SOURCE: Hafmynd ehf

January 08, 2007 08:35 ET

TWO INTERNATIONAL MILITARY BUYERS PURCHASE GAVIA UNDERWATER VEHICLES

REYKJAVIK, ICELAND -- (MARKET WIRE) -- January 8, 2007 -- Reykjavik, Iceland - 8 January, 2007 - Hafmynd hf, an innovative developer and manufacturer of advanced autonomous underwater vehicle (AUV) solutions, announces the sale of two GAVIA underwater vehicles to two undisclosed military buyers. One is the defense research agency of a non-European country, the other is a navy of a European state. The GAVIA vehicles will be delivered in March and August respectively

"We have demonstrated GAVIA to potential clients around the world during the last 12 months, for use in commercial, military, security and research missions" says Torfi Thorhallsson general manager of Hafmynd. "Receiving the Frost & Sullivan homeland security award and closing sales to two significant military buyers is confirmation of how well GAVIA is being received in this rapidly growing market. We expect to see further sales in the coming year to security and defense customers who appreciate GAVIA's unique combination of multi-mission capabilities and affordability."

The US Navy (The Space and Naval Warfare Systems Centre (SPAWAR)), University of British Columbia and the National Research Council of Canada have earlier procured GAVIA underwater autonomous vehicles.

Hafmynd - The Underwater Intelligence Specialists

Hafmynd hf, based in Reykjavik, Iceland is an innovative developer and manufacturer of advanced autonomous underwater vehicle (AUV) solutions, addressing the rapidly growing markets of commercial, military, and research undersea operations. Hafmynd is a privately owned company, founded in 1999 to commercialize research into autonomous vehicles. Hafmynd's flagship multi-mission GAVIA AUV is the product of ten years of continuous development and testing. The vehicle is a highly reliable modular package able to dive down to 2000 metres with long endurance. Its compact size and low weight coupled with unique performance characteristics make it the most capable platform at its price point and in its class today.

GAVIA is easily deployable from the shore, light craft or vessels of opportunity and can be rapidly reconfigured for a broad range of surveying and monitoring operations. The system is man-portable and can be field assembled in minutes. It is capable of being fitted with a variety of sophisticated sensors and the integration of new hardware and software modules is possible with minimum effort. The changeable modules are assembled using GAVIA's unique QuickLock system, allowing fast reconfiguration and battery replacement. GAVIA's mission capabilities enable customers to supplement or replace manned diving operations at a low cost with automated surveys of large areas of both littoral and deep water with fast in-the-water time and rapid search results. Ultra-high accuracy GPS/INS navigation and 3-D side-scan sonar allow advanced surveying and precise positioning beyond the capabilities of competing system today.

The system now has a proven track record with growing brand recognition through sales to major research and military customers, including US Navy's SPAWAR, National Research Council of Canada and the University of British Columbia and participation in underwater construction projects for Reykjavik Energy and British Petroleum. Customers who have bought a GAVIA also enjoy a superior upgrade path as the system's modularity provides the ability to supplement their existing vehicle with additional sensors as requirements and new technology evolve, offering a better return on investment both for commercial and scientific buyers. GAVIA is available both directly from Hafmynd and through its global network of sales agents.

For more information please contact:
Mr Torfi Thorhallsson
Chief Executive Officer
Tel   +354 5112990
Fax   +354 5112999
GSM   +354 8215122
E-mail  torfi@gavia.is

Mr Arnar Steingrimsson
Head of Business Development
Tel   +354 5112990
Fax   +354 5112999
GSM   +354 663 0893
E-mail  arnar@gavia.is

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