iRobot Updates BCTM Contract StatusBedford, Mass. - iRobot Corp. (NASDAQ: IRBT), a leader in delivering robotic technology-based solutions, today announced that it had received a partial termination for convenience notification from The Boeing Company of the contract for the design and development of the 320 SUGV robot. Boeing, as lead system integrator under the U.S. Army's Brigade Combat Team Modernization Program, was the prime contractor. iRobot developed the technology as a subcontractor to Boeing. The effective date of the termination is September 30, 2011.
"This notification is consistent with our expectations," said Robert Moses, president of iRobot's Government and Industrial Robots division. "The SUGV robot has proven its worth as a man-portable, rugged and easy-to-use robot. Warfighters are using it to perform a wide variety of missions due to its success on the battlefield. Given current budget pressures, the Department of Defense is pursuing more cost-effective contractual arrangements. iRobot is in continuing discussions directly with the Army to help it reduce costs for the development and acquisition of SUGVs in 2011 and 2012," he added.
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Source : iRobot Corporation (Nasdaq: IRBT)