WEST MELBOURNE, FL, September 27, 2018 – BK Technologies, Inc. (NYSE American: BKTI) today announced that it has been selected as a supplier under the Subscriber Unit Radio and Accessory Contract (SURAC) issued by the U.S. Army; and received its first task orders under the contract totaling approximately $800,000. The task orders are for the Company’s BK Radio branded UHF portable radios and related accessories, which are anticipated to be delivered during the fourth quarter of 2018.
The U. S. Army has implemented the SURAC contract to serve as its primary contract vehicle for procuring P25 digital communications equipment. BK Technologies is one of five companies that have met the U.S. Army’s qualifications as specified by the contract. The maximum total value of the contract is $495 million over a five-year period that commenced on June 18, 2018, and ends on June 18, 2023. The contract does not specify purchase dates or quantities of equipment from any particular named supplier.
BK Technologies’ Senior Vice President of Sales and Marketing Craig Price commented, “We are very excited and proud to be part of the U.S. Army’s SURAC contract and to receive the initial task orders. Being selected for this contract and then awarded task orders has been among our highest priorities and the focus of intense effort for well over a year.”
Mr. Price continued, “In SURAC, the U.S. Army now has a multi-year contract vehicle in place for procuring two-way communications equipment. Accordingly, it could be instrumental in stimulating new sales growth for BK. We are looking forward to connecting with potential new customers at U.S. Army installations nationwide, and demonstrating our exceptional products, capabilities and value.”
About BK Technologies
As an American manufacturer for over 70 years, BK Technologies is deeply rooted in the public safety communications industry, manufacturing high-specification communications equipment of unsurpassed reliability and value for use by public safety professionals and government agencies. Advances include a broad new line of leading digital two‑way radios compliant with APCO Project 25 specifications. BK Technologies’ 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.bktechnologies.com or directly at 1‑800‑821‑2900. The Company’s common stock trades on the NYSE American market under the symbol “BKTI”.
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; successful introduction of new products and technologies; 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; allocations by government agencies among multiple approved suppliers under existing agreements; our ability to utilize deferred tax assets; retention of executive officers and key personnel; our ability to manage our growth; our ability to identify potential candidates for, and consummate, acquisition or investment transactions, and risks incumbent to being a minority stockholder in a corporation; impact of our capital allocation strategy; government regulation; our business with manufacturers located in other countries; our inventory and debt levels; protection of our intellectual property rights; fluctuation in our operating results; acts of war or terrorism, natural disasters and other catastrophic events; any infringement claims; data security breaches, cyber-attacks and other factors impacting our technology systems; availability of adequate insurance coverage; maintenance of our NYSE American 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, 2017 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.