Grant awarded in May of 2022 transitions to new contract to fund ongoing development and testing of the Company's capabilities to disrupt intelligence, surveillance, and reconnaissance sensors
TUCSON, AZ / ACCESSWIRE / April 19, 2024 / Applied Energetics, Inc. (OTCQB:AERG), a leader in the advancement of ultrashort pulse laser technologies (USPL), announced today that the Company's existing ultra short pulse laser program with the Office of Naval Research (ONR) has transitioned from a grant to a contract. The Company's previously awarded grant with ONR was for the development of an optical system capable of defeating customer-specified threats for integration onto U.S. Marine Corps (USMC) platforms. The original grant had a two-year period of performance. The new contract supersedes the May 2022 grant and carries a ceiling value of $1,217,535 under a base period of performance through November 11, 2024, and a twelve-month unfunded option period that ends November 11, 2025. The Company previously filed an 8-K related to this matter with the Securities & Exchange Commission on March 12, 2024.
"Applied Energetics is pleased to announce ONR's commitment to continue to support and advance the development of our optical and photonics-based technology for the USMC. Our work will continue evolving the capability set and further expedite the transition of the technology from the laboratory to the field in support of our deployed U.S. military personnel," said Dr. Greg Quarles, President and CEO of Applied Energetics.
Applied Energetics was awarded this contract with ONR to enable the continued development and accelerate the testing of its optical technology with an ultrashort pulse laser (USPL). The overall objective will be to advance and ruggedize optical technologies that are compatible with USMC platforms and able to operate in expeditionary environments.
Any opinions, findings, and conclusions or recommendations expressed in this press release are those of the Company and do not necessarily reflect the views of the Office of Naval Research.
About Applied Energetics, Inc.
Applied Energetics, Inc., a leader in Advanced Optical Technologies and Ultrashort Pulse Directed Energy Solutions, utilizes patented, dual-use laser and optical technologies to advance critical industries, including defense, national security, biomedical and manufacturing. Applied Energetics pioneered and holds all crucial intellectual property rights to the development and use of Laser Guided Energy technology and related solutions for defense, security, commercial, and medical applications.
Forward Looking Statements
Certain statements in this press release constitute forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Exchange Act of 1934. Forward-looking statements include all statements that do not relate solely to the historical or current facts and can be identified by the use of forward-looking words such as "may," "believe," "will," "expect," "project," "anticipate," "estimates," "plans," "strategy," "target," "prospects," or "continue," and words of similar meaning. These forward-looking statements are based on the current plans and expectations of our management and are subject to a number of uncertainties and risks that could significantly affect our current plans and expectations, as well as future results of operations and financial condition and may cause our actual results, performances or achievements to be materially different from any future results, performances or achievements expressed or implied by such forward-looking statements. We do not assume any obligation to update these forward-looking statements to reflect actual results, changes in assumptions, or changes in other factors affecting such forward-looking statements.
For Investor information contact:
Kevin McGrath, Managing Director
Cameron Associates, Inc.
kevin@cameronassoc.com
T: 646-418-7002
SOURCE: Applied Energetics, Inc.
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