Orlando, FL 1/4/12 (StreetBeat) -- Art's Way Manufacturing Co., Inc. (NASDAQ: ARTW), announces its wholly owned subsidiary, Art's Way Scientific, Inc., has designed, and is under contract to manufacture 24 modular units. The modular units are expected to be constructed and installed over the course of approximately one year and will make one 21,350 square foot research facility. The research facility is being built for one of the world's leading research and teaching institutions. Art's Way also expects to procure an installation contract, which could yield additional revenue of approximately $2 million. The anticipated value of the combined contracts would be approximately $9 million over the term of the contracts.Dan Palmer, President of Art's Way Scientific said, "We are very pleased...to have the opportunity to produce and complete this critical project."
Mr. Palmer continued, "Over the last year we have, along with a team of design professionals developed various ideas and concepts for this facility. We signed a design agreement several months ago and the design is complete. This allowed us to prepare for a quick start on fabrication and site work upon approvals. Fabrication on the first of the 24 modular sections started recently. Fabrication and delivery is being coordinated to coincide with completion of the foundation work during the spring and summer months. The team is targeting occupancy of the building by the end of 2012."
J. Ward McConnell, Jr. , Executive Chairman of the Board, said, "We are excited to be working on this significant project. I want to thank our hardworking, dedicated employees who have worked tirelessly to bring this contract to fruition. Art's Way Scientific's modular laboratories will allow faculty, students and staff to carry out critical research procedures in the buildings. Our labs will help train students with diverse backgrounds for careers in the biological and biomedical sciences."
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