USCF ETF Trust (NYSE:UDI)
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United Defense Industries, Inc. (NYSE:UDI) has been
awarded a $376 million contract from the Naval Sea Systems Command,
Washington, DC, for the continuation of design, development and test
of the Advanced Gun System (AGS), including the fully automated gun,
magazine and the Long Range Land Attack Projectile (LRLAP), for use
aboard the Navy's new DD(X) Destroyer.
"This contract award recognizes the importance of the Advanced Gun
System and its LRLAP ammunition to the Navy to perform long-range
fires in support of the Marines in future land attack scenarios," said
Jim Schoppenhorst, program director for the DD(X) program at United
Defense, Armament Systems Division. "This award to United Defense by
the Navy keeps the development of the AGS and LRLAP on schedule - a
key component of the development of the DD(X) ship going forward."
The Advanced Gun System is intended to be a fully automated,
single barrel, 155-mm, vertically loaded, stabilized gun mount that is
capable of storing, programming, loading, and firing the Long Range
Land Attack Projectile. The DD(X) design calls for each destroyer to
have two Advanced Gun Systems aboard, with up to 900 rounds of LRLAP
ammunition available for the guns. The primary mission for the AGS is
Land Attack Warfare in support of ground and expeditionary forces
beyond the line-of-sight in the DD(X) System's littoral engagement
area, where precise, rapid-response, high-volume, long-range fire
support are required.
Work is expected to be completed by September 2010.
About United Defense
United Defense designs, develops and produces combat vehicles,
artillery, naval guns, missile launchers and precision munitions used
by the U.S. Department of Defense and allies worldwide, and provides
non-nuclear ship repair, modernization and conversion to the U.S. Navy
and other U.S. Government agencies. To learn more about United
Defense, visit http://www.uniteddefense.com.
Forward-Looking Statements
Information in this release may involve guidance, expectations,
beliefs, plans, intentions or strategies regarding the future. These
forward looking statements involve risks and uncertainties. All
forward looking statements included in this release are based upon
information available to United Defense Industries, Inc., as of the
date of the release, and we assume no obligation to update any such
forward looking statements. The statements in this release are not
guarantees of future performance and actual results could differ
materially from our current expectations. Numerous factors could cause
or contribute to such differences. Please refer to the Company's
Annual Report on Form 10-K for the year ended December 31, 2004, and
in our other reports filed from time to time with the Securities and
Exchange Commission for a further discussion of the factors and risks
associated with our business.