ICRC, an engineering and technical services company and subsidiary of Alaska-based Koniag, is under contract with the U.S. Army's National Automotive Center to develop and deliver the SmarTruck prototype to the Capital Police in Washington, D.C. for field testing in time for the presidential inauguration in January 2005.
Funding for the SmarTruck prototype initiative has been requested through the National Automative Center contract, and ICRC has informed the Company that an award is anticipated in approximately mid-October 2004.
Once this funding is secured, ICRC, which reserved the right to subcontract directly to all vendors and suppliers on the program, intends to issue a subcontract to the Company, through which the Company will work on integrating its CarBomb Finder technology into the SmarTruck prototype.
Dr. Bogdan Maglich, President of the Company, said, "We are extremely pleased about the confidence which ICRC has shown in our explosive detection technology by offering us the chance to participate in this worthwhile initiative, and look forward to working closely with ICRC to integrate our CarBomb Finder into the SmarTruck prototype."
Management is cognizant that there can be no guarantee that ICRC will receive the anticipated funding for the initiative, or that the Company will arrive at an acceptable sub-contract with ICRC, or be able to integrate its CarBomb Finder into the SmarTruck prototype within the required specifications.
The authorization to obtain stoichiometric explosive detection technology, the basis of the Company's CarBomb Finder, for the SmarTruck was included in the Defense Appropriations Act for Fiscal Year 2005, which was signed into law by President Bush on August 5, 2004.