AirBoss Announces New Contracts Valued at up to US$15.6M and Provides Update on Existing Program

/EIN News/ -- NEWMARKET, Ontario, April 07, 2025 (GLOBE NEWSWIRE) -- AirBoss of America Corp. (TSX: BOS) (OTCQX:ABSSF) (the “Company” or “AirBoss”) today announced that AirBoss Defense Group, AirBoss Manufactured Products’ (“AMP”) defense business, has received an order from armasuisse, in support of Swiss Defense Forces personnel, for ADG Molded AirBoss Lightweight Overboots (“MALO”) and an order from a partner nation, for ADG Low Burden Masks (“LBM”), filters and related accessories. The combined value of these contract awards is expected to be worth up to US$15.6 million.

The MALO contract is a two-year contract, expected to be valued at up to US$9.2 million. The MALO was designed to provide superior protection against chemical and biological threats while providing optimal fit and comfort, and AirBoss overboots have been purchased by over sixty countries, with 6.1 million pairs sold to date. Deliveries under this contract are expected to commence in the third quarter of 2025.

The contract for LBMs, filters and related accessories is expected to be valued at up to US$6.4 million. The LBM is a lightweight military respirator designed to provide optimum weight distribution and minimal breathing resistance and has been sold to multiple partner nations since 2017. Deliveries under this contract are also expected to commence in the third quarter of 2025, with fulfillment expected in the first quarter of 2026.

The Company also advises that it is currently assessing potential delays in the delivery schedule under the previously announced contract for Bandolier lightweight multipurpose energetic systems, valued at up to US$45 million. These delays are related to supply chain constraints affecting certain critical components. The Company continues to work closely with its suppliers and government partners to mitigate these impacts, particularly in light of challenges resulting from the current geopolitical climate, though the timing of future shipments may be adjusted. To date, the Company has completed deliveries valued at US$17 million under this contract and has units worth an additional US$2.5 million in transit. Further updates will be provided as more information becomes available.

“These two new contracts, building upon recently-announced awards, highlight the continued positive momentum in our defense business,” said Chris Bitsakakis, President and co-CEO of AirBoss. “At the same time, we are actively managing challenges presented by the current geopolitical climate, the impact of tariff uncertainty and constraints in global supply chains, including the potential impact to delivery timelines under the current Bandolier contract. The defense business remains committed to delivering protective and survivability solutions to our customers and we look forward to continuing to provide these products to ensure the safety of warfighters operating in challenging environments and conditions.”

About AirBoss

AirBoss of America is a diversified developer, manufacturer and provider of survivability solutions, advanced custom rubber compounds and finished rubber products that are designed to outperform in the most challenging environments. Founded in 1989, the company operates through two divisions. AirBoss Rubber Solutions is a North American custom rubber compounder with 500 million turn pounds of annual capacity. AirBoss Manufactured Products is a supplier of anti-vibration and rubber-molded solutions to the North American automotive market and other sectors, and also a global supplier of personal and respiratory protective equipment and technology for the defense, healthcare, medical and first responder communities, through its AirBoss Defense operations. The Company’s shares trade on the TSX under the symbol BOS and on the OTCQX under the symbol ABSSF. Visit www.airboss.com for more information.

AIRBOSS FORWARD LOOKING INFORMATION DISCLAIMER

Certain statements contained or incorporated by reference herein, including those that express management’s expectations or estimates of future developments or AirBoss’ future performance, constitute “forward-looking information” or “forward-looking statements” within the meaning of applicable securities laws, and can generally be identified by words such as “will”, “may”, “could” “expects”, “believes”, “anticipates”, “forecasts”, “plans”, “intends”, “should” or similar expressions. These statements are not historical facts but instead represent management’s expectations, estimates and projections regarding future events and performance.

Statements containing forward-looking information are necessarily based upon a number of opinions, estimates and assumptions that, while considered reasonable by management at the time the statements are made, are inherently subject to significant business, economic and competitive risks, uncertainties and contingencies. AirBoss cautions that such forward-looking information involves known and unknown contingencies, uncertainties and other risks that may cause AirBoss’ actual financial results, performance or achievements to be materially different from its estimated future results, performance or achievements expressed or implied by the forward-looking information. Numerous factors could cause actual results to differ materially from those in the forward-looking information, including without limitation: impact of general economic conditions, notably including its impact on demand for rubber solutions and products; dependence on key customers; global defense budgets, notably in the Company’s target markets, and success of the Company in obtaining new or extended defense contracts; contract-related risks; cyclical trends in the tire and automotive, construction, mining and retail industries; sufficient availability of raw materials at economical costs; weather conditions affecting raw materials, production and sales; AirBoss’ ability to maintain existing customers or develop new customers in light of increased competition; AirBoss’ ability to successfully integrate acquisitions of other businesses and/or companies or to realize on the anticipated benefits thereof; AirBoss’ ability to successfully develop and execute effective business strategies; changes in accounting policies and methods, including uncertainties associated with critical accounting assumptions and estimates; changes in the value of the Canadian dollar relative to the US dollar; changes in tax laws; changes in trade policies or the imposition of new tariffs, duties or other similar restrictions which could influence the cost and flow of goods and services across borders; current and future litigation; political uncertainty and policy change; ability to obtain financing on acceptable terms and ability to satisfy the covenants set forth in such financing arrangements; environmental damage and non-compliance with environmental laws and regulations; impact of global health situations; IT/cybersecurity risks; potential product liability and warranty claims and equipment malfunction. There is increased uncertainty associated with future operating assumptions and expectations as compared to prior periods. This list is not exhaustive of the factors that may affect any of AirBoss’ forward-looking information.

All of the forward-looking information in this press release is expressly qualified by these cautionary statements. Investors are cautioned not to put undue reliance on forward-looking information. All subsequent written and oral forward-looking information attributable to AirBoss or persons acting on its behalf are expressly qualified in their entirety by this notice. Forward-looking information contained herein is made as of the date of this Interim Report and, whether as a result of new information, future events or otherwise, AirBoss disclaims any intent or obligation to update publicly the forward-looking information except as required by applicable laws. Risks and uncertainties about AirBoss’ business are more fully discussed under the heading “Risk Factors” in our most recent Annual Information Form and are otherwise disclosed in our filings with securities regulatory authorities which are available on SEDAR+ at www.sedarplus.com.

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