Phoenix Aerospace Inc. Enters Into a Licensing Agreement With DRS Environmental Systems, Inc.
April 27 2011 - 12:32PM
Marketwired
Phoenix Aerospace, Inc. (Phoenix), a subsidiary of Phoenix
International Ventures (OTCBB: PIVNE), announced today that it has
entered into a licensing agreement with DRS Environmental Systems,
Inc. regarding re-manufacturing, repair, service or manufacturing
of DRS ground flight line support equipment and related products
that are either no longer in production or that require low volume
production. The agreement is for five years and allows for the
inclusion of additional products that are ending their production
life cycle.
Commenting on the Agreement, Phoenix's CEO, Mr. Zahir Teja,
said: "This is a major breakthrough for our company. This licensing
agreement with DRS Environmental Systems allows us to market a
wider variety of products to meet legacy flight line support
equipment demands which is a major event for the growth of our
company. More importantly, apart from additional revenues, it
enables us to provide total solutions to our customers."
About Phoenix Aerospace, Inc. Phoenix
Aerospace, Inc. of Carson City, Nevada, specializes in
manufacturing, re-manufacturing and upgrading of Ground Support
Equipment (GSE) which is primarily used to support military
aircraft.
About DRS Environmental Systems, Inc. DRS
Environmental Systems designs and builds rugged ground
environmental control systems, flight line support equipment,
decontamination systems and custom shelters and trailers to support
military operations, emergency first responders and commercial
applications.
About DRS Technologies DRS Technologies,
headquartered in Parsippany, NJ, is a leading supplier of
integrated products, services and support to military forces,
intelligence agencies and prime contractors worldwide. The company
is a wholly owned subsidiary of Finmeccanica S.p.A. which employs
more than 73,000 people worldwide. For more information about DRS
Technologies, please visit the company's website at
www.drs.com.
Phoenix International Ventures, Inc. Contact: Zahir Teja
Email Contact Investors Relations - Strategic Global Advisors,
LLC Contact: Stan Altschuler (212) 838 1510 DRS
Technologies, Inc. Contact: Brian T. Gallagher Director, Public
Affairs (973) 898-7322 Email Contact