BEDFORD, Mass., Sep 07, 2011 (BUSINESS WIRE) --
iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced that it had received a partial termination for convenience notification from The Boeing Company of the contract for the design and development of the 320 SUGV robot. Boeing, as lead system integrator under the U.S. Army's Brigade Combat Team Modernization Program, was the prime contractor. iRobot developed the technology as a subcontractor to Boeing. The effective date of the termination is September 30, 2011.
"This notification is consistent with our expectations," said Robert Moses, president of iRobot's Government and Industrial Robots division. "The SUGV robot has proven its worth as a man-portable, rugged and easy-to-use robot. Warfighters are using it to perform a wide variety of missions due to its success on the battlefield. Given current budget pressures, the Department of Defense is pursuing more cost-effective contractual arrangements. iRobot is in continuing discussions directly with the Army to help it reduce costs for the development and acquisition of SUGVs in 2011 and 2012," he added.
About iRobot Corp.
iRobot designs and builds robots that make a difference. The company's home robots help people find smarter ways to clean, and its government and industrial robots protect those in harm's way. iRobot's consumer and military robots feature iRobot Aware(R) robot intelligence systems, proprietary technology incorporating advanced concepts in navigation, mobility, manipulation and artificial intelligence. For more information about iRobot, please visit www.irobot.com.
For iRobot Investors
This press release contains express or implied forward-looking statements relating to, among other things, iRobot Corp.'s expectations regarding the future development and acquisition of SUGVs. 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 ability to operate in an emerging market, the financial strength of our customers and retailers, general economic conditions, our dependence on the U.S. federal government and government contracts, the timing of government contracts and orders, market acceptance of our products, changes in government policies or spending priorities, and competition. 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 Corp. 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 Corp., see the disclosure contained in our public filings with the Securities and Exchange Commission.
SOURCE: iRobot Corp.
iRobot Corp.
Elise Caffrey, 781-430-3003
Investor Relations
ecaffrey@irobot.com
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Media Relations
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