AMSC Awarded Contract for Ship Protection System on LPD 31
July 14 2020 - 8:00AM
AMSC (NASDAQ: AMSC), a leading system provider of
megawatt-scale power resiliency solutions
that orchestrate the rhythm and harmony of power on the
grid™, and protect and expand the capability of our Navy’s fleet,
today announced it has entered into a delivery contract
with Huntington Ingalls Industries through its Ingalls
Shipbuilding division (Ingalls) for a high temperature conductor
(HTS)-based ship protection system to be deployed on the San
Antonio-class of amphibious transport dock ship, LPD 31.
Under the terms of the contact, AMSC has
agreed to deliver the degaussing system to Ingalls’ shipbuilding
facility in Pascagoula, Mississippi for integration into
LPD 31. LPD 31 represents the second vessel of the next generation
amphibious warship ‘Flight II’ variant of the San
Antonio-class.
AMSC’s ship protection system will provide
the U.S. Navy with world-class mine protection while
reducing the weight of the degaussing system by 90% and reducing
energy consumption by approximately half that of legacy degaussing
systems. The system is designed to reduce the magnetic
signature of a ship, which can interfere with undersea mines’
ability to detect and damage the ship. The San Antonio-class
of ships can carry up to 800 troops and has the capability of
transporting and debarking landing craft air cushion or
conventional landing crafts, augmented by helicopters or vertical
take-off and landing aircraft such as the MV-22. These ships are
expected to support amphibious assault, special operations or
expeditionary warfare missions through the first half of the
21st century.
About AMSC (NASDAQ: AMSC) AMSC
generates the ideas, technologies and solutions that meet the
world’s demand for smarter, cleaner … better energy™. Through its
Gridtec™ Solutions, AMSC provides the engineering planning services
and advanced grid systems that optimize network reliability,
efficiency and performance. Through its Marinetec™ Solutions,
AMSC provides ship protection systems and is developing
propulsion and power management solutions designed to help
fleets increase system efficiencies, enhance power quality and
boost operational safety. Through its Windtec™ Solutions, AMSC
provides wind turbine electronic controls and systems, designs and
engineering services that reduce the cost of wind energy. The
Company’s solutions are enhancing the performance and reliability
of power networks, increasing the operational safety of navy
fleets, and powering gigawatts of renewable energy globally.
Founded in 1987, AMSC is headquartered near Boston, Massachusetts
with operations in Asia, Australia, Europe and North America. For
more information, please visit www.amsc.com.
Forward-Looking Statements
This press release contains “forward-looking statements” within
the meaning of Section 21E of the Securities Exchange Act of 1934,
as amended (the “Exchange Act”). Such statements include, but are
not limited to, statements about the expected scope of the ship
protection system; functionality, performance and capabilities of
our ship protection system; the expectation that San Antonio-class
of ships will support amphibious assault, special operations or
expeditionary warfare missions through the first half of the 21st
century; and other statements containing the words “believes,”
“anticipates,” “plans,” “expects,” “will” and similar expressions.
Such forward-looking statements represent management’s current
expectations and are inherently uncertain. There are a number of
important factors that could materially impact the value of our
common stock or cause actual results to differ materially from
those indicated by such forward-looking statements. These important
factors include, but are not limited to: We have a history of
operating losses and negative operating cash flows, which may
continue in the future and require us to secure additional
financing in the future; Our operating results may fluctuate
significantly from quarter to quarter and may fall below
expectations in any particular fiscal quarter; We may be required
to issue performance bonds or provide letters of credit, which
restricts our ability to access any cash used as collateral for the
bonds or letters of credit; Changes in exchange rates could
adversely affect our results of operations; If we fail to maintain
proper and effective internal control over financial reporting, our
ability to produce accurate and timely financial statements could
be impaired and may lead investors and other users to lose
confidence in our financial data; We may not realize all of the
sales expected from our backlog of orders and contracts; Our
contracts with the U.S. government are subject to audit,
modification or termination by the U.S. government and include
certain other provisions in favor of the government. The continued
funding of such contracts remains subject to annual congressional
appropriation, which, if not approved, could reduce our revenue and
lower or eliminate our profit; The novel coronavirus (COVID-19)
pandemic could adversely impact our business, financial condition
and results of operations; We rely upon third-party suppliers for
the components and subassemblies of many of our Grid and Wind
products, making us vulnerable to supply shortages and price
fluctuations, which could harm our business; Our financial
condition may have an adverse effect on our customer and supplier
relationships; We may experience difficulties re-establishing our
HTS wire production capability in our Ayer, Massachusetts facility;
Our success is dependent upon attracting and retaining qualified
personnel and our inability to do so could significantly damage our
business and prospects; Our business and operations would be
adversely impacted in the event of a failure or security breach of
our information technology infrastructure; Failure to comply with
evolving data privacy and data protection laws and regulations or
to otherwise protect personal data, may adversely impact our
business and financial results; Many of our revenue opportunities
are dependent upon subcontractors and other business collaborators;
If we fail to implement our business strategy successfully, our
financial performance could be harmed; Problems with product
quality or product performance may cause us to incur warranty
expenses and may damage our market reputation and prevent us from
achieving increased sales and market share; We have had limited
success marketing and selling our superconductor products and
system-level solutions, and our failure to more broadly market and
sell our products and solutions could lower our revenue and cash
flow; Adverse changes in domestic and global economic conditions
could adversely affect our operating results; We face risks related
to our intellectual property; We face risks related to our
technologies; We face risks related to our legal proceedings; We
face risks related to our common stock; and the important factors
discussed under the caption “Risk Factors” in Part 1. Item 1A of
our Form 10-K for the fiscal year ended March 31, 2020, and our
other reports filed with the SEC. These important factors, among
others, could cause actual results to differ materially from those
indicated by forward-looking statements made herein and presented
elsewhere by management from time to time. Any such forward-looking
statements represent management’s estimates as of the date of this
press release. While we may elect to update such forward-looking
statements at some point in the future, we disclaim any obligation
to do so, even if subsequent events cause our views to change.
These forward-looking statements should not be relied upon as
representing our views as of any date subsequent to the date of
this press release.
AMSC ContactsInvestor
Relations Contact:LHA Investor RelationsCarolyn Capaccio, CFA(212)
838-3777amscIR@lhai.com
Public Relations Contact:RooneyPartners LLC Bob
Cavosi646-638-9891rcavosi@rooneyco.com
AMSC Communications Manager:Nicol GolezPhone: 978-399-8344Email:
Nicol.Golez@amsc.com
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