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Contact: Leslie Rose
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VT Halter Marine Secures $28.8M Design Contract For Egyptian Navy Fast Missile Craft

November 30, 2005

VT Halter Marine Inc., a subsidiary of Vision Technologies Systems Inc., announced a $28.8m contract award to develop a functional design of a Fast Missile Craft (FMC) for the Government of Egypt.  The second phase of this program will include production design work and construction of up to three vessels.  The program value could grow to more than $450m after Phase II is added to the contract.

The Government of Egypt entered into agreements with the United States Government to purchase the Fast Missile Craft as a Foreign Military Sale (FMS), a program through which eligible foreign governments purchase defense articles, services and training from the US Government.  Completion of Phase I and start of Phase II are planned as seamless consecutive events.  

The Fast Missile Craft will be designed to accomplish the roles of coastal patrol, surveillance, interdiction, surface strike, and naval battle group support for the 21st century.  These vessels will allow the Arab Republic of Egypt to maintain the security of its coastal regions for both itself and friendly countries, while denying access to the areas by any future adversaries. The vessels will be approximately 62 meters in length and will incorporate ship signature control technology. High speed and maneuverability are two of their primary assets to fulfill these roles. The vessels will also incorporate numerous combat system assets and electronic sensors that give them capabilities in anti-aircraft, anti-surface, and electronic warfare.

"VT Halter Marine is very pleased with the award of this significant contract. We are very proud to support the US Government once again with this FMS project to design and ultimately build FMC for the Government of Egypt.  We have faced and conquered some very extreme challenges, including the recent hard-hit from Hurricane Katrina.  The contract award is especially welcome after a time of hard recovery work.  This contract sends a message putting VT Halter Marine squarely back in business with the US Navy as a prime contractor.   We are looking forward to solid and continued working relationships with defense sector agencies.  It is an exciting time in the history of VT Halter Marine and I am very proud to be a part of it."

~Boyd E. King
Chief Executive Officer
VT Halter Marine