AirBoss Awarded Bandolier Contract Valued at up to US$45 million

NEWMARKET, Ontario, April 29, 2024 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that its wholly-owned subsidiary, AirBoss Defense Group (“ADG”), has been awarded a contract valued at up to US$45 million to provide its Bandolier lightweight, multipurpose energetic system to a NATO partner nation. Subject to satisfaction of customary conditions, including obtaining required export documentation, deliveries under this contract are expected to commence in the second half of 2024 and continue through to the end of 2025.

The Bandolier is a lightweight and modular energetic system that can be employed across mobility, counter mobility, and survivability mission profiles. The Bandolier is designed to bridge the identified capability gap between large, complex, single role explosive charges and standard bulk demolitions, and its lightweight, modular design allows for flexible use across a variety of mission requirements. The system reduces dependence on cumbersome single-role explosives and time-consuming user-constructed charges, maximizing explosive efficiency and operational versatility.

“The AirBoss Bandolier stands out as an adaptable and distinctive device that tackles various challenges and threats on the battlefield,” said Chris Bitsakakis, President and Co-CEO of AirBoss. “It has the capability to supplant several explosive devices due to its on-the-field customizable features, making it suitable for diverse mission demands. We believe that this distinctive feature distinguishes it from competing systems, and the Company is pleased to embrace this chance to assist our NATO allies and the increasing need for this versatile, efficient solution.”

This order builds upon other recent contracts which ADG has received for the Bandolier, as it works to expand the deployment of this product amongst NATO partner nations. Those contracts, awarded in the third and fourth quarters of 2023, were valued at up to US$9 million, for an aggregate of US$57.8 million of Bandolier awards received by ADG in the past twelve months.

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a top-tier North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.