U.S. Army TACOM Issues American Defense Systems Inc. Sole Source Requirements Contract
July 23 2008 - 10:45AM
Business Wire
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.
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