AirBoss Announces New Contracts Valued at up to US$15.6M and Provides Update on Existing Program
Rhea-AI Summary
AirBoss Defense Group has secured two new contracts worth up to US$15.6 million. The first contract, valued at up to US$9.2 million, is with armasuisse for Molded AirBoss Lightweight Overboots (MALO) to support Swiss Defense Forces. The second contract, worth up to US$6.4 million, is for Low Burden Masks (LBM), filters, and accessories for a partner nation.
Both contracts are scheduled to begin deliveries in Q3 2025. The company has also reported potential delays in their existing US$45 million Bandolier contract due to supply chain constraints affecting critical components. To date, they have completed US$17 million in deliveries under this contract, with an additional US$2.5 million worth of units in transit.
Positive
- Secured new defense contracts worth up to US$15.6 million
- Strong market presence with MALO overboots sold to over 60 countries (6.1M pairs)
- Successfully delivered US$17 million worth of Bandolier systems to date
Negative
- Supply chain constraints causing delays in US$45M Bandolier contract delivery
- Geopolitical climate and tariff uncertainty affecting operations
News Market Reaction
On the day this news was published, ABSSF gained 8.79%, reflecting a notable positive market reaction.
Data tracked by StockTitan Argus on the day of publication.
NEWMARKET, Ontario, April 07, 2025 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that AirBoss Defense Group, AirBoss Manufactured Products’ (“AMP”) defense business, has received an order from armasuisse, in support of Swiss Defense Forces personnel, for ADG Molded AirBoss Lightweight Overboots (“MALO”) and an order from a partner nation, for ADG Low Burden Masks (“LBM”), filters and related accessories. The combined value of these contract awards is expected to be worth up to US
The MALO contract is a two-year contract, expected to be valued at up to US
The contract for LBMs, filters and related accessories is expected to be valued at up to US
The Company also advises that it is currently assessing potential delays in the delivery schedule under the previously announced contract for Bandolier lightweight multipurpose energetic systems, valued at up to US
“These two new contracts, building upon recently-announced awards, highlight the continued positive momentum in our defense business,” said Chris Bitsakakis, President and co-CEO of AirBoss. “At the same time, we are actively managing challenges presented by the current geopolitical climate, the impact of tariff uncertainty and constraints in global supply chains, including the potential impact to delivery timelines under the current Bandolier contract. The defense business remains committed to delivering protective and survivability solutions to our customers and we look forward to continuing to provide these products to ensure the safety of warfighters operating in challenging environments and conditions.”
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 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.
AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER
Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.
Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation; political uncertainty and policy change; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.
All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this Interim Report and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.
Investor Contact: investor.relations@airboss.com Media Contact: media@airboss.com
FAQ
What is the total value of the new contracts secured by ABSSF in April 2025?
How many MALO overboots has ABSSF sold globally to date?
When will ABSSF begin deliveries for the new MALO and LBM contracts?
How much has ABSSF delivered under the Bandolier contract so far?
What is causing delays in ABSSF's Bandolier contract delivery?
