Mile Marker International, Inc. Announces Receipt of Military Orders
POMPANO BEACH, Fla.--Mile Marker International, Inc. (OTCBB:MMRK), a specialty vehicle parts supplier, announced the receipt of purchase orders from the U.S. military totaling $1,006,522 for its unique hydraulic winch/bumper assemblies.
Mile Marker International Inc. today announced the receipt of several purchase orders totaling $1,006,522 against two of its four military contracts for its patented hydraulic winch and bumper assemblies. These purchase orders, which call for the delivery of 437 units during the next three months, are the first purchase orders to be received under the military’s Fiscal Year 2007 budget which began on October 1, 2006.
Richard Aho, President and CEO of Mile Marker International, Inc., said: “We expect to ship most of these purchase orders during the fourth quarter of 2006 since we have been carrying inventory to assemble these military winches during the past several months. Since the U.S. House of Representatives passed the 2007 Defense Budget on June 20 of this year, the Company had expected to receive additional purchase orders earlier under its existing contracts. However, the U.S. Senate did not agree on a final version of the 2007 Defense Budget until the last day of the Congressional session on September 29, 2006. As we have repeatedly stated, we cannot predict the timing of such military purchase orders, but we do anticipate receiving additional larger purchase orders under our other contracts as the military ramps up its maintenance program again. We currently have approximately $47 million in potential unfilled orders under four different military contracts which expire between March 31, 2009 and February 11, 2010.”
Mile Marker International, Inc., through its wholly-owned subsidiary, Mile Marker, Inc., is a manufacturer and distributor of specialized vehicle parts primarily for the four-wheel drive recreational, utility and military vehicle markets. Mile Marker's unique patented line of hydraulic winches uses a vehicle's power steering pump as its source of energy.
Included in this release are certain “forward-looking” statements, involving risks and uncertainties, which are covered by the safe harbor provisions of the Private Securities Litigation Reform Act of 1995, including statements regarding the Company’s financial performance. Such statements are based on management’s current expectations and are subject to certain factors, risks and uncertainties that may cause actual results, events and performance to differ materially from those referred to or implied by such statements.
In addition, actual future results may differ materially from those anticipated, depending on a variety of factors, sales and earnings growth, ability to attract and retain key personnel and general economic conditions, including uncertainties relating to global political conditions, such as terrorism. Information with respect to important risk factors that should be considered is contained in the Company’s Annual Report on Form 10-KSB and its Form 10-QSB as filed with the U.S. Securities and Exchange Commission. Readers are cautioned not to place undue reliance on these forward-looking statements, which speak only as of the date hereof. The Company does not intend to update any of the forward–looking statements after the date of this release to conform these statements to actual results or to changes in its expectations, except as may be required by law.