BEDFORD, Mass., Oct. 5, 2015 /PRNewswire/ -- iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced its Defense & Security business unit has been awarded two indefinite delivery/indefinitely quantity (IDIQ) contracts with a combined total ceiling of $96 million from the Naval Surface Warfare Center, Indian Head Explosive Ordnance Disposal Technology Division. Initial orders under the contracts have been placed and total $7.9 million.
The first multi-year IDIQ contract, with a total ceiling of $46.7 million, is for support services, upgrades and spares for Man Transportable Robotic System (MTRS) MK1 robots. MTRS MK1 is modeled after iRobot's multi-mission iRobot 510 PackBot. An initial order valued at $7.5 million has been received under this contract with work to be completed by September 2016.
The second multi-year IDIQ contract has a total ceiling of $49.1 million. It allows for the production of new MTRS MK1 robots, depot level repair parts, spares, consumables and approved accessories to support configuration management and engineering enhancements. An initial order valued at $374 thousand has been received under this contract with work to be completed by September 2016.
"iRobot values its long standing service to multiple agencies within the Department of Defense," said Tom Frost, senior vice president and general manager of iRobot's Defense & Security business unit. "Our family of robots are smart, light, rugged and easy to use. We take pride in the role they play to keep our service members safe, and we remain committed to ensuring the U.S. Navy's MTRS fleet is equipped with the latest in robotic technologies to combat threats that persist globally."
iRobot has delivered more than 5,500 of its defense and security robots to military and civil defense forces worldwide.
About iRobot Corp.
iRobot designs and builds robots that empower people to do more. The company's home robots help people find smarter ways to clean, its defense & security robots protect those in harm's way, and its remote presence robots enable virtual presence from anywhere in the world. iRobot's robots feature proprietary technologies incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
Certain statements made in this press release that are not based on historical information are forward-looking statements which are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corporation's expectations concerning management's forecast of financial performance, estimates of future revenues, estimates of the size of the markets for its products, and its business outlook and business momentum. These statements are neither promises nor guarantees, but are subject to a variety of risks and uncertainties, many of which are beyond our control, which could cause actual results to differ materially from those contemplated in these forward-looking statements. In particular, the risks and uncertainties include, among other things: our dependence on the U.S. federal government and government contracts; and changes in government policies or spending priorities. Existing and prospective investors are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. iRobot Corporation undertakes no obligation to update or revise the information contained in this press release, whether as a result of new information, future events or circumstances or otherwise. For additional disclosure regarding these and other risks faced by iRobot Corporation, see the disclosure contained in our public filings with the Securities and Exchange Commission including, without limitation, our most recent Annual Report on Form 10-K.
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SOURCE iRobot Corp.
