, competitive bidding, qualification requirements, delays or changes in funding, extensive specification deve lopment and changes, price negotiations and milestone requirements. An announced award of a governmental contract is not equivalent to a finalized executed contract and does not assure that orders will be issued and filled. Government agencies also often retain some portion of fees payable upon completion of a project and collection of contract fees may be delayed for long periods, which can negatively impact both prime contractors and subcontractors. The company undertakes no obligation to publicly update or revise any statements in this release, whether as a result of new information, future events or otherwise, except as required by law.
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Contact: | |
Karen Hildebrant
Spartan Chassis, Inc.
(517) 543-6400 ext. 3111 | Jeremy Bakken, Jeff Lambert
Lambert, Edwards & Associates
(616) 233-0500 |
