CHARLOTTE, Mich., Aug 03, 2007 /PRNewswire-FirstCall via COMTEX News Network/ — Spartan Chassis, Inc.,
a subsidiary of Spartan Motors, Inc. (Nasdaq: SPAR), today announced it has
received a $28 million subcontract order from General Dynamics Land Systems to
supply and integrate key chassis components in the production of advanced
tactical vehicles under the Mine Resistant Ambush Protected, or MRAP, program.
The vehicles under this order are scheduled to be completed by the end of
November 2007 and will be utilized by all branches of the U.S. military. 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.
“This award is validation of Spartan’s expertise in automotive integration
and our ability to deliver a quality product on time,” said Richard Schalter,
president of Spartan Chassis. “These vehicles have been called the highest
priority for the U.S. military because of the unmatched level of troop safety
they provide, and we are honored to be among the suppliers committed to
providing products that safeguard the lives of our servicemen and women.”
General Dynamics Land Systems, headquartered in Sterling Heights,
Michigan, is a wholly owned subsidiary of General Dynamics Corporation
(NYSE: GD). The company designs and builds armored vehicles and subsystems for
the U.S. Army, U.S. Marine Corps, and international customers, and is the
defense industry’s largest supplier of armored military vehicles.
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 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.
Karen Hildebrant, Spartan Chassis, Inc., +1-517-543-6400, ext. 3111; or Ryan McGrath, or Jeff Lambert, both of Lambert, Edwards & Associates, Inc., for Spartan Chassis, Inc., +1-616-233-0500
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