CHARLOTTE, Mich., Feb 15, 2008 /PRNewswire-FirstCall via COMTEX News Network/ — Spartan Chassis, Inc.,
a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), today announced it has
received a subcontract order worth approximately $133.8 million with defense
contractor BAE Systems to support the production of advanced tactical vehicles
under the Mine Resistant Ambush Protected, or MRAP, program.
Under the terms of the subcontract, the Mich.-based custom chassis
manufacturer will supply and integrate key chassis components for BAE Systems’
RG33 Category I and II vehicles. The vehicles are scheduled to be completed
during the first three quarters of 2008 and are slated for use by the U.S.
military.
“This contract and our ongoing relationship with BAE Systems is further
affirmation of Spartan Chassis’ ability to leverage our expertise in the
design, material logistics and assembly of these life-saving vehicles,” said
Richard Schalter, president of Spartan Chassis. “The MRAP program remains a
high priority for the military, and we are honored to be working alongside BAE
to respond to that need and be a major supplier to this program.”
MRAPs are prized by the military for their V-shaped hulls, raised chassis
and improved armor, which help protect servicemen and women from improvised
explosive devices, or IEDs, mines and other hazards of war.
About Spartan Chassis, Inc.:
Spartan Chassis, Inc., a subsidiary of Spartan Motors, Inc.
(Nasdaq: SPAR), is a leading developer and manufacturer of custom chassis for
recreational vehicles, fire trucks and specialty vehicles. Spartan Motors,
which also manufactures emergency rescue vehicles under the brand names of
Crimson Fire, Crimson Fire Aerials and Road Rescue, reported sales of $445
million in 2006 and is focused on becoming the premier manufacturer of
specialty vehicles and chassis in North America.
This release contains forward-looking statements, including, without
limitation, statements concerning our business, future plans and objectives
and the performance of our products. These forward-looking statements involve
certain risks and uncertainties that ultimately may not prove to be accurate.
Actual results and future events could differ materially from those
anticipated in such statements. Technical complications may arise that could
prevent the prompt implementation of the plans outlined above. The company
cautions that these forward-looking statements are further qualified by other
factors including, but not limited to, those set forth in the company’s Annual
Report on Form 10-K filing and other filings with the United States Securities
and Exchange Commission (available at http://www.sec.gov). Government
contracts and subcontracts typically involve long payment and purchase cycles,
competitive bidding, qualification requirements, delays or changes in funding,
extensive specification development and changes, price negotiations and
milestone requirements. An announced award of a governmental contract is not
equivalent to a finalized executed contract and does not assure that orders
will be issued and filled. Government agencies also often retain some portion
of fees payable upon completion of a project and collection of contract fees
may be delayed for long periods, which can negatively impact both prime
contractors and subcontractors. The company undertakes no obligation to
publicly update or revise any statements in this release, whether as a result
of new information, future events or otherwise, except as required by law.
SOURCE Spartan Chassis, Inc.