CONTACT: E. Brian Harvey Director, Investor Relations and Capital Markets 858.753.8974 email@example.com
SAN DIEGO, March 31, 2016 (GLOBE NEWSWIRE) -- LRAD Corporation (NASDAQ: LRAD), the world's leading provider of acoustic hailing devices ("AHDs") and advanced mass notification systems, announced today it received a multi-year $7.4 million contract award from the Naval Surface Warfare Center in Crane, Indiana. The firm-fixed-price, indefinite-delivery/indefinite-quantity contract adds remotely operated, fully integrated LRAD RXL systems to Situational Awareness Systems ("SAwS") on Military Sealift Command ("MSC") ships as well as other United States Navy ("Navy") and Coast Guard vessels. First delivery under the contract was concurrent with the award. "Having previously won competitively bid, multi-year contracts from the Navy in 2007, 2008, 2010 and 2013, we're pleased to supply our long range AHDs to MSC," remarked Tom Brown, president and CEO of LRAD Corporation. "Adding LRAD RXL systems to SAwS provides critical security and communications capabilities that will enhance the safety of deployed merchant mariners and Sailors aboard several classes of MSC ships." The LRAD RXL, the Navy's version of the LRAD 500RX, interacts with potential threats at distances up to 2,000 meters to provide more time to assess uncertain situations and respond appropriately. The LRAD RXL also provides operators with a scalable non-lethal, non-kinetic deterrent capability. Military Sealift Command is the leading provider of ocean transportation for the Navy and the Department of Defense, operating approximately 110 ships around the globe. SAwS uses Electro-Optic/Infrared sensors placed forward and aft of a ship's bridge to provide 360 degree surveillance, establish exclusions zones, improve force protection, and aid navigation. LRAD's technologically advanced Long Range Acoustic Devices® are used around the world by the Navy, U.S. Coast Guard and 16 international Naval forces and Coast Guard agencies. About LRAD Corporation Using advanced technology and superior voice intelligibility, LRAD Corporation's proprietary Long Range Acoustic Devices® and revolutionary ONE VOICE® mass notification systems safely hail and warn, inform and direct, prevent misunderstandings, determine intent, establish large safety zones, resolve uncertain situations, and save lives. LRAD systems are in service in more than 70 countries around the world in diverse applications including mass notification and public address, fixed and mobile defense deployments, homeland, border, critical infrastructure, maritime, oil & gas, and port security, public safety, law enforcement and emergency responder communications, asset protection, and wildlife control and preservation. For more information, please visit www.lradx.com. Forward Looking Statements Except for historical information contained herein, the matters discussed are forward-looking statements within the meaning of Section 21E of the Securities Exchange Act of 1934. You should not place undue reliance on these statements. We base these statements on particular assumptions that we have made in light of our industry experience, the stage of product and market development as well as our perception of historical trends, current market conditions, current economic data, expected future developments and other factors that we believe are appropriate under the circumstances. These statements involve risks and uncertainties that could cause actual results to differ materially from those suggested in the forward-looking statements. These risks and uncertainties are identified and discussed in our filings with the Securities and Exchange Commission. These forward-looking statements are based on information and management's expectations as of the date hereof. Future results may differ materially from our current expectations. For more information regarding other potential risks and uncertainties, see the "Risk Factors" section of the Company's Form 10-K for the fiscal year ended September 30, 2015. LRAD Corporation disclaims any intent or obligation to update those forward-looking statements, except as otherwise specifically stated.