Ballistic Recovery Systems (CE) (USOTC:BRSI)
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Ballistic Recovery Systems, Inc.(BRSI)(OTCBB:BRSI), a manufacturer of
whole-aircraft parachute recovery systems for general aviation and
recreational aircraft, announced today it has entered into a tactical
partnership agreement with Spain’s CIMSA
Ingenieria de Sistemas to develop a new, long-term strategic
relationship. Under terms of the agreement, BRS and CIMSA will sign a
manufacturing and product development agreement to jointly develop new
and existing parachute systems aimed at advancing the two companies’
shared technology into the global aerospace market.
Under the agreement, CIMSA has invested $1.5 million USD in BRS for
which it has been issued approximately 1.1 million shares of BRS common
stock and a common stock purchase warrant for approximately 275,000
shares... CIMSA will provide technical assistance towards the
development of the new systems and applications. With this latest
accord, CIMSA will have also representative on the BRS Board of
Directors.
BRS plans to use the proceeds to increase investments in research and
development, construct new manufacturing facilities and accelerate
progress on a number of programs, including whole-airframe parachutes
for Diamond Aircraft’s D-Jet and DA-50. The
company believes the new alliance immediately strengthens BRS’
position in worldwide aerospace markets. The two companies will combine
efforts to address the increasingly critical role of textile-based wings
and recovery systems, including Precision Aerial Delivery (PAD) guided
parachutes and Unmanned Aerial Vehicle (UAV) applications.
“By combining the design and engineering
skills of BRS and CIMSA, this creates a virtual dream team as we all
speak the same technical language and our product development goals are
extremely well aligned,” said BRS CEO Larry E.
Williams. “Over the last several months, BRS
and CIMSA have worked together to establish a strategic business
relationship to build on the manufacturing agreement we signed in
February. This alliance allows us to effectively evaluate current and
future projects to identify areas where mutual collaboration puts us in
a strong position to compete globally.”
“For over ten years, CIMSA has focused on
quality products, services and built strong alliances through
relationships with successful organizations worldwide,”
said, Fernando Caralt, President of CIMSA, "This is an important
development for both companies. With the implementation of this
agreement, both CIMSA and BRS are expected to experience long-term
benefits related to the exchange of technical expertise and the
expansion of our worldwide market potential, both in the whole aircraft
recovery systems market and the defense market."
“This builds on the BRS global operation with
low-cost manufacturing and a secure position in both Europe and the
United States” adds Williams. “This
is one more execution in our diversification efforts. CIMSA has
world-renowned expertise in military and scientific products and we look
forward to our expanded working relationship.”
Under the agreement, BRS has agreed to file a registration statement
with the U.S. Securities and Exchange Commission covering the resale of
the shares issued for the investment, as well as the shares issuable
upon exercise of the common stock purchase warrant.
This press release contains forward looking statements within the
meaning of the Private Securities Litigation Reform Act of 1995. These
statements are often, but not always, made through the use of words such
as “anticipates,” “expects,”
“plans,” “believes,”
“intends” and
other similar words or phrases. These forward looking statements
include, without limitation, statements relating to the benefits to be
derived by BRS from its partnership with CIMSA. These statements are
only predictions and are based on current information and expectations.
Such statements involve a number of risks and uncertainties, including
market fluctuations, pricing, procurement, manufacturing efficiencies,
operating risks and other risks that could cause the actual results to
differ materially from those projected. For more information as to these
risks and uncertainties, please review the company’s
public filings made with the Securities and Exchange Commission,
particularly the company’s annual report on
Form 10-KSB. All forward looking statements are qualified in their
entirety by this cautionary statement and BRS undertakes no obligation
to revise or update this press release to reflect events or
circumstances after the date hereof.
BRS has delivered more than 27,000 parachute systems to aircraft owners
around the world including over 3,500 systems on certified aircraft. To
date, BRS parachute recovery systems have been credited with saving the
lives of 203 pilots and passengers.