Ballistic Recovery Systems Announces $1.9 Million Settlement

Ballistic Recovery Systems has announced a $1.9 million settlement ending a contract dispute with Charles Parsons and Aerospace Marketing, Inc. The marketing contract between BRS and Parsons will be terminated and BRS will pay Parsons $1.9 million over the next eight years.

The settlement terms allow BRS to continue on its growth path in selling aviation safety products while not adversely affecting ongoing operations. It is unfortunate that this matter required legal intervention. This settlement represents an opportunity for BRS to move on and to continue the product development and market penetration that has made us so successful for 25 years. Moreover, we have the capability to pay this settlement over time with minimal impact to operations. – Larry E. Williams, the Chief Executive Officer of BRS

BRS has been in the news frequently of late with a few “saves” performed by their unique parachute design for airplanes. For more information about the parachute system, view this movie (Quicktime, 18Mb) from an ABC News. story.