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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.