ECA, subsidiary of Group Gorgé, signs a Memorandum of Understanding in Russia for underwater robotics

ECA, subsidiary of Group Gorgé, signs a Memorandum of Understanding in Russia for underwater robotics

ECA and PROMINVEST (subsidiary of the Russian Group ROSTEC) have signed a Memorandum of Understanding with a view toward an industrial cooperation for the supply of submarine demining robots, Kster or equivalent one, for the Russian Navy.

On the one hand, these robots would equip the future minesweepers of the Russian Navy as part of one of the largest mine clearance vessels program of the coming years. On the other hand, these robots could also be installed on non-dedicated vessels of the Russian Navy. As part of this agreement, over a decade, more than 1,000 robots would be produced.

ECA and PROMINVEST have to define before this summer 2014 terms and conditions for an industrial cooperation allowing to produce and to provide technical support to these submarine demining robots during the vessels concerned lifetime. Part of the production, notably the explosive part, would be realized in Russia.

This event is a further illustration of the growing tendency of using drones, whether in land, underwater, on the surface or in the air.

Disclaimer

The forward-looking statements contained herein (signature of a Memorandum of Understanding for an industrial cooperation and supply of underwater mine clearance robots) are based on the Management's current strategy and assumptions concerning the development of sales. Such statements and targets depend on known and unknown risks, uncertainties and other factors that may cause actual results, performance or events to differ materially from those anticipated herein. All these risks and uncertainties could affect the Group's future ability to achieve its targets.

Risks, uncertainties and other factors that could cause actual results to differ materially from the results anticipated in the forward-looking statements and targets include, among other things: the risks and uncertainties mentioned in the press release; the strength of competition; the market development ongoing; the conclusion of the cooperation agreement; the actual number of vessels built; the actual number of mine clearance robots produced; currency fluctuations; interest rate fluctuations; raw materials and freight price fluctuations; armed conflicts or political instability; control of costs and expenses; changes in tax legislation, rules, regulation or enforcement; intensified price pressure by our competitors; our ability to successfully keep pace with technology changes; our ability to attract and retain qualified personnel and key-men; the evolution,
interpretation and uniform application and enforcement of International Financial Reporting Standards (IFRS), according to which we prepare our financial statements; supply chain bottlenecks; the performance of our business partners (subcontractors, agents, suppliers, etc.).

Some of these risk factors are set forth and detailed in our Document de Référence (reference document including the annual financial report filed with the French Autorité des Marchés Financiers). This list of risks, uncertainties and other factors is not limitative. Other non-anticipated, unknown or unforeseeable factors could also have material adverse effect on our targets.

The Group expressly disclaims any obligation or undertaking to update or revise any forward-looking statements or targets contained in this press release to reflect any change in events, conditions, assumptions or circumstances on which any such statements are based.

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