Applied Energetics lands
$9.3M Marine contract


Published on Monday, June 30, 2008



Applied Energetics received a $9.3 million contract for a classified system for the U.S. Marine Corps.

Applied Energetics, 3716 E. Columbia St., said the government has asked that program details of the contract not be disclosed.


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The company has been developing technology to counter the use of enemy improvised explosive devices (IEDs).

In its first-quarter financial report issued in May, Applied Energetics, formerly Ionatron, reported a net loss of $3.6 million but Chief Financial Officer Kenneth Wallace said in a conference call at the time, the company was building inventories for its counter-IED system in anticipation of an order.

Also, after the close of the quarter, the company reported receiving a $4.5 million contract from the Army for continued development of its laser guided energy technology.

The latest $9.3 million contract is for 12 months.

 


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