Modern MFG Services Signs Letter of Intent

Tuesday, May 14, 2002
Modern MFG Services, Inc Signs Letter of Intent for the acquisition of Watercraft Military Defense Contractor. Modern MFG Services, Inc. (Modern) announces the signing of a letter of Intent to acquire 100% of Integrated Maritime Platforms International Inc., the designer, developer and manufacturer of the GB-Challenger Class Craft a high-speed, long-range multi-mission coastal patrol craft with interchangeable mission modules. The GB-Challenger Class Craft range in size from 7 to 16 meters, are highly maneuverable, have a range in excess of 500 nautical miles at continuous speeds of 40+ knots, and are capable of carrying a heavy payload. All of the GB-Challenger Craft have been designed to be reconfigurable platforms, which will accept mission modules that plug into the front deck section of the basic craft. Available mission modules range from dive salvage, drug interdiction, environmental response, and firefighting, to mine countermeasures and weapons deployment. Mission modules can be removed and replaced in 30 minutes or less, providing environmental, commercial, and military clients worldwide with a flexible, multi-mission system, which performs exceptionally well in open ocean, riverine, and littoral (brown water/near shore) environments. Through this acquisition, Modern will become a member of a select group of companies working on a program known as the Unmanned Surface Vehicle Consortium. In an agreement with the United States Navy this consortium will design and develop a Naval Undersea Warfare Combat Vehicle Prototype. Estimated value placed on this agreement exceeds $22,500,000. The initial value of this program to Modern (through the acquisition of Integrated Maritime) is approximately $12 million. Currently the company has a prototype boat in operation and is in various stages of design and development of other crafts.

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