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American Defense Systems, Inc.: ADSI Awarded $30 Million Multi-Year Contract With U.S. Marine Corps for Crew Protection Kits
HICKSVILLE, NY--(Marketwire - April 2, 2009) - American Defense Systems, Inc. ("ADSI") (
The award is valued at approximately $30 million. ADSI expects to realize slightly more than half of this amount, or approximately $16 million, from the initial delivery order scheduled for completion by the end of 2009. The company anticipates additional revenue from replacement parts and Field Service Representative ("FSR") training and maintenance activity over the following years. More information about the award (#M67854-09-D-5069) can be found on the DoD DefenseLINK website: [ http://www.defenselink.mil/contracts/contract.aspx?contractid=3996 ]
"This major award builds upon the close relationship that we've developed with the U.S. Marine Corps since we first fitted their TRAMs (Tractor, Rubber-tired, Articulated steering, Multi-purpose vehicle) with CPKs in 2005 and then a $15 million award for CPKs in 2007," said ADSI's chief executive officer, Anthony J. Piscitelli. "It represents the largest contract we've received from the Marines to-date and second largest overall in our company history. We are especially proud to be granted this continued responsibility of protecting our brave military service personnel in Iraq and Afghanistan with our state-of-the-art CPKs, which we believe have already saved many lives."
CPKs by ADSI are custom designed and fitted to offer a maximum amount of security for the operator. They feature windows of fully transparent armor, opaque armor siding (ATC Aberdeen-tested and approved to meet all Operation Iraqi Freedom requirements), a patent-pending combat lock, tool-less emergency egress windows, fortified door hinges and an integrated crew comfort system. The CPKs are modular and can be applied to the vehicle either during its assembly stateside or as a retrofit in theater. ADSI employs FSRs that are on the ground in Afghanistan, Iraq and Kuwait to train soldiers on the proper installation techniques and offer on-going expertise and assistance.
This award from the US Marine Corps is in addition to the more than $5.0 million of CPK follow-on orders ADSI has received over the last six months from the U.S. Army Tank-Automotive and Armaments Command (TACOM).
About American Defense Systems
American Defense Systems, Inc. (ADSI) 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 mobile and fixed infrastructure physical security. For more information about American Defense Systems, go to [ 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," "projects," "anticipates," "intends," "plans," "believes," "estimates," "predicts," "potential," "forecasts," "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; the redemption of ADSI's Series A Convertible Preferred Stock at the election of the holders of such stock at a time when ADSI does not have sufficient funds to consummate the redemption; 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.