MagneMotion and Federal Equipment Company Awarded Contract for Design of U.S. Navy’s Advanced Weapons Elevator

Acton, MA (January 14, 2004)

MagneMotion Inc. of Acton, MA today announced its participation in the U.S. Navy’s CVN 21 Advanced Weapons Elevator (AWE) Program. MagneMotion has teamed with Federal Equipment Company (Cincinnati, OH) to work with the prime contractor Northrop Grumman Newport News (Newport News, VA.) on the Advanced Weapons Elevator for the CVN 21, the first new generation aircraft carrier. Construction is slated to begin in 2007 with delivery planned for 2014. The AWE will have a minimum load capacity of 18,000 lbs.

MagneMotion and Federal Equipment represent one of two teams that were selected to design and build a ‘proof-of-concept’ model. The team with the superior solution will continue to the next phase: a full-scale demonstration system.

According to Dick Thornton, President of MagneMotion, “This is a great opportunity to work with Federal Equipment Company, Northrop Grumman Newport News, and the Navy to develop an efficient, modular, weapons-transport system for aircraft carriers. Our technology translates into potentially higher speeds, higher reliability, higher efficiency, and less maintenance than the cable-based systems used today.”

MagneMotion anticipates that the CVN 21 project will lead to commercial opportunities for both seafaring and terrestrial elevator applications.

MagneMotion is an industry leader in the development of linear synchronous motor and magnetic levitation (maglev) technologies. Founded in 1996, with roots at the MIT Laboratory for Electro-magnetic and Electronic Systems, MagneMotion designs and manufactures the QuickStick™, a high-efficiency, modular, linear synchronous motor propulsion system, which can be used for a variety of transport needs. The QuickStick™ is ideal for assembly automation, material handling and packaging applications. MagneMotion is also developing an urban maglev transport system with support from the Federal Transit Administration. MagneMotion is a privately held company. For more information on MagneMotion Inc., please visit the company website: www.magnemotion.com.

Federal Equipment Company is a designer and manufacturer of material handling equipment and heliports for the U.S. Navy, U.S. Coast Guard and shipyards throughout the world. For more information on Federal Equipment Company, please visit the company website: www.federalequipment.com.

For more information please contact MagneMotion at info@magnemotion.com.