LOS ANGELES--(BUSINESS WIRE)-- U.S. Aerospace, Inc. (OTCBB:USAE.ob - News), a U.S. aerospace and defense contractor, today reported the Government Accountability Office (GAO) has denied Company’s bid protest in connection with the KC-X Tanker Modernization Project.
“We would like to thank the U.S. Air Force for providing us with the opportunity to bid, and the GAO for its review of the materials and circumstances which led to its decision,” said Director Michael Goldberg. “While we are disappointed with the outcome, we are pleased that the GAO determined that there is no evidence of any bias against working with international partners in bidding for U.S. military projects.”
U.S. Aerospace, Inc. filed the protest based on claims that its joint bid with Antonov Company of Ukraine was timely submitted and within the Air Force’s control before the deadline, and that their aircraft was the only one that meets all of the requirements of the request for proposal. The Company continues to believe that the AN-122KC offered the most capable aircraft at the most competitive price, thus benefiting both the American taxpayer and the American warfighter.
“This bid was only the first step in effectuating our ongoing long-term business strategy,” continued Goldberg. “Merely submitting our joint bid and participating in the process has created a sea change in how the global aerospace industry views globalization and working together with leading aircraft manufacturers around the world. We look forward to continuing to bid on major U.S. military projects, and to supplying cost effective, high quality aircraft alternatives for commercial airlines and freight companies seeking to purchase, replace or upgrade their fleets.”
About U.S. Aerospace, Inc.
U.S. Aerospace, Inc. is a publicly-traded aerospace and defense contractor based in Southern California. The Company is an emerging world-class supplier on projects for the Lockheed Martin Corporation (NYSE: LMT), L-3 Communications Holdings, Inc. (NYSE: LLL ), the Middle River Aircraft Systems subsidiary of General Electric Company (NYSE: GE), and other aerospace companies, commercial aircraft manufacturers and prime defense contractors. The Company supplies aircraft assemblies, structural components and highly-engineered, precision-machined details for commercial and military aircraft. The Company has offices and production facilities in Rancho Cucamonga, California.
For further information please visit the Company’s website at http://www.USAerospace.com.
Forward-Looking Statements
Except for statements of historical fact, the matters discussed above are forward looking and made pursuant to the Safe Harbor provisions of the Private Securities Litigation Reform Act of 1995. These forward-looking statements reflect numerous assumptions and involve a variety of risks and uncertainties, many of which are beyond the Company's control, may cause actual results to differ materially from stated expectations. These risk factors include, among others, dependence on its key suppliers and international partners, limited capital resources, intense competition, government regulation, complications and risks related to bidding on government contracts, and difficulty in aerospace product and parts manufacturing; as well as additional risks factors discussed in the reports filed by the Company with the Securities and Exchange Commission, which are available on its website at http://www.sec.gov. Except as required by law, the Company undertakes no obligation to update any information.
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