American Defense Systems Inc Announces Contract Additions in Excess of $1 Million with the U.S. Army
12 August 2008 - 10:30PM
Business Wire
American Defense Systems, Inc. �ADSI� (AMEX: EAG), offering
advanced transparent as well as opaque armor, architectural
hardening and security products for the defense and homeland
defense markets, announced today that the Company has received two
contract modifications for armor and field services with a combined
value in excess of $1 million under its U.S. Army TACOM contracts
(numbers W56HZV-08-C-0311 and W56HZV-05-D-0382/0023). The Company
anticipates the revenues associated with these contract additions
will be recognized in the current fiscal year 2008. The first
contract adjustment, valued at approximately $700,000, is for heavy
equipment armor. The second extends ADSI�s Field Service
Representative (FSR) presence for onsite product support, and is
valued at approximately $400,000. Ferg Foley, ADSI�s Chief
Operations Officer, remarked, �We are pleased to be awarded these
modifications and are proud to partner with the United States Army
Tank-Automotive and Armaments Command (TACOM) in providing
equipment and services that are vital to U.S. war fighting and
nation building efforts. We believe these follow on orders are
further evidence of ADSI�s customer satisfaction and our commitment
to delivering superior quality products and field service support.�
About American Defense Systems, Inc. American Defense Systems, Inc.
�ADSI� (AMEX: EAG) offers advanced solutions in the design,
fabrication, and installation of transparent and opaque armor,
security doors, windows and curtain wall systems for use by
military, law enforcement, homeland defense and corporate
customers. ADSI engineers also specialize in developing innovative,
functional and aesthetically pleasing security applications for the
mobile and fixed infrastructure physical security industry. For
more information about American Defense Systems, Inc. please visit
the corporate Web site at http://www.adsiarmor.com. Some of the
statements made by American Defense Systems, Inc. (�ADSI�) in this
press release, including, without limitation, statements regarding
ADSI�s anticipated future growth, are forward-looking in nature.
ADSI intends that any forward-looking statements shall be covered
by the safe harbor provisions for such statements contained in the
Private Securities Litigation Reform Act of 1995. Statements that
are predictive in nature, that depend upon or refer to future
events or conditions, or that include words such as �may,� �will,�
�should,� �expects,� �anticipates,� �intends,� �plans,� �believes,�
�estimates,� �predicts,� �potential,� �continues� and similar
expressions are forward-looking statements. ADSI cautions you that
forward-looking statements are not guarantees of performance. ADSI
undertakes no obligation and disclaims any obligation to update or
revise any forward-looking statements, whether as a result of new
information, future events, or otherwise. Forward-looking
statements involve known and unknown risks and uncertainties that
may cause ADSI�s actual future results to differ materially from
those projected or contemplated in the forward-looking statements.
ADSI believes that these risks include, but are not limited to:
ADSI�s reliance on the U.S. government for a substantial amount of
its sales and growth; decreases in U.S. government defense
spending; ADSI�s ability to contract further with the U.S.
Department of Defense; ADSI�s ability to comply with complex
procurement laws and regulations; competition and other risks
associated with the U.S. government bidding process; changes in the
U.S. government�s procurement practices; ADSI�s ability to obtain
and maintain required security clearances; ADSI�s ability to
realize the full amount of revenues reflected in its backlog;
ADSI�s reliance on certain suppliers; and intense competition and
other risks associated with the defense industry in general and the
security-related defense sector in particular. Additional
information concerning these and other important risk factors can
be found under the heading �Risk Factors� in ADSI�s filings with
the Securities and Exchange Commission, including, without
limitation, its most recent registration statement on Form 10.
Statements in this press release should be evaluated in light of
these important factors.
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