Avenger Boats proposes Port Security Fleet, Contracts with General Dynamics

Avenger Boats, Inc has proposed to the Transportation Security Administration a Port Security Fleet and contracted with General Dynamics to provide logisitics support.

AVENGER BOATS PROPOSES PORT SECURITY FLEET
CONTRACTS WITH GENERAL DYNAMICS

PORTLAND, MAINE - December 17, 2002 - American Boat Builders, Inc and its wholly owned subsidiary Avenger Boats, Inc has proposed to the Office of Transportation and Security Administration the formation of a National Port Security Fleet to meet the requirements of the Port Security Bill.

The Fleet would consist of High Speed Vessels and Avenger Patrol Boats, with at least two boats per port, for patrol assignments. The Fleet is proposed to be leased to the Transportation and Security Administration, for up to 20 years, including all equipment, personnel, training, service and maintenance. The funding of the project is proposed to come from the introduction of fees that would be paid by commercial and private entities. The Fleet could be operational within 180 days from contract award.

Avenger Boats, Inc has contracted with Bath Iron Works, a Division of General Dynamics (NYSE:GD), to provide logistics and support services, including an instructional media design package, to be completed by the end of December 2002. The terms of the contract were not disclosed.

Avenger Boats, Inc designs, develops and manufactures high performance patrol boats for use in Port Security, Homeland Security, Coast Guard and the Littoral Combat Ship. The Avenger has been tested by the Carderock Division, Naval Surface Warfare Center in Bethseda, Maryland.

CONTACT:    Avenger Boats, Inc
Box 61
Kennebunkport, Maine 04046
email: info@avengerboats.com

KEYWORD: PORTLAND
INDUSTRY KEYWORD: HOMELAND DEFENSE / PORT SECURITY / DEFENSE / MANUFACTURING / SHIP BUILDING / NATIONAL DEFENSE