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American Defense Systems, Inc. “ADSI”
(AMEX: EAG), offering advanced solutions in the design, fabrication
and installation of transparent and opaque armor, security doors,
windows and curtain wall systems, announced today that the United States
Army Tank-Automotive and Armaments Command (TACOM) issued the Company a
one year Sole Source requirements contract, building on the Company’s
existing bull dozer and multi-vehicle armoring contracts with TACOM. The
latest contract focuses on spare and replacement parts for ADSI’s
Crew Protection Kits for construction equipment used by the U.S. Army.
Based on estimated quantity requirements, the contract is valued at
approximately $2 million, to be realized by the Company during 2008 and
2009. The total value of the contract could be less or potentially rise
as extensions are required, dependent upon demand for replacement parts.
Fergal I. Foley, Chief Operations Officer of American Defense Systems,
Inc., remarked, “Our long standing
relationship with TACOM is further enhanced by the issuance of this Sole
Source requirements contract. As one of TACOM’s
top ten small business partners, ADSI will continue to support TACOM’s
efforts by delivering the highest quality product in an expeditious
manner.”
A requirements contract allows the flexibility for individual U.S. Army
units to place orders by use of the contract vehicle, thus streamlining
the supply chain process.
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.