This Day On The Street
Continue to site
ADVERTISEMENT
This account is pending registration confirmation. Please click on the link within the confirmation email previously sent you to complete registration.
Need a new registration confirmation email? Click here

Switchblade Is The First Smart Loitering Weapon That Delivers Target Verification And Pinpoint Delivery (Photo: Business Wire)

AeroVironment, Inc. (NASDAQ:AVAV) announced that it has received a total of $15.8 million in orders under a contract for Switchblade™ tactical missile systems, ancillary equipment and support. The United States Army Close Combat Weapons Systems Program Executive Office Missiles and Space (PEO MS) awarded these contract options. AeroVironment and its strategic teammate for advanced warheads, ATK (NYSE: ATK), will continue to work together to produce and deliver the systems.

Switchblade is the first smart loitering weapon that delivers target verification and pinpoint deliv ...

Switchblade is the first smart loitering weapon that delivers target verification and pinpoint delivery (Photo: Business Wire)

The initial contract was issued on August 30, 2012 in support of the Army’s Rapid Equipping Force (REF). The scope of work under this contract includes operational and training rounds plus training, support and rapid delivery to support ongoing customer operations. AeroVironment has received five separate orders totaling $15.8 million under this contract, including the most recent on July 29, 2013.

“Switchblade is the first smart loitering weapon, giving our troops a new force protection capability that can deliver precision effects kilometers away with in-flight retargeting, target verification and pinpoint delivery, all resulting in little or no collateral effects,” said Roy Minson, AeroVironment senior vice president and general manager of the company’s Unmanned Aircraft Systems business segment. “AeroVironment and ATK stand ready to deliver more Switchblade systems to protect our troops.”

“Adoption of innovative new solutions within the Department of Defense is difficult in today’s budget constrained environment,” added Tim Conver, AeroVironment chairman and chief executive officer. “These follow-on procurements of Switchblade systems demonstrate our customer’s confidence in this unique capability and the persistence required for the successful adoption and deployment of innovative solutions.”

1 of 3

Check Out Our Best Services for Investors

Action Alerts PLUS

Portfolio Manager Jim Cramer and Director of Research Jack Mohr reveal their investment tactics while giving advanced notice before every trade.

Product Features:
  • $2.5+ million portfolio
  • Large-cap and dividend focus
  • Intraday trade alerts from Cramer
Quant Ratings

Access the tool that DOMINATES the Russell 2000 and the S&P 500.

Product Features:
  • Buy, hold, or sell recommendations for over 4,300 stocks
  • Unlimited research reports on your favorite stocks
  • A custom stock screener
Stocks Under $10

David Peltier uncovers low dollar stocks with serious upside potential that are flying under Wall Street's radar.

Product Features:
  • Model portfolio
  • Stocks trading below $10
  • Intraday trade alerts
14-Days Free
Only $9.95
14-Days Free
To begin commenting right away, you can log in below using your Disqus, Facebook, Twitter, OpenID or Yahoo login credentials. Alternatively, you can post a comment as a "guest" just by entering an email address. Your use of the commenting tool is subject to multiple terms of service/use and privacy policies - see here for more details.
Submit an article to us!
SYM TRADE IT LAST %CHG

Markets

DOW 18,095.52 +57.55 0.32%
S&P 500 2,111.92 +3.00 0.14%
NASDAQ 5,054.8820 -5.3640 -0.11%

Partners Compare Online Brokers

Free Reports

Top Rated Stocks Top Rated Funds Top Rated ETFs