WEST MELBOURNE, Fla., Sept. 30, 2015 /PRNewswire/ -- RELM Wireless Corporation (NYSE MKT: RWC) today announced that it received awards under the U.S. Department of Homeland Security (DHS) Tactical Communications (TacCom) Contract totaling $26.2 million for its KNG series portable radios, repeaters and accessories. The equipment will be deployed by the Transportation Security Administration (TSA) at over 400 airports in the continental U.S. as well as locations outside the continental U.S.
The awards are for a base-term of one year that commenced on September 28, 2015, with four one-year options. The first option year was partially exercised immediately. The awards are comprised of delivery orders totaling $15.5 million, which includes the base-term and partial exercise of option year 1, and stipulates delivery of the equipment within 180 days. The awards do not specify or guarantee the exercise of the remaining option years, which total $10.7 million.
RELM President and Chief Executive Officer David Storey commented, "This is a landmark win for RELM. We have worked hard to cultivate a relationship with the TSA for many years, building confidence in our products and service through a series of smaller requirements. We are very excited to receive the awards and view this as a signature moment that will further cement the reputation we have already established with our core public safety customers; a reputation for first-class quality, customer service and value. In today's world the mission of the TSA is critical to the safety and security of all Americans. We take that mission very seriously, and the entire RELM team is looking forward to getting started and making the program a huge success."
About APCO Project 25 (P25)
APCO Project 25 (P25), which requires interoperability among compliant equipment regardless of the manufacturer, was established by the Association of Public-Safety Communications Officials and is approved by the U.S. Department of Homeland Security. The shift toward interoperability gained momentum as a result of significant communications failures in critical emergency situations. RELM was one of the first manufacturers to develop P25-compliant technology.
About RELM Wireless Corporation
As an American Manufacturer for almost 70 years, RELM Wireless Corporation has produced high-specification two-way communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies, as well as radios for use in a wide range of commercial and industrial applications. Advances include a broad new line of leading digital two-way radios compliant with APCO Project 25 specifications. RELM's products are manufactured and distributed worldwide under BK Radio and RELM brand names. The Company maintains its headquarters in West Melbourne, Florida and can be contacted through its web site at www.relm.com or directly at 1-800-821-2900. The Company's common stock trades on the NYSE MKT market under the symbol "RWC".
This press release contains certain forward-looking statements that are made pursuant to the "Safe Harbor" provisions of the Private Securities Litigation Reform Act Of 1995. These forward-looking statements concern the Company's operations, economic performance and financial condition and are based largely on the Company's beliefs and expectations. These statements involve known and unknown risks, uncertainties and other factors that may cause the actual results, performance or achievements of the Company, or industry results, to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements. Such factors and risks include, among others, the following: changes or advances in technology; the success of our LMR product line; competition in the land mobile radio industry; general economic and business conditions, including federal, state and local government budget deficits and spending limitations; the availability, terms and deployment of capital; reliance on contract manufacturers and suppliers; heavy reliance on sales to agencies of the U.S. government; our ability to utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; government regulation; business with manufacturers located in other countries; our inventory and debt levels; protection of our intellectual property rights; acts of war or terrorism; any infringement claims; provisions in our charter documents and under Nevada law that may discourage a potential takeover; maintenance of our NYSE MKT listing; and the effect on our stock price and ability to raise equity capital of future sales of shares of our common stock. Certain of these factors and risks, as well as other risks and uncertainties, are stated in more detail in the Company's Annual Report on Form 10-K for the fiscal year ended December 31, 2014 and in the Company's subsequent filings with the SEC. These forward-looking statements are made as of the date of this press release, and the Company assumes no obligation to update the forward-looking statements or to update the reasons why actual results could differ from those projected in the forward-looking statements.
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SOURCE RELM Wireless Corporation