AirBoss Defense Group Receives Orders Valued at Up To $23 Million for Specialized Footwear Solutions

U.S. Department of Defense Selects Trusted Supplier to Provide Legacy CBRNE and Extreme Cold Weather Footwear

/EIN News/ -- LANDOVER, Md., March 31, 2021 (GLOBE NEWSWIRE) -- AirBoss Defense Group (ADG), the global leader in survivability for the assured mobility, healthcare, and chemical, biological, radiological, nuclear, and explosive (CBRNE) communities, is announcing that it has been awarded an indefinite delivery/indefinite quantity (IDIQ) contract valued at up to $15.1 million by the U.S. Department of Defense for the manufacture and sale of up to 56,7000 pairs of Extreme Cold Vapor Barrier Boots (ECVBB), commonly referred to as “bunny boots.” The Defense Logistics Agency (DLA) Troop Support will administer this three-year contract and deliveries are expected to begin immediately.

In addition to the ECVBB contract, the company is pleased to announce that it has received a $7.9 million order from the Department of Defense for the Molded AirBoss Lightweight Overboots (MALOs), as part of an IDIQ contract previously announced in September of 2019. This follow-on order reaches the maximum value of the original base contract for up to 600,000 pairs of MALO boots to $26.7 million.

Patrick Callahan, CEO of AirBoss Defense Group said, “The ECVBB contract and the MALO boot order acknowledge our company’s capability to provide highly specialized survivability solutions to the U.S. Department of Defense. ADG is proud to remain the trusted supplier of protective footwear to servicemembers stationed around the globe who require essential equipment to ensure mission success in extreme environments. The U.S. government has selected ADG solutions to protect and allow warfighters, frontline healthcare workers, first responders, and security personnel to meet a wide variety of challenges. We are pleased to continue supplying our specialized footwear to ensure readiness and survivability.”

The ECVBB is a legacy boot used by the United States Armed Forces. These robust, waterproof rubber boots are rated to perform in the coldest of weather conditions (-20 to -65 degrees Fahrenheit), with a liner-free interior retaining warmth by layering up to one inch of wool and felt insulation between two vacuum-tight layers of rubber. The ECVBB was originally designed at the Navy Clothing and Textile Research Center in Natick, MA during the Korean War for military expeditions in extreme cold weather environments. The proven warmth and durability of the ADG ECVBB has made these boots the extreme cold weather footwear of choice for the U.S. Department of Defense.

The MALO was originally designed and developed to provide superior physical properties and protection compared to CBRNE overboots then in service. It is made with an injection-molded specialty polymer, an easy to decontaminate material that offers superior protection against CBRNE threats, and integrates with currently fielded CBRNE Suits. The MALO has been broadly adopted worldwide and is used by more than 40 countries.

About AirBoss Defense Group (ADG)

ADG is a growing survivability company that provides military, law enforcement, medical providers, industrial providers and first responders with a diverse portfolio of protective equipment that spans the entire survivability spectrum. AirBoss Defense, an ADG brand, is a recognized world leader in rapid deployment negative pressure isolation shelters, CBRNE protective equipment, medical protective equipment, and personal respiratory protective products. AirBoss Defense’s emergency response and personal protective equipment is utilized by the Department of Defense, U.S. Department of State, FEMA, CDC other government agencies and private companies. For more information, please visit www.adg.com.

FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or ADG’s future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “is expected to”, “believes”, “anticipates”, “forecasts”, “plans”, “intends” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. ADG cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause ADG’s actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions; dependence on key customers; global defense budgets, notably in ADG’s target markets, and success of ADG in obtaining new or extended defense contracts; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; ADG’s ability to maintain existing customers or develop new customers in light of increased competition; ADG’s ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof, changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws and potential litigation; ability to obtain financing on acceptable terms; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; potential product liability and warranty claims and equipment malfunction. COVID-19 could also negatively impact ADG’s operations and financial results in future periods. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. As such, it is not possible to estimate the impacts COVID-19 will have on ADG’s financial position or results of operations in future periods. While the direct impacts of COVID-19 are not determinable at this time, AirBoss of America Corp., the parent company of ADG, has a credit facility as at December 31, 2020 that can provide financing up to US$60,000,000. This list is not exhaustive of the factors that may affect any of ADG’s forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to ADG or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this press release and, whether as a result of new information, future events or otherwise, ADG disclaims any intent or obligation to update publicly this forward-looking information except as required by applicable laws. Risks and uncertainties about ADG’ business are more fully discussed under the heading “Risk Factors” in AirBoss of America Corp.’s (“AirBoss”) recent Annual Information Form and are otherwise disclosed in AirBoss’ filings with securities regulatory authorities which are available on SEDAR at www.sedar.com.

Contact: David Costello
Tel: 617.875.2492
Email: david@risingtidemhd.com

A photo accompanying this announcement is available at https://www.globenewswire.com/NewsRoom/AttachmentNg/ccab6e9e-29fe-44f4-9b6a-812213943677