Kaman and PHI Aviation Announce Commercial Agreement

March 07, 2023 at 16:05 PM EST

PHI To Purchase 50 KARGO UAV^TMPurpose-Built Autonomous Medium-Lift Logistics Vehicles

Kaman Corporation (NYSE: KAMN) and PHI Aviation LLC (“PHI”) announced at the 2023 HAI Heli-Expo that Kaman’s subsidiary, Kaman Aerospace Corporation (“Kaman”) and PHI have entered into a master commercial agreement for the promotion, sales and support of a commercial version of Kaman’s KARGO UAV^TM unmanned aerial system, including collaboration relating to its ongoing design and certification. In connection with that agreement, Kaman and PHI entered into a Non-Binding Memorandum of Understanding that outlines PHI’s intent to purchase 50 units of Kaman’s commercial KARGO UAV^TM. Kaman and PHI expressed their commitment to work together to bring KARGO UAV^TM to the broader commercial market and offer field support in the future.

KARGO UAV^TM is a purpose-built autonomous medium-lift logistic vehicle that is being developed for military and civilian use to meet real-world requirements for today and into the future. It is designed to be capable of carrying 800 lbs., flying 500 miles, and hover for an extended period without the requirement to transition to forward flight. These capabilities make the KARGO UAV^TM ideal for PHI and its core customers. PHI takes on some of the most challenging assignments in aviation to deliver high-quality support for energy providers, hospitals, air medical organizations, and government and military organizations.

“PHI is one of the most respected vertical lift suppliers in the energy, air medical and MRO industries,” said Carroll Lane, President of the Kaman Precision Products Segment. He added, “We are delighted they have chosen KARGO UAV^TM to meet the anticipated needs of their customers. PHI’s reputation for excellence, commitment to safety, and innovation leadership made them the most fitting launch customer for Kaman.”

“We look forward to working together with Kaman to augment our present fleet offering for our customers. With the addition of KARGO UAV^TM to our fleet, we will be expanding our capabilities and adding value in a way that complements our core business. Kaman’s long history in heavy-lift rotorcraft systems and our shared commitment to safety makes them the perfect partner for PHI Aviation,” said Keith Mullett, Managing Director of PHI Aviation.

PHI has been a market leader and pioneer in the aviation industry for more than 74 years, partnering with customers to bring new technology to market. With a fleet of more than 200 helicopters spanning six continents, PHI embraces innovation to drive strategic growth and create new opportunities to better serve its customers.

About Kaman Corporation

Kaman Corporation, founded in 1945 by aviation pioneer Charles H. Kaman, and headquartered in Bloomfield, Connecticut, conducts business in the aerospace & defense, industrial, and medical markets. Kaman Corporation produces and markets proprietary aircraft bearings and components; super precision, miniature ball bearings; proprietary spring energized seals, springs and contacts; complex metallic and composite aerostructures for commercial, military and general aviation fixed and rotary wing aircraft; safe and arming solutions for missile and bomb systems for the U.S. and allied militaries; subcontract helicopter work; restoration, modification and support of our SH-2G Super Seasprite maritime helicopters; support of our heavy lift K-MAX® manned helicopter, and the KARGO UAV^TM unmanned aerial system, a purpose-built autonomous medium-lift logistics vehicle. More information is available at www.kaman.com.

About PHI Aviation LLC

Since 1949, PHI has provided safe and reliable helicopter services to customers around the globe. Backed by a fleet of more than 200 helicopters spanning six continents, PHI takes on some of the most challenging assignments in aviation to deliver high-quality support for energy providers, hospitals and air medical organizations, and government and military organizations. For more information, visit phihelico.com.

Risks Associated with Forward-Looking Statements

This press release includes “forward-looking statements” relating to Kaman’s and PHI’s collaboration, the nature and timing of PHI’s intention to purchase units of the commercial KARGO UAV^TM unmanned aerial system discussed above, and the development and expected capabilities of the KARGO UAV^TM unmanned aerial system. These statements are based on assumptions currently believed to be valid but involve risks and uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements. Important uncertainties that could cause our actual results to differ from those expressed in the forward-looking statements are identified in our reports filed with the SEC, including our Quarterly Reports on Form 10-Q, our Annual Reports on Form 10-K, and our Current Reports on Form 8-K. The forward-looking statements included in this press release are made only as of the date of this release, and Kaman does not undertake any obligation to update the forward-looking statements to reflect subsequent events or circumstances.