FAIRFAX, Va., November 12, 2008 — Argon ST, Inc. (NASDAQ: STST), a leading developer of command, control, communications, computers, combat systems, intelligence, surveillance, and reconnaissance (C5ISR) systems, today announced that its Global Data Solutions Group has gained acceptance in the oil and gas market in addition to the commercial air freight shipping container market.
The Company's telematics solutions are comprised of satellite and cellular radios, wireless sensors, and application services, to include satellite data services provided under an existing reseller agreement with ORBCOMM Inc, of Fort Lee, NJ (NASDAQ: ORBC).
"We see the global telematics arena as a natural extension of our defense focus in sensors, systems, networks, and services," said Dr. Terry Collins, Chairman and Chief Executive Officer, Argon ST. "We are in the business of helping to collect, analyze, and deliver intelligence. Our solutions enable our customers to gather and deliver data, turn it into useful and timely intelligence, and take deliberate and decisive actions. The extension of these capabilities into the commercial market gives Argon a unique differential. We have field tested and integrated best-of-breed data and technology solutions. Our technology has been successful in combat environments and is now ready to assist the commercial market."
Cartasite, Inc. has selected Argon to be its exclusive provider of its end-to-end solution for its monitoring and asset tracking systems for the oil and gas industry. Under the agreement, Argon will supply Cartasite's fieldFlow system consisting of Argon's satellite radio product the Rapid Deployable Terminal (RDT), wireless sensors, and application services including ORBCOMM's satellite data services.
"We are very pleased that Cartasite, Inc. has selected Argon to be its telematics product provider" said Kerry Rowe, Chief Operating Officer, Argon ST. "The oil and gas market has been a target for us, the partnership with Cartasite aligns us with an industry leader when it comes to upstream monitoring systems, and represents another successful milestone in the expansion of our telematics business. The fieldFlow product is the first product of many we hope to develop and deliver to Cartasite."
"The oil and gas industry operates in some of the harshest conditions on the planet, and remote monitoring systems are critical to operating efficiency, asset security, and personnel safety," stated David Armitage, Chief Executive Officer, Cartasite Inc. "Together, Cartasite and Argon have developed a solution which promises to revolutionize field operations and enhance productivity for the global energy industry. The requirements we put in front of Argon ST engineers were demanding. They delivered a solution that exceeded our expectations and we look forward to a long-term, strategic relationship which will contribute substantive impact to our customer's bottom line."
The Cartasite agreement is the second contract in 2008 for the Argon Global Data Solutions Business Area. In June, Argon announced that it signed an exclusive supply agreement with ULD Logistics, LLC of Delta, OH, to provide telematics products and services to the commercial air freight shipping container market.
About Argon ST, Inc.
Argon ST, Inc. designs, develops, and produces systems and sensors for the Command, Control, Communications, Computers, Combat Systems, Intelligence, Surveillance, and Reconnaissance (C5ISR) markets including SIGINT (Signals Intelligence), ESM (Electronic Support Measures), EW (Electronic Warfare), IO (Information Operations), imaging, and acoustic systems serving domestic and international markets.
Statements in this press release which are not historical facts are forward-looking statements under the provision of the Private Securities Litigation Reform Act of 1995. These statements may contain words such as "expects", "could", "believes", "estimates", "intends", "may", "envisions", "targets" or other similar words. Forward-looking statements are not guarantees of future performance and are based upon numerous assumptions about future conditions that could prove not to be accurate. Forward looking statements are subject to numerous risks and uncertainties, including without limitation the risks and uncertainties identified in the reports filed by the Company with the Securities and Exchange Commission (including the Company's Form 10-K for the fiscal year ended September 30, 2007). Some of these specific risks, although not all, are: the availability of governmental funding for the Company's products and services; changes in the U.S. federal government procurement laws, regulations, policies and budgets; the number, length and type of contracts and task orders awarded to the Company by its customers; difficulties in developing and producing operationally advanced technology systems; the timing and customer acceptance of contract deliverables; the Company's ability to attract and retain qualified personnel; charges from any future impairment reviews; the future impact of any acquisitions or divestitures the Company may make; the competitive environment for information technology products and services; general economic, business and political conditions; and other factors affecting the Company's business that are beyond its control. All of the forward-looking statements should be considered in light of these factors. Investors should not put undue reliance on any forward-looking statements. We undertake no obligation to update these forward-looking statements to reflect new information, future events or otherwise.
Argon ST, Inc.