Wellco Enterprises, Inc. Clarifies Department of Defense Contract Announcement
September 26 2005 - 10:56AM
Business Wire
Wellco Enterprises, Inc. (AMEX:WLC) today reported that the U. S.
Department of Defense has announced that Wellco received a $17.4
million contract for boots for the Army and Air Force. This
announcement does not relate to a new contract award. It relates to
an option exercise under an existing contract. In addition, this is
an indefinite quantity contract, and the amount announced by the
Department of Defense is the maximum that can be ordered under the
option. The Department of Defense announcement is for a one-year
option award to Wellco under an existing contract. The subject
contract, which was awarded two years ago, consists of a one-year
base period and two one-year option periods. The decision to
exercise any option is the unilateral decision of the U. S.
Department of Defense. The option exercise is for a minimum of
41,000 pairs ($2.8 million) and a maximum of 256,000 pairs ($17.4
million). Simultaneous with the option exercise, Wellco received an
order for the minimum 41,000 pairs. Any orders beyond this minimum
will be issued at the unilateral decision of the Department of
Defense. This option exercise is the second and final option
exercise under this contract. Except for historical information,
this Release includes forward-looking statements that involve risks
and uncertainties, including, but not limited to, the receipt of
contracts from the U. S. government and others, and the performance
thereunder, the ability to control costs under fixed price
contracts, the cancellation of contracts, and other risks detailed
from time to time in the Company's Securities and Exchange
Commission filings, including Form 10-K for the year ended July 3,
2004 and Form 10-Q for the quarterly period ended April 2, 2005.
Those statements include, but may not be limited to, all statements
regarding intent, beliefs, expectations, projections, forecasts,
and plans of the Company and its management. Actual results may
differ materially from management expectations. The Company assumes
no obligations to update any forward-looking statements.
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