Security With Advanced Technology Provides Updates on Its Less-Lethal Business Segment
* Reuters is not responsible for the content in this press release.
WESTMINSTER, CO, Jan 22 (MARKET WIRE) --
Security With Advanced Technology, Inc. (NASDAQ: SWAT) today provided updates
on its less-lethal business segment.
-- After extensive product introduction delays, product revisions and
further testing, the Company has determined to suspend further development
of the Avurt IM-5 launcher. The Avurt IM-5 project will be evaluated for
possible sale, licensing or other opportunities to recover investment in
the project.
-- The Veritas Mark IV rifle launcher has moved into commercial
production and Veritas has written requests for purchase test and
evaluation by several dozen law enforcement agencies and prospective
distributors upon receipt of first units.
-- Initial production units of the Veritas Tactical P8 less-lethal
launcher have been received and are currently in purchase test and
evaluation by multiple law enforcement and military agencies both in the
U.S. and internationally. Such current field test and evaluation includes
the Denver, CO Police Department. Denver has deployed P8 units for testing
in the field with patrol officers in the metro area. This evaluation
process will involve deployment in the engagements that the Denver PD metro
officers face daily.
-- Veritas Tactical has also begun shipment of the advanced revised PAVA
ball projectiles for law enforcement and military use. Such revision
includes increased potency of the powder by almost three times the active
irritant powder as compared to projectiles currently on the market.
SWAT CEO Jeff McGonegal stated, "This extremely disappointing
decision to suspend the Avurt IM-5 launcher was made after extensive testing
andevaluation. While recent progress had been made in the projectile velocity,
it was
not deemed an acceptable level of deterrent to protect our potential
customers who would be relying on the product. We are currently evaluating the
financial impact of this decision and while it will involve a significant
adjustment to the carrying level of intangible and certain tangible assets, we
do
not believe that any further significant cash outlay will be required. The
personnel and overhead costs associated with the Avurt division are being
eliminated. We are optimistic that our other less-lethal products will
generate significant excitement in the marketplace."
Ben Cook, Director of Veritas Tactical division, noted, "We currently have
several departments evaluating our new less-lethal P8 product, most notably,
the Denver Police Department, who is an influential trend setter in our home
region. We believe that Denver PD will be well served by the flexibility and
effectiveness of the P8 system. Denver PD is a progressive department that is
constantly on the lookout for tools to help officers increase their
effectiveness
and safety on the street."
The new VT-P8 is a pistol sized less-lethal launcher with an 8-round
capacity
that shoots Veritas Tactical new PAVA projectiles at 400 feet per second.
The Company's PAVA projectile is color coded less-lethal orange to allow
operators to quickly identify which projectile they are using upon loading.
The highly potent PAVA powder combined with the impact of the projectile,
create significant pain upon impact and a strong chemical reaction temporarily
affecting a suspect's vision, breathing, as well as causing skin irritation.
With accuracy up to 75 feet, the VT-P8 generates an industry leading range for
safe compliance and stopping power over conventional stun guns and pepper
spray products currently being sold. The launchers will also fire inert
practice rounds, marking rounds and plastic glass breaking rounds. The VT-P8's
magazine allows operators to quickly reload air and projectiles as both are
housed in the magazine itself.
Prototypes of the new Veritas Mark IV rifle launcher had been previously
demonstrated at the Milipol show in Paris and the Land Warfare show in
Australia and continue to receive great interest from potential customers for
this
new agency product. Veritas currently has over 50 requests from agencies and
prospective distributors for evaluation and test units which will be shipped to
them immediately upon receipt of the first units expected to be delivered in
early February 2008. The Veritas Mark IV launcher is being developed /
produced for SWAT under an expanding arrangement with Tiberius Arms. The
products
have been created using what we believe to be the state-of-the-art Tiberius
patented proprietary pneumatic air system and rapid change ammunition magazine.
Productionquantities of the Mark IV are expected to be available for sale in the
first
quarter of 2008.
About Veritas Tactical -
Veritas Tactical, a progressive division of SWAT, is on the cutting edge
ofproduct innovation for less-lethal weapons and tactical training. Veritas
Tactical's goal is to provide innovative tools and training to increase
thetactical effectiveness of militaries and law enforcement worldwide. The
division's products and training are currently only offered to military, law
enforcement, and qualified personnel. To learn more about Veritas Tactical go to
www.veritastactical.com
About Security With Advanced Technology, Inc. -
Security With Advanced Technology, Inc. is a leading provider of high-tech
security
products and services, which include non-lethal personal protection devices,
surveillance and intrusion detection systems and mobile digital video
surveillance solutions. SWAT's products and services are designed for
government agencies, military and law enforcement, in addition to
transportation,
commercial facilities and non-lethal personal protection segments. For
additional
information visit www.swat-systems.com or call the corporate headquarters at
(800) 498-7965.
Forward-Looking Statement
This press release includes "forward-looking statements" as defined by the
Securities and Exchange Commission (the "SEC"). All statements, other than
statements of historical fact, included in the press release that address
activities, events or developments that the company believes or
anticipateswill or may occur in the future are forward-looking statements. These
statements are based on certain assumptions made based on experience, expected
future
developments and other factors the company believes are appropriate under the
circumstances. Such statements are subject to a number of assumptions,
risks and uncertainties, many of which are beyond the control of the company and
may not materialize, including, without limitation, the efficacy of the
company's
products and services, the company's ability to secure its ownership of,
right to use and protect its intellectual property and proprietary technology
and the company's ability to complete development of, launch and achieve
acceptable levels of sales and margins for its products and services. Investors
are cautioned that any such statements are not guarantees of future
performance. Actual results or developments may differ materially from those
projected in the forward-looking statements as a result of many factors.
Furthermore, the company does not intend (and is not obligated) to update
publicly any forward-looking statements, except as required by law. The
contents of this release should be considered in conjunction with the warnings
andcautionary statements contained in the company's recent filings with the SEC.
Contacts:
Jeff McGonegal
SWAT CEO
303-475-3786
Ben Cook
Veritas Director
303-952-3451
Greg Cardarelle
Veritas Sales
303-952-3433
Copyright 2008, Market Wire, All rights reserved.
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