Ballistic Recovery Systems (BRS) Announces Another Equity Purchase From Cirrus Design
February 23 2005 - 5:19PM
PR Newswire (US)
Ballistic Recovery Systems (BRS) Announces Another Equity Purchase
From Cirrus Design SOUTH ST. PAUL, Minn., Feb. 23
/PRNewswire-FirstCall/ -- Ballistic Recovery Systems, Inc.
(OTC:BRSI) (BULLETIN BOARD: BRSI) ( http://brsparachutes.com/ )
today reported that Cirrus Design has exercised their options by
purchasing an additional 650,000 shares of BRS stock, bringing its
total ownership to 15.3 %. This makes Cirrus the second largest BRS
shareholder and increases their industry leading commitment to
Aviation Safety. This is the last of 4 sets of options that were
granted under a volume purchasing contract signed in September 17,
1999. The option was triggered last Fiscal year when sales to
Cirrus exceeded the original contract goal. Bob Nelson, Chairman of
the Board and BRS Chief Executive Officer, said, "Cirrus sales
results have shown that safety sells. After flying a BRS equipped
Cirrus, other planes leave something to be desired, especially for
safety conscious passengers who find a great deal of comfort
knowing there is a whole parachute system should something go
wrong." According to BRS President & COO, Larry E. Williams,
"This investment gives us an implicit commitment and will insure
this technology is incorporated into additional Cirrus designs. We
remain committed to adapting our proven technology into new
aircraft designs. The NASA work completed last September has
generated ideas that now need to be commercialized for expansion
into next generation aircraft. This investment. Along with solid
operating profits, gives us the means to continue to expand the
company." The options were granted and the related expenses were
accounted for in last years ( FY 2004 ) financials, so the entire
amount of the infusion will be used as directed by the board. The
annual shareholder meeting is set for March 16th, 2005. In the
company's 25 year history, BRS has sold nearly 20,000 of its whole-
plane parachute systems; BRS units have been documented to have
saved over 177 lives. In December, Cirrus reported their largest
sales month in the company's history and they continue to lead
single engine piston powered aircraft sales. The forward looking
matters discussed here should be considered subject to risks and
uncertainties, including market fluctuations, pricing, procurement,
manufacturing efficiencies, and other risks that could cause the
actual results to differ materially from those projected. For more
information, review the company's filings with the Securities and
Exchange Commission, particularly the Company's annual report on
Form 10-KSB. For more information on BRS contact: Larry E.
Williams; BRS, Inc: Fleming Field, 300 Airport Road; South St. Paul
, MN 55075; USA(Larry Williams @BRSparachute.com) TEL 651.457.7491
; FAX 651.457.8651 or Robb Leer media liaison at 953-842-8133 ( )
DATASOURCE: Ballistic Recovery Systems, Inc. CONTACT: Robb Leer,
+1-612-701-0608, or Larry E. Williams, +1-651-457-7491, or , both
for Ballistic Recovery Systems, Inc (BRS) Web site:
http://brsparachutes.com/
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