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News Releases
December 22, 2008
DRS Technologies announces receipt of requisite consents
in consent solicitation for its 6-7/8% and 7-5/8% Senior Subordinated Notes
and 6-5/8% Senior Notes
PARSIPPANY, N.J., December 22 – DRS Technologies, Inc., a subsidiary of Finmeccanica S.p.A. (FNC.MI), today announced that it successfully has completed its consent solicitation for its 6-7/8% Senior Subordinated Notes due 2013, 6-5/8% Senior Notes due 2016 and 7-5/8% Senior Subordinated Notes due 2018 (the "Notes"). Pursuant to the consent solicitation, DRS Technologies solicited the consent of bondholders to amendments (the "Proposed Amendments") that would modify the reporting covenant in each indenture governing the Notes. As a result of the adoption of the amendments, the company will not need to file reports with the U.S. Securities and Exchange Commission. The company instead will provide holders of the Notes the parent company’s (Finmeccanica’s) consolidated annual and interim financial reports.
December 12, 2008
DRS Technologies announces results of offer to purchase its 2% Convertible Senior Notes
PARSIPPANY, N.J., December 12 – DRS Technologies, Inc., a subsidiary of Finmeccanica S.p.A. (FNC.MI), today announced, in accordance with the indenture governing its 2% Convertible Senior Notes due 2026 (the "Notes"), the results of its offer to purchase any or all of the outstanding Notes for cash equal to 100% of the principal amount of such Notes, plus any accrued and unpaid interest to, but excluding December 12, 2008 – the fundamental change purchase date. The offer was governed by the terms and conditions set forth in the Notice of Fundamental Change and Offer to Purchase, dated November 12, 2008 (the "Offer to Purchase") and expired at 5:00 p.m. EST on December 11, 2008.
December 10, 2008
DRS Technologies receives $531 million contract ceiling extension from the U.S. Army to produce JV-5 vehicle computing and display systems
PARSIPPANY, N.J., December 10 – DRS Technologies, Inc., A Finmeccanica Company, announced today that it received an Indefinite Delivery Indefinite Quantity (IDIQ) $531 million contract ceiling extension to its current JV5 production contract, to provide JV-5 ultra-rugged vehicle computing and display systems for the U.S. Army’s Force XXI Battle Command, Brigade and Below (FBCB2) program and Blue Force Tracking (BFT) and the United States Marine Corps (USMC) situational awareness requirements. This IDIQ contract provides for an indefinite quantity of JV-5 vehicle computing and display systems over the next five years, allowing the U.S. Army to place delivery orders against this contract for individual requirements. The ceiling extension was awarded to DRS by the U.S. Army’s Communication-Electronics Life Cycle Management Command (CELCMC) in Fort Monmouth, New Jersey.
December 5, 2008
DRS Technologies announces commencement of consent solicitation to amend terms for its 6-7/8% and 7-5/8% senior subordinated notes and 6-5/8% senior notes
PARSIPPANY, N.J., December 5 – DRS Technologies, Inc., a subsidiary of Finmeccanica S.p.A. (FNC.MI), today announced the commencement of a consent solicitation to amend the terms of the indentures governing its 6-7/8% Senior Subordinated Notes due 2013, 6-5/8% Senior Notes due 2016 and 7-5/8% Senior Subordinated Notes due 2018 (the ”Notes”).
November 18, 2008
DRS Technologies Receives $21 Million Delivery Order From The U.S. Army to Produce JV5 Vehicle Computing and Display Systems
PARSIPPANY, N.J., November 18 – DRS Technologies, Inc. A Finmeccanica Company, announced that it received a $21.3 million delivery order under pre-existing contract to provide JV-5 ultra-rugged vehicle computing and display systems for the U.S. Army’s Force XXI Battle Command, Brigade and Below (FBCB2) program and Blue Force Tracking (BFT) and the United States Marine Corps (USMC) situational awareness requirements. The company received the contract from the Army’s CECOM Life Cycle Management Command at Fort Monmouth, New Jersey.
November 18, 2008
DRS Technologies Provides Fully Integrated Power System
to Newly Commissioned USS Freedom (LCS1)
PARSIPPANY, N.J., NOVEMBER 18, 2008 – DRS Technologies, Inc., A Finmeccanica Company, announced today that it provided the propulsion, electrical distribution and automation systems that integrate and automate the entire engine room and machinery spaces on the USS FREEDOM (LCS 1). DRS was a major subcontractor on a program team led by Lockheed Martin Corporation (NYSE: LMT) to build the first Littoral Combat Ship (LCS) for the U.S. Navy. At a ceremony on Saturday, November 8, 2008 in Milwaukee, Wisconsin, the Navy commissioned the USS FREEDOM (LCS1) into full Navy service.
November 18, 2008
DRS Technologies Introduces a New Product Line Enhancing its SIGINT Wideband Recorder Capabilities
PARSIPPANY, N.J., NOVEMBER 18, 2008 – DRS Technologies, Inc., A Finmeccanica Company, announced today the launch of its new Recorded Data Access (RDA) product line for wideband recording applications. The new RDA products optimize recording, processing and storage solutions for SIGINT signal library, training and system validation applications. The new products were designed and developed at DRS’ Columbia, Maryland facility.
November 12, 2008
DRS Technologies Announces Commencement Of
Offer To Purchase Its 2% Convertible Senior Notes
PARSIPPANY, N.J., November 12 -- DRS Technologies, Inc. today announced that, as a result of its merger with Finmeccanica S.p.A. (FNC.MI) consummated on October 22, 2008, it has commenced an offer to purchase any or all of its outstanding 2% Convertible Senior Notes due 2026 in accordance with the indenture governing the Notes. This offer is scheduled to expire at 5:00 p.m. EST on December 11, 2008, unless extended.
October 22, 2008
Finmeccanica Completes Acquisition of DRS Technologies for 5.2 billion U.S. dollars
Rome (Italy) and Parsippany (NJ-USA) – Finmeccanica, S.p.A. (Milan: FNC) (“Finmeccanica”), a world leader in the aerospace, defense and security industry, announced today to have successfully completed its acquisition of DRS Technologies, Inc. (“DRS”), a leading supplier of integrated defense electronics products, services and support. The acquisition received all the required regulatory approvals as well as the approval of DRS shareholders.
October 21, 2008
DRS Connects SPAWAR and Freedom Calls Video Link for Military Families
DRS Technologies, Inc. Military families separated by thousands of miles are able to "share the same room" as a result of the collaboration between government, non-profit and industry. The Space and Naval Warfare Systems Center -- Atlantic (SPAWAR), Freedom Calls Foundation, and DRS Technologies combined their resources and technical skills to provide five military families a quality meeting experience using a high resolution satellite video link.
October 21, 2008
U.S. Army Awards DRS Technologies $91 Million in Contracts for Tactical Quiet Generators
DRS Technologies, Inc. announced today that it received multiple contract awards worth approximately $91 million from the U.S. Army's Communications-Electronics Command (CECOM) at Fort Monmouth, New Jersey to manufacture more than 5,000 Tactical Quiet Generators (TQG) in various sizes.
October 16, 2008
DRS Technologies Receives $33-Million Order for Long Range Advanced Scout Surveillance System Subassemblies
DRS Technologies, Inc. announced today that it has received a follow-on order of $32.7 million for electro-optical subassemblies for the Long Range Advanced Scout Surveillance System (LRAS3) program. This is the second order under a five-year contract with a projected minimum value of $100.8M over its term, awarded by the Raytheon Company (NYSE: RTN), McKinney, Texas, the prime contractor and final integrator for the LRAS3 program.
October 6, 2008
DRS Technologies Awarded $29 Million Follow-On Contract for M1200 Armored Knight Fire Support Vehicles
DRS Technologies, Inc. announced today that it completed definitization of an award for $29 million as part of a contract from the U.S. Army's Tank-Automotive Armaments Command (TACOM) Life Cycle Management Command (LCMC) in Warren, Michigan, to manufacture and integrate M1200 Armored Knight Precision Targeting Systems.
September 19, 2008
DRS Technologies Awarded $42 Million Contract for U.S. Army Heavy Ammunition Trailers
DRS Technologies, Inc. announced today that it received a $42 million order to build more than 670 additional M989A1 Heavy Expanded Mobility Ammunition Trailers (HEMATs).
September 16, 2008
DRS Technologies Receives Satellite Communications Contract
DRS Technical Services, Inc., Herndon, Va., is being awarded a $15,733,333 indefinite-delivery/indefinite-quantity, firm-fixed-price contract for satellite communications equipment and training. This contract includes options which, if exercised, would bring the cumulative value of the contract to an estimated $47,200,000. Work will be performed in Herndon, Va., and is expected to be completed by Aug. 2011. Contract funds will not expire at the end of the current fiscal year. This contract was competitively procured via the Federal Business Opportunities web site and the Space and Naval Warfare Systems Command E-commerce website, with seven offers received. The Space and Naval Warfare Systems Center, Charleston, S.C., is the contracting activity (N65236-08-D-5152).
September 10, 2008
DRS Technologies Sponsors Free Calling Day for the Troops on 9/11 Anniversary
DRS Technical Services, Inc. marks this seventh anniversary of 9/11 by sponsoring a day of free calling for all troops serving in the Operation Enduring Freedom (OEF) and Operation Iraqi Freedom (OIF) theaters to the USA over the SPAWAR MWR (Morale, Welfare and Recreation) network. "The anniversary of 9/11 is a time when we reflect on those who lost their lives and honor those who serve to protect the freedoms we all enjoy. As DRS begins its second year supporting SPAWAR activities, which provides a needed morale boost to our troops and their families, we believe that the anniversary of 9/11 is a day when our deployed forces should be able to connect with parents, children, spouses and friends without personal expense. We can never forget the price that they are already paying on our behalf," said Dr. Mitchell B. Rambler, president of the Technical Services business segment. "Every day we hear about the sacrifices made by U.S. military forces in Iraq and Afghanistan. In addition, we learn about the hardships and challenges being faced by their families back home through our partner, Operation Homefront. This free call day is our way of saying 'thank you' to the those who proudly serve our nation so well and the friends and families that support them at home." The SPAWAR MWR network is the largest and most accessible troop support communications network in the two war theaters, providing our troops a communications lifeline to their friends and families.
September 8, 2008
U.S. Navy Awards DRS Technologies Contract for Repair Station Console Systems for DDG Modernization Backfit Program
DRS Technologies, Inc. announced today that it received a $22.3 million contract from the U.S. Naval Sea Systems Command (NAVSEA) to design, produce and deliver Repair Station Console (RSC) systems for the DDG Modernization Backfit program. The development and installation of these systems will automate and integrate shipboard damage control communications which increase the survivability of battle-damaged ships.
September 5, 2008
Local DRS Technologies Engineer in Kanata Awarded for Technology Leadership
Robert Turzo, Kanata resident and engineer at DRS Technologies Canada, Ltd., has been recognized for excellence in printed circuit board design by Mentor Graphics, a world leader in computer aided design solutions.
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