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Adacel--Important Facts

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    ADA is presently trading at a forward P/E of 5.2. 2003 eps is forecast at 14c. $200 million worth of contracts won since November. Management has flaged a further $110million of prospective work. Expect further large contracts to be announced in the medium term. Independent North American web sites confirm that Adacel is the industry leader in ATC simulation systems. July 20th issue of The Economist magazine confirm that US Department of Defence will be pumping more money into IT, systems integration, battle simulation systems etc. (Total US defence budget is expected to rise to $470 billion by 2004). Adacel is precisely the kind of company (albeit a small one) that will be attracting US defence spending. Recent $8million US Army contract confirms ADA's relationship with Computer
    Sciences Corporation (NYSE, CSC) which is also positioned for a massive increase in US defence contracts (see The Economist and the CSC web site).

    Check out this North American Press release:
    United States Air Force Awards Adacel the Industry's Largest Ever Control Tower Simulation Contract

    NEW YORK--(BUSINESS WIRE)--May 14, 2002--Adacel Systems Inc. (ASI) has just been awarded a multi-year contract to supply the United States Air Force (USAF) with approximately 94 Control Tower Simulation Systems to be installed at USAF bases around the world.

    Adacel won the contract against three other companies after a long competitive bidding and evaluation process that included an intensive technology and product assessment. The USAF indicated it was Adacel's superior technical solution that set the company apart significantly from the other competitors.

    The contract was awarded after two years of stringent evaluation to ensure the systems met USAF's demanding requirements for state-of-the-art tools that would allow USAF Air Traffic controllers to achieve and maintain proficiency in the skills necessary to effectively control the military airspace. Several of the systems will be installed at the USAF air traffic control school at Keesler Air Force Base where they will further enhance air traffic controller training as well as providing upgrade training for controllers in the field.

    The initial contract award is for approximately US$2.4M for three simulators and development of a computer-based instruction course on the operation of the simulator, plus annual production options through FY07. The Air Force is currently planning on procuring approximately 94 simulators from FY02 through FY07. The contract also contains annual options through FY11 for contractor logistic support and for a training system support center capability to support the fielded simulators. Estimated contract value is approximately US$72.5M if the US Air Force exercises its options to procure the planned 94 simulators and associated support.

    The contract also contains an option for a technical refurbishment study in FY04. Depending on the results of the study and funding availability, the Air Force may be upgrading the simulators sometime between FY05-FY07. The US Air Force would upgrade the simulators through an engineering change proposal.

    "This award confirms Adacel as the world's leading supplier of Air Traffic Control simulation products, providing state-of-the-art systems for both military and civil air traffic control. Effectively, with this and other recent awards, Adacel's systems have become the new global standard for the air traffic control community. We are both proud and honored at having been selected by the US Air Force, the world's leading military provider of air traffic control services. We look forward to a long and mutually rewarding partnership with the US Air Force," commented Lionel Leveille, President and CEO of ASI.

    Adacel Systems Inc. located near the DFW Airport, is a completely integrated product development and support organization, which provides the ATC community with a complete range of scalable ATC training products and solutions to support their customer's needs.

    Adacel manufactures professional Air Traffic Control training simulation systems for governments, universities, military services and civilian air traffic control agencies worldwide. The US Air Force has been a long time customer and uses these training simulation systems at their ATC School as well as at hundreds of duty locations worldwide. These systems comprise a fully scalable, customizable line of ATC simulation products, ranging from a desktop trainer to a complete 360-degree room-sized control tower environment. Adacel Systems Inc. is a subsidiary of Adacel Technologies Limited.
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