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DWS Defense Systems Expands Security Business Through Letter of Intent to
Acquire Gaffco Ballistics
High-Profile Manufacturer of Bullet Resistant Systems Adds to Growing Security
Portfolio
HAUPPAUGE, N.Y., Dec. 18 /PRNewswire-FirstCall/ -- DWS Defense Systems, Inc., a
wholly-owned subsidiary of DataWorld Solutions, Inc. (PinkSheets: DWLD),
announced today that it has entered into a Letter of Intent to acquire
privately-held Gaffco Ballistics, a leading international manufacturer of bullet
and blast resistant systems. Gaffco has stated that they have generated in
excess of $15 million in revenues over the last three years and have been
profitable every year. The acquisition is expected to close in the first quarter
of 2004 and consolidated with our results. The purchase price shall be paid
through the issuance of DataWorld common stock. The transaction is subject to
customary closing conditions, including due diligence.
In connection with the acquisition, Thomas Gaffney, the current President of
Gaffco, is expected to be named the President of DWS Defense Systems upon
completion of the acquisition. Daniel McPhee will continue to be Chairman and
Chief Executive Officer of DataWorld Solutions.
Gaffco has been widely recognized for its work in designing, manufacturing and
installing bullet resistant systems, including residential and commercial safe
rooms. The company has recently bulletproofed twelve boardrooms in New York
City. Gaffco is presently developing a new line of UL & U.S. State Department
approved wood clad ballistic systems, designed to be architecturally pleasing
yet secure enough to resist any required threat level. The company is the
premier supplier and installer of bandit barriers in tri-state area financial
institutions. It has completed projects for JPMorgan Chase, American Express and
Morgan Stanley, among others. The company has recently been featured in articles
in the Wall Street Journal, New York Daily News, Crains New York and UK-based
The Sunday Times and on CNBC and Fox News.
"I am excited to join DataWorld," said Mr. Gaffney. "I believe the company is
well positioned to capitalize on the growing demand for security related
products, which, combined with the high level relationships that such
influential Advisory Board members as Bernard Kerik have, should enable us to
become a leader in the fields of bullet resistant and blast mitigation systems,
providing protection on a global scale."
"Gaffco represents an ideal partner for us," said Mr. McPhee. "We have been
working closely with them as one of our strategic partners. Now, we will be able
to seamlessly offer its products to our growing customer base, utilizing many of
the relationships we have developed. I believe this combination will create
compelling opportunities for revenue growth."
About Gaffco Ballistics
In 1986, CEO Thomas Gaffney recognized the need to counter growing threats from
firearms, and founded Gaffco as a manufacturer and installer of bullet-resistant
systems. Initially, Gaffco focused on renovating check-cashing facilities in the
New York City area. The company gained a reputation for successful weekend
fit-outs that enabled clients to upgrade security and enhance aesthetics without
business downtime, and by 1990, Gaffco had renovated 275 check-cashing
facilities thought the tri-state area. Drawing on the experience gained in the
check-cashing field, the customer base was expanded to include a wide range of
clients, including government installations, banking facilities, medical and
religious institutions and corporate offices requiring personnel or data
protection.
The consistent ability to complete projects timely and professionally has won
clients covering a broad range of businesses and facilities as JP Morgan Chase,
American Express, the New York Stock Exchange, Morgan Stanley, The United
Nations Building, numerous foreign and US Governmental agencies among others. In
response to the terrorists attacks of 9/11, Gaffco began designing and
installing saferooms for the corporate and residential markets, the superior
concealment and security features of these panic rooms have recently been
featured in articles in the Wall Street Journal, New York Daily News, Crains New
York, The New York and London Times, CNBC and Fox News. Gaffco Ballistics is
presently developing a line of bullet and blast resistant systems to meet the
threat levels perceived both nationally and internationally by the US State
Department and the Office Of Homeland Security.
About DataWorld Solutions:
DataWorld Solutions, Inc. is a multi-regional manufacturer of electronic cable
assemblies used in providing connectivity solutions that includes systems
integration, for customers operating a wide range of data systems. This includes
linking or connecting standard or proprietary electronic devices and peripheral
components from different vendors to provide solutions for various customer
requirements. DataWorld adds value by providing connectivity solutions, which
may include distributed sales for passive components such as electronic
connectors, electronic wire and cable, cabinets and racks and patch panels, and
active components including hubs, bridges, routers, gateways and modems.
DataWorld is working with DuPont(TM) Fluoroproducts to create market awareness
of, and grow a new category of fire safety data-communications cables. These
cables, called Limited Combustible, are insulated and jacketed with DuPont(TM)
Teflon(R) and are designed to fight fire risk and hazards. In a fire, the low
flame and low smoke properties of Limited Combustible cables made with
Teflon(R), offer a new, high level of protection for people, property and
business-critical IT systems equipment.
About DWS Defense Systems:
DWS Defense Systems offers high quality, state of the art security glass and
associated applications and systems that have numerous applications. DWS
solutions minimizes the significant injuries that are caused by flying glass
shards produced after bullet or blast impact and provides greater safety and
security levels to building occupants and assets. DWS Defense Systems and its
highly skilled team will design, develop, manufacture and install specialty
products, applications and systems for the safety and security needs of domestic
and international businesses and the residential markets.
Except for historical matters, the matters in this press release are
forward-looking statements and are made pursuant to the safe harbor provisions
of the Private Securities Litigation Reform Act of 1995. The forward-looking
statements reflect assumptions, and involve risks and uncertainties, which might
affect DataWorld's business and prospects and cause actual results to differ
materially from these forward-looking statements, which are detailed in
DataWorld's public filings with the SEC.
Visit our website: http://www.dataworlddirect.com/
DATASOURCE: DWS Defense Systems, Inc.
CONTACT: Susan Fitzpatrick, +1-631-342-7567,
Web site: http://www.dataworlddirect.com/