MANNARINO AWARDED LARGEST EVER CANADIAN SME OFFSET INVESTMENT BY LOCKHEED MARTIN
MONTREAL, QUEBEC, CANADA - Monday, 3 April 2017 – Mannarino Systems & Software Inc. (MANNARINO) announced today that it has signed an Investment Framework Agreement under the Industrial and Technological Benefits (ITB) Policy with Lockheed Martin (NYSE: LMT), which represents the largest investment ever made by Lockheed Martin into a Canadian Small and Medium-Sized Enterprise (SME). This agreement enables MANNARINO to develop and commercialize its own proprietary airborne software products and will complement MANNARINO’s existing airborne engineering and certification services offering.
The offset investment behind Lockheed Martin’s framework investment is in direct support of Industrial and Technological Benefits (ITB) obligations associated with Canada’s purchase and In-Service Support maintenance, and support of 17 CC-130J Super Hercules aircraft, which were delivered to the Royal Canadian Air Force in 2010.
“MANNARINO’s investment agreements with Lockheed Martin have been a key factor in our steady growth. MANNARINO has always been recognized for its professionalism and expertise as a world-class engineering services company. This particular investment will be the springboard that propels our company into the airborne software products business. Our decision to diversify the company offering was based on the feedback received from our existing customers on their current and future program requirements. We will keep the industry apprised of our product ventures throughout the various phases of the evolution of our products and welcome continued input from customers on their software product needs” said John Mannarino, president and founder of Mannarino Systems & Software.
This important and groundbreaking investment by Lockheed Martin into MANNARINO will result in job creation of 20+ engineering R&D positions, as well as new jobs in product commercialization, all at MANNARINO’s offices in Montreal, Quebec.
“We are very pleased to see our Investment Framework grant going to such a solid small and medium enterprise as MANNARINO” said Charles Bouchard, chief executive of Lockheed Martin Canada. “We have been impressed by MANNARINO’s track record as an engineering services firm in the development and certification of software products that are globally competitive and are proud to support such an innovative organization. The success of this framework investment is an example of how large international aerospace companies such as Lockheed Martin can collaborate with smaller businesses in Canada to create opportunities for lasting growth in the Canadian economy.”