Lockheed Martin Corporation and AeroVironment, Inc. to Pursue Joint Opportunities in Unmanned Aircraft Systems Markets

February 07, 2014

Companies sign memorandum of understanding to explore opportunities for unmanned aircraft systems in international markets
Primary focus relates to integrating Lockheed Martin mission systems, ground systems and technology with AeroVironment's Global Observer® unmanned aircraft system

NEW DELHI, at Defense Expo, Feb. 7, 2014 – AeroVironment, Inc. (NASDAQ:AVAV), a leader in unmanned aircraft system solutions, and the Lockheed Martin Corporation (NYSE:LMT), one of the world’s largest aerospace companies and a leading systems integrator, today announced an agreement to jointly pursue opportunities in unmanned aircraft system (UAS) development.

“At Lockheed Martin, we look forward to partnering with AeroVironment to potentially develop integrated solutions for the unmanned systems market,” said Paul Lemmo, Lockheed Martin senior vice president, corporate strategy and business development. “Using our expertise in systems integration and AeroVironment’s knowledge of unmanned aircraft solutions, we will together look for opportunities to develop innovative technologies that create value for new and existing customers.”

“Numerous customers are seeking persistent solutions for wide area applications, such as border surveillance and communications, that are much more affordable than those available previously," said Roy Minson, AeroVironment senior vice president and general manager of its Unmanned Aircraft Systems business segment. "Lockheed Martin’s broad systems integration expertise gives us the opportunity to work together and develop innovative, end-to-end atmospheric satellite systems built around Global Observer that deliver breakthrough capabilities to customers.”

About AeroVironment, Inc. (AV)

AeroVironment (NASDAQ: AVAV) is a global leader in intelligent multi-domain robotic systems, uncrewed aircraft and ground systems, sensors, software analytics, and connectivity. Headquartered in Arlington, Virginia, AeroVironment delivers actionable intelligence so our customers can proceed with certainty. For more information, visit www.avinc.com.

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