Looks like Revenue!!Aria International Incorporated Reports First Revenues from Major Royal Thai Army Contract
Source: Aria International Holdings, Inc.
On Thursday June 18, 2009, 9:14 am EDT
Buzz up! Print.ARLINGTON, Va.--(BUSINESS WIRE)--Aria International Incorporated, the wholly-owned subsidiary of Aria International Holdings, Inc. (OTC BB:ARAH - News, Aria - News), a company focused on providing specialized surveillance and communications solutions to a global customer base is pleased to announce today that it has received its first revenues under its major contract with the Kingdom of Thailand, Royal Thai Army (“RTA”) to provide surveillance system components to Thailand.
Aria International Incorporated previously announced the RTA contract on April 30, 2009 to provide in-country surveillance and communications solutions and services. The RTA agreed to purchase certain intelligence and surveillance equipment (“Surveillance Equipment”) from Aria for an aggregate purchase price of $9.7 million. The RTA Surveillance Equipment consists of a manned airship with special state-of-the-art imaging and communications systems, a state-of-the-art Mobile Command and Control Vehicle, and upgrades to existing communications and facilities to receive real-time surveillance data. Aria staff will train Royal Thai Army personnel to pilot, effectively utilize and maintain the deployed surveillance and communications systems. Under this contract, Aria is responsible for integrating all Surveillance Equipment components and delivering a complete turn-key solution, conducting initial operations and continuing maintenance tasks, as well as providing training to RTA personnel.
A major milestone of the contract requires the Company to configure the Surveillance Equipment in the U.S. in preparation for delivery to Thailand, whereby Aria receives a percentage of the total contract award. Under terms of the contract Aria reported on May 26, 2009 that it had met that major milestone. Subsequently, the RTA has released to Aria approximately 70% of the contract value, or ~$6,800,000. Aria will also provide the RTA with certain ancillary services including the construction of an airship hangar. The terms of the contract require complete delivery and integration of the surveillance system within 120-days of contract award.
Mr. Mike “Bing” Crosby, President of Aria International, stated: “We continue to be pleased with our progress to provide our surveillance solutions to the RTA and are delighted to report our first revenues from the program. We believe that this effort establishes Aria as a premier provider of unique surveillance solutions in Thailand and positions Aria for rapid expansion in this market space. Our state-of-the-art surveillance and communications solutions will provide the Royal Thai Army with the necessary capabilities it requires to counter the increased insurgent activity and threats of crime, drug trafficking and terrorism.”