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ROANOKE, Va., July 10, 2008 – The Research, Development and Engineering Command Acquisition Center (RDECOMAC), Aberdeen Proving Ground, Md., has awarded ITT Corporation (NYSE:ITT) a $24.4 million follow-on order for the Enhanced Night Vision Goggle (ENVG), or the AN/PSQ-20. The ENVG is the first helmet-mounted night vision monocular to combine the strengths of both image intensification (I2) and infrared (IR, or thermal) technologies into one device. Following a rigorous qualification process, the Army's first unit equipped with ENVG was introduced in April.
ITT's ENVG optically combines an I2 image and next-generation IR (thermal) image, allowing for improved mobility and situational awareness. The monocular uses I2 to provide clear target identification and IR to provide improved target detection. By combining the strengths of both technologies into one unit, soldiers are able to complete their missions more effectively.
"Equipping the men and women of our military with advanced technologies is one of our primary goals," said Mike Hayman, president of ITT Night Vision. "We take our position as the sole provider of ENVG very seriously, and are committed to providing this new capability and advantage to the battlefield.”
Following a competitive process, ITT was selected as the sole provider of the Army's ENVG in 2005. The indefinite-delivery, indefinite-quantity (IDIQ) contract has a total potential value of $560 million over a period of up to five years.
ITT Night Vision, based in Roanoke, Va., is the world's leading developer, producer and supplier of Generation 3 image intensifier technology for U.S. and allied military forces as well as the homeland security market. To learn more, visit www.nightvision.com.
About ITT Corporation
ITT Corporation (www.itt.com) supplies advanced technology products and services in several growth markets. ITT is a global leader in water and fluid transport, treatment and control technology. The company plays a vital role in international security with communications and electronics products; space surveillance and intelligence systems; and advanced engineering and services. It also serves a number of growing markets—including marine, transportation and aerospace—with a wide range of motion and flow control technologies. Headquartered in White Plains, N.Y., the company employs approximately 40,000 people and generated $9 billion in 2006 sales.
Safe Harbor Statement
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated by the Company include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2007, and other of its filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.
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ITT Night Vision
7635 Plantation Road
Roanoke, VA 24019
Telephone: 540-563-0371
Fax: 540-362-4979
Toll free: 800-448-8678
General email:
nvsales@itt.com |
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