Ballistic Recovery Systems (CE) (USOTC:BRSI)
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Ballistic Recovery Systems, manufacturer of whole-airframe parachute
systems, announced today that it is realigning senior management in the
company to respond to the recent growth of the company. In the last 12
months, BRS has announced that its whole airframe parachute systems
would appear in seven new airframes. The company also announced that it
had formed a significant strategic alliance with CIMSA, that it had,
through the acquisition of certain assets of Head Lites Corporation,
formed Advanced Tactical Fabrication (ATF) to help focus on textile
fabrication operations for products both related to US Department of
Defense work and civilian applications, that it has provided a parachute
recovery systems to CIRA, the Italian Aerospace Research Center, and
that it has established a new manufacturing facility near Ft. Bragg in
North Carolina to address the growing DoD market. Ballistic Recovery
Systems finds itself in the enviable position of having to make
adjustments for unprecedented growth opportunities.
“This is the kind of problem you look forward
to having,” says BRS CEO Larry Williams. “Growing
at this rate requires us to adjust our senior management team.”
BRS will restructure its core operations to allow for implementation of
a larger and realigned management structure. Chief Financial Officer Don
Hedquist is stepping aside to make room for a new finance team. Gary
Moore has taken the reins as Vice President of Sales & Marketing; David
E. Blanchard is now the General Manager for BRS; while Norman Girdwood
takes over General Manager responsibilities at the new BRS Fabrication
division facility in Pinebluff, NC.
“BRS has become more of an international
player this year,” Williams says, “and
we only expect that to continue. For those of us who have been working
at BRS over the years, it’s wonderful to see
the success of our efforts.”
Testing is currently underway on a new, larger parachute system which is
designed for installation on personal jets. Epic Aircraft has announced
it will include a BRS parachute on its new Victory jet and Diamond
Aircraft has slated a parachute on its D-Jet. These two aircraft will
become the first civilian jets in history to have this remarkable safety
system.
About Ballistic Recovery Systems and Advanced Tactical Fabrication
Based in South Saint Paul, Minnesota, BRS designs, manufactures, and
distributes whole-airplane emergency parachute systems for general
aviation and recreational aircraft. ATF (or Advanced Tactical
Fabrication), a joint venture of BRS and Head Lites Corp (HLC), is a
leader in the safety apparel and “cut & sew”
industry. Since 1981, BRS has delivered more than 27,000 parachute
systems to aircraft owners worldwide, including over 3,500 systems on
FAA-certificated aircraft such as the Cirrus Design aircraft
manufactured in Duluth, Minnesota. To date, BRS parachute recovery
systems have been credited with saving the lives of 207 pilots and
passengers.
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 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, review the
company’s filings 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.