MYSTIC, Conn., Sept. 24, 2003 (PRIMEZONE) -- Flight Safety Technologies, Inc. (Other OTC:FLST) announced today that it received a new contract from the Volpe National Transportation Systems Center of the US Department of Transportation. This contract, titled Phase III SOCRATES, is the third successive contract that the company has received to continue work on its proprietary SOCRATES wake vortex sensor. The new contract is initially funded at $4 M and will be used to expand the current SOCRATES wake vortex sensor from its present four beam configuration (which was recently tested at the Denver International Airport) to eight or more beams plus other improvements. The Company, together with its partner, Lockheed Martin Corporation, is developing the SOCRATES technology as a candidate sensor for a wake vortex advisory system. The funds were provided to Volpe from the National Aeronautics and Space Administration's Aeronautical Research Program which is aimed at improving aviation safety and capacity. These funds were part of a Congressional Appropriation for FY 2003. Funds under the Phase III contract are made available to the Company pursuant to work orders approved by Volpe.
The U.S. House of Representatives recently recommended that an additional $5 M be appropriated for SOCRATES in FY 2004. If approved on the floor of each House of Congress, and signed into law by the President, a portion of these funds would be used for further development and testing of the expanded sensor pursuant to work orders under the Phase III contract.
The company, together with its partner, Lockheed Martin Corporation, is developing the SOCRATES technology as a candidate sensor for a wake vortex advisory system.
Congress is currently considering legislation entitled Flight 100 which, if enacted, will authorize funding for the Federal Aviation Administration Facility and Equipment budgets for fiscal years 2004-2007. The Senate -- House Conference Committee Report contains language which would enable the use of these authorized funds to include the development of a wake vortex advisory system. The legislation must be approved on the floor of each House of Congress and signed by the President before it becomes enacted into law. Also, funds can only be made available for each year by appropriation legislation and pursuant to contract and work orders between the Company and Volpe. There is no assurance how these funds referred to in the Flight 100 Bill will be allocated among the Company, participating agencies, and other parties involved in development of the wake vortex advisory system, or as to what portion of these funds, if any, the Company ultimately may receive.
Flight Safety Technologies is headquartered in Mystic, Connecticut with offices in New London, Connecticut. The Lockheed Martin unit which is working on SOCRATES is based in Syracuse, NY.
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