Quickstep meets another milestone with early shipment of F-35 Lightning II part
The Destruct Test Article (DTA) is the first purchase order item to be manufactured by Quickstep as part of the Long Term Agreement signed in February 2011.The DTA has been shipped to Northrop Grumman, more than a month prior to its November 11, 2011 deadline.
Quickstep successfully passed the initial "Toll Gate" review required for the contract in June, enabling the Company to start production of the Destruct Test Article followed by Fly-Away components. The delivery of the DTA further strengthens the Company's standing in the aerospace industry and supports Quickstep's activities in securing further long-term defence contracts.
These accomplishments come at a particularly significant time for the Company, which is currently re-establishing itself in the former Boeing facilities in Bankstown, NSW. With the move due for completion in December 2012, Quickstep will have access to a more sophisticated facility and skilled workforce in which to meet its future JSF contractual obligations.
Quickstep will provide progress updates on the move to Bankstown and report as further milestones are achieved. The Company intends to maintain operations at its existing facility in North Coogee, Western Australia, until the Bankstown facility is fully operational.
Quickstep is an Australian-based company at the forefront of advanced materials manufacturing and technology transfer for the global aerospace and defence industries.
The use of advanced composites is rapidly growing with carbon material usage planned to increase at an average rate of 20% per annum for the next 10 years, underwritten by the emergence of high-use carbon fibre commercial aircraft such as the Boeing 787 and Airbus A350. Light weighting of vehicles is the prime driver with commercial aircraft and military equipment leading the charge.
Quickstep has significant capabilities and expertise in the production of aerospace-grade composite components using both conventional autoclave-based manufacturing and leading edge out-of-autoclave production technologies, including its proprietary Quickstep Process. Quickstep is set to generate revenue using three distinct business models:
1. Technology transfer through the provision of the proprietary Quickstep Process and production equipment;
2. Manufacture of composite components, out of its Australian facility; and
3. Conducting paid or self-funded Research & Development on new composite structures.
Quickstep signed two Memorandums of Understanding (MOU's) in 2009 in relation to manufacturing contracts for the international F-35 Joint Strike Fighter (JSF) program - the largest military aerospace program in the world, currently valued at in excess of US$300 billion worldwide. The first was signed with global aerospace companies, Lockheed Martin and Northrop Grumman, for around $700 million of potential contracts. The second MOU was signed with Melbourne-based Marand Precision Engineering for up to $50 million of contracts to manufacture Vertical Tail skins for the JSF.
Quickstep signed a Long Term Agreement with Northrop Grumman in relation to the first parts we have been allocated under the JSF program in February 2011, with a start date for JSF part delivery set for early 2012. Further contracts for additional parts are expected progressively during 2012.
The Company has a fully-commissioned aerospace-grade manufacturing facility located in North Coogee, Western Australia, and recently announced plans to relocate its manufacturing operations to the former Boeing facility at Bankstown, New South Wales, which offers the scale, resources and utilities necessary to undertake large-scale, long term aerospace manufacturing contracts.
In addition to its Australian operations, Quickstep also has facilities in strategic global locations including North America, Europe and the UK.
The Company is currently partnering with some of the world's largest aerospace/defence companies, including the US Department of Defense, Lockheed Martin, Northrop Grumman, Bae Systems, Boeing, Airbus and EADS.
Quickstep is also developing a unique patented process that can deliver high surface finish, low cost fast processing of carbon fibre composite particularly adapted to the automotive industry.
For further information, visit: www.quickstep.com.au