Iridium Awarded Contract From Defense Information Systems Agency Worth Up to $47 Million
MCLEAN, Va., Oct. 31, 2012 (GLOBE NEWSWIRE) -- Iridium Communications Inc. (Nasdaq: IRDM) has been awarded a five-year indefinite-delivery/indefinite-quantity (IDIQ) contract from the Defense Information Systems Agency (DISA) to upgrade the Defense Department's dedicated Iridium® gateway. The IDIQ contract has a one-year base period and four one-year options, and has a maximum value of $47 million over the full five-year period.
Under the terms of the contract, Iridium will provide hardware, software and integration services to successfully upgrade the gateway and to ensure the gateway's compatibility with Iridium NEXT, the company's next generation satellite constellation.
"We are honored to be able to continue our longstanding relationship with our most strategic customer, the Department of Defense (DoD)," said Scott Scheimreif, Iridium's acting executive vice president, government programs. "We have been working together for many years, providing critical communications services to military installations and personnel around the world. The upgrades we will make under this new agreement will ensure the DoD's ability to leverage the unique capabilities of Iridium NEXT and to improve and enhance communications capabilities for our warfighters well into the future."
On schedule to begin launching in 2015, Iridium NEXT is the largest commercial space program underway anywhere in the world. Once fully operational, the constellation of 66 low-Earth orbiting (LEO) satellites and six in-orbit spares will extend Iridium's position as a critical communications partner for customers like the DoD, as well as the Company's more than 275 commercial partners and consumers.
About Iridium Communications Inc.
Iridium is the only mobile voice and data satellite communications network that spans the entire globe. Iridium enables connections between people, organizations and assets to and from anywhere, in real time. Together with its ever-expanding ecosystem of partner companies, Iridium delivers an innovative and rich portfolio of reliable solutions for markets that require truly global communications. The company has a major development program underway for its next-generation network – Iridium NEXT. Iridium Communications Inc. is headquartered in McLean, Va., U.S.A., and its common stock trades on the NASDAQ Global Select Market under the ticker symbol IRDM. For more information about Iridium products, services and partner solutions, visit www.iridium.com.
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Statements in this press release that are not purely historical facts may constitute forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Forward-looking statements include statements regarding the development, deployment and operational capabilities of the Iridium NEXT system. Other forward-looking statements can be identified by the words "anticipates," "may," "can," "believes," "expects," "projects," "intends," "likely," "will," "to be" and other expressions that are predictions or indicate future events, trends or prospects. These forward-looking statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of Iridium to differ materially from any future results, performance or achievements expressed or implied by such forward-looking statements. These risks and uncertainties include, but are not limited to, uncertainties regarding the health, capacity and content of Iridium's current satellite constellation and the development of and transition to Iridium NEXT, as well as general industry and economic conditions, and competitive, legal, governmental and technological factors. Other factors that could cause actual results to differ materially from those indicated by the forward-looking statements include those factors listed under the caption "Risk Factors" in the company's Form 10-K for the year ended December 31, 2011, filed with the Securities and Exchange Commission ("SEC") on March 6, 2012, and the company's Form 10-Q for the quarter ended June 30, 2012, filed with the SEC on August 2, 2012. There is no assurance that Iridium's expectations will be realized. If one or more of these risks or uncertainties materialize, or if Iridium's underlying assumptions prove incorrect, actual results may vary materially from those expected, estimated or projected. Iridium's forward-looking statements speak only as of the date of this press release, and Iridium undertakes no obligation to update forward-looking statements.