Kratos Awarded $18 Million+ in Contracts to Continue Training Support Services to Royal Saudi Naval Forces (RSNF)
SAN DIEGO, May 11, 2020 (GLOBE NEWSWIRE) -- Kratos Defense & Security Solutions, Inc. (Nasdaq: KTOS), a leading National Security Solutions provider, announced today that it was awarded a new training contract, along with an extension to a previous contract, to provide educational training support to the RSNF. The extension, issued to an existing U.S. Foreign Military Sales (FMS) contract, is valued at $2,632,498. The new award, a cost plus fixed fee contract, issued by the Fleet Logistics Center Norfolk Philadelphia Office is valued at $16,107,305 and could climb to $25,629,236 if all options are exercised.
With these awards, Kratos will continue its training support services to the RSNF. These include military-focused training including technical and instructional services necessary to conduct naval operations, logistics and curriculum management support services. In addition, Kratos will continue to provide English Language Training (ELT) for RSNF personnel including the RSNF Naval Academy.
Jose Diaz, Sr. Vice President of Kratos' Training Division, said: "The award gives us the opportunity to continue to support the RSNF’s commitment to the transformational goals of the Ministry of Defense as it modernizes its growing naval fleet. It is another example of the rapid international expansion of our training services in areas including the Middle-East, Australia and Europe.”
Kratos develops advanced, cost-effective training solutions for U.S. and allied forces that enhance learning retention, speed course development, increase warfighter readiness and can be delivered to the point of need. Kratos is driving innovation in military simulation and training programs by integrating the latest immersive technologies with its blended learning content and advanced reconfigurable simulation systems for air, ground, maritime and space domains.
About Kratos Defense & Security Solutions
Kratos Defense & Security Solutions, Inc. (NASDAQ:KTOS) develops and fields transformative, affordable technology, platforms and systems for United States National Security related customers, allies and commercial enterprises. Kratos is changing the way breakthrough technologies for these industries are rapidly brought to market through proven commercial and venture capital backed approaches, including proactive research and streamlined development processes. Kratos specializes in unmanned systems, satellite communications, cyber security/warfare, microwave electronics, missile defense, hypersonic systems, training and combat systems and next generation turbo jet and turbo fan engine development. For more information go to .
Notice Regarding Forward-Looking Statements
Certain statements in this press release may constitute "forward-looking statements" within the meaning of the Private Securities Litigation Reform Act of 1995. These forward-looking statements are made on the basis of the current beliefs, expectations and assumptions of the management of Kratos and are subject to significant risks and uncertainty. Investors are cautioned not to place undue reliance on any such forward-looking statements. All such forward-looking statements speak only as of the date they are made, and Kratos undertakes no obligation to update or revise these statements, whether as a result of new information, future events or otherwise. Although Kratos believes that the expectations reflected in these forward-looking statements are reasonable, these statements involve many risks and uncertainties that may cause actual results to differ materially from what may be expressed or implied in these forward-looking statements. For a further discussion of risks and uncertainties that could cause actual results to differ from those expressed in these forward-looking statements, as well as risks relating to the business of Kratos in general, see the risk disclosures in the Annual Report on Form 10-K of Kratos for the year ended December 30, 2019, and in subsequent reports on Forms 10-Q and 8-K and other filings made with the SEC by Kratos.
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