Optex Systems, Inc. Announces $850,000 Settlement Agreement on Aiming Circle Contract
RICHARDSON, TX -- (Marketwired) -- 09/28/15 -- Optex Systems, Inc., a wholly owned subsidiary of Optex Systems Holdings, Inc. (OTCQB: OPXS), a leading manufacturer of optical sighting systems and assemblies for domestic and foreign militaries, announced today that the U.S. Government has agreed to a $850,000 settlement on Optex's request for equitable adjustment on the Aiming Circle contract number W52H09-06-D-0229 in which shipments concluded in 2011. This settlement is the result of a negotiation and fact gathering process managed through the Armed Services Contract Board of Appeals (ASBCA).
"This settlement signifies a significant effort put forth by the technical and business teams here at Optex and at the U.S. Army's Tank-automotive & Armaments Command (TACOM). We appreciate the efforts of all involved including the significant time invested by the TACOM personnel to reach this conclusion," stated Danny Schoening, Optex's CEO. He continued, "While a request for an equitable adjustment is not the desired path by either party, we appreciate the methodology afforded to small businesses through the ASBCA office in the rare occasion that it is needed."
ABOUT OPTEX SYSTEMS
Optex, which was founded in 1987, is a Richardson, Texas based ISO 9001:2008 certified concern, which manufactures optical sighting systems and assemblies, primarily for Department of Defense (DOD) applications. Its products are installed on various types of U.S. military land vehicles, such as the Abrams and Bradley fighting vehicles, Light Armored and Armored Security Vehicles, and have been selected for installation on the Stryker family of vehicles. Optex also manufactures and delivers numerous periscope configurations, rifle and surveillance sights and night vision optical assemblies. Optex delivers its products both directly to the military services and to prime contractors. For additional information, please visit the Company's website at www.optexsys.com.
Safe Harbor Statement
This press release and other written reports and oral statements made from time to time by the Company may contain so-called "forward-looking statements," all of which are subject to risks and uncertainties. You can identify these forward-looking statements by their use of words such as "expects," "plans," "will," "estimates," "forecasts," "projects" and other words of similar meaning. You can identify them by the fact that they do not relate strictly to historical or current facts. These statements are likely to address the Company's growth strategy, financial results and product and development programs. You must carefully consider any such statement and should understand that many factors could cause actual results to differ from the Company's forward-looking statements. These factors include inaccurate assumptions and a broad variety of other risks and uncertainties, including some that are known and some that are not. No forward-looking statement can be guaranteed and actual future results may vary materially.
The Company does not assume the obligation to update any forward-looking statement. You should carefully evaluate such statements in light of factors described in the Company's filings with the SEC, especially on Forms 10-K, 10-Q and 8-K. In various filings the Company has identified important factors that could cause actual results to differ from expected or historic results. You should understand that it is not possible to predict or identify all such factors. Consequently, you should not consider any such list to be a complete list of all potential risks or uncertainties.
Contact:
Optex Systems Holdings, Inc.
Stan Hirschman
President
(972) 764-5677
ir@optexsys.com
1420 Presidential Drive
Richardson, TX 75081
Source: Optex Systems Holdings, Inc.
Released September 28, 2015