June 17, 2008
ITT to Supply First Responders with Night Vision Through Homeland Security Contract
WHITE PLAINS, N.Y., June 9, 2008 - ITT Corporation (NYSE:ITT) today announced that its night vision division has received an indefinite-delivery, indefinite-quantity (IDIQ) contract to provide PVS-14 night vision kits to first responders through the U.S. Department of Homeland Security's Commercial Equipment Direct Assistance Program (CEDAP). The PVS-14 night vision monoculars-ITT's most versatile product-will operate with Pinnacle® image intensifier tubes that enable improved operation when switching from low-light to high-light areas. The $1.1 million contract award includes a second option year, which, if exercised, would result in a total contract value of $2.2 million.
ITT's PVS-14 is a monocular Generation (Gen) 3 device that allows the user to adjust the gain control in varying light conditions. The unit can be handheld, head-mounted, weapon-mounted or adapted to a camera or camcorder. A multi-purpose tool, the PVS-14 can benefit any responder in the field during low-light conditions, from law enforcement officers on a routine foot patrol to multi-agency search and rescue or tactical teams on a mission.
"ITT is pleased to partner with CEDAP again this year to provide our Gen 3 night vision technology to law enforcement and emergency response agencies across the nation," said Mike Hayman, president of ITT Night Vision. "Every community's first responders must have the tools necessary to prevent and respond to crime and terrorism under any conditions, at any time of day or night."
Last year, CEDAP provided approximately $37 million in equipment and training assistance to first responder agencies across the nation. Administered by the Federal Emergency Management Administration with program support from the U.S. Army's Electronic Proving Ground, the program aims to provide smaller agencies with technologically advanced equipment to assist them in meeting their homeland security missions. As a direct assistance program, CEDAP provides equipment and technical assistance directly to winning agencies.
ITT Night Vision, based in Roanoke, Va., is the world's leading developer, producer and supplier of Generation 3 image intensifier technology for U.S. and allied military forces as well as the homeland security market. To learn more, visit www.nightvision.com.
About ITT Corporation
ITT Corporation (www.itt.com) is a diversified high-technology engineering and manufacturing company dedicated to creating more livable environments, enabling communications and providing protection and safety. The company plays an important role in vital markets including water and fluids management, global defense and security, and motion and flow control. ITT employs approximately 40,000 people serving customers in more than 50 countries. Headquartered in White Plains, N.Y., the company generated $9 billion in 2007 sales.
Certain material presented herein includes forward-looking statements intended to qualify for the safe harbor from liability established by the Private Securities Litigation Reform Act of 1995 ("the Act"). These forward-looking statements include statements that describe the Company's business strategy, outlook, objectives, plans, intentions or goals, and any discussion of future operating or financial performance. Whenever used, words such as "anticipate," "estimate," "expect," "project," "intend," "plan," "believe," "target" and other terms of similar meaning are intended to identify such forward-looking statements. Forward-looking statements are uncertain and to some extent unpredictable, and involve known and unknown risks, uncertainties and other important factors that could cause actual results to differ materially from those expressed in, or implied from, such forward-looking statements. Factors that could cause results to differ materially from those anticipated by the Company include general global economic conditions, decline in consumer spending, interest and foreign currency exchange rate fluctuations, availability of commodities, supplies and raw materials, competition, acquisitions or divestitures, changes in government defense budgets, employment and pension matters, contingencies related to actual or alleged environmental contamination, claims and concerns, intellectual property matters, personal injury claims, governmental investigations, tax obligations, and changes in generally accepted accounting principles. Other factors are more thoroughly set forth in Item 1. Business, Item 1A. Risk Factors, and Item 7. Management's Discussion and Analysis of Financial Condition and Results of Operations - Forward-Looking Statements in the ITT Corporation Annual Report on Form 10-K for the fiscal year ended December 31, 2006, and other of its filings with the Securities and Exchange Commission. The Company undertakes no obligation to update any forward-looking statements, whether as a result of new information, future events or otherwise.