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AirBoss of America Corp. reported its first quarter 2024 results, highlighting a contract award, reduction in borrowings, settlement of a lawsuit, credit facility amendments, and dividend declaration. The Company saw decreased net sales and gross profit, with a focus on operational execution and aggressive deleveraging. Strategic transitions and long-term priorities were emphasized, alongside detailed financial data.
AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) announced that its subsidiary, AirBoss Defense Group, 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. This contract is expected to commence in the second half of 2024 and continue through the end of 2025. The Bandolier is designed to bridge the capability gap between large, complex, single-role explosive charges and standard bulk demolitions, reducing dependence on cumbersome single-role explosives and time-consuming user-constructed charges. President and Co-CEO, Chris Bitsakakis, emphasized the system's adaptability and distinctive features, making it suitable for diverse mission demands. This latest contract is in addition to other recent contracts ADG has received for the Bandolier, totaling US$57.8 million in awards in the past twelve months.
