Arotech Receives $2 Million David Order
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AUBURN, AL, Jun 01 (MARKET WIRE) --
Arotech Corporation (NASDAQ: ARTX) announced today that its Armor
Division has received orders valued at $2 million for its David Light
Armored Vehicle. This order comes as the Company has completed delivery
on a previous $23 million order of David vehicles and spare parts.
The David is a lightweight armored vehicle based on a Land Rover heavy
duty Defender platform. The David has been selected by the Israel Defense
Force (IDF) as its standard armored reconnaissance and patrol vehicle,
and is operating hundreds of them already.
The David has been involved in numerous terror attacks, withstanding
assault weapons and various explosive devices, saving the lives of its
occupants.
The new order contributed to Arotech's corporate backlog, which now totals
$35 million.
"The David has become a key product in MDT portfolio, and its success is
clearly evident," said Robert Ehrlich, Arotech's Chairman and CEO. "We are
now starting to market into markets outside of Israel."
About Arotech's Armor Division
Arotech's Armor Division is an innovative leader in lightweight armoring
for vehicles, aircraft and their operators. The Armor Division has years
of battlefield and commercial protection experience and has provided life
saving protection under the most extreme conditions.
Arotech's Armor Division consists of MDT Armor Corporation
(www.mdt-armor.com), M.D.T. Protective Industries, Ltd.
(www.mdtisrael.com), and Armour of America (www.armourofamerica.com).
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security
products for the military, law enforcement and homeland security markets.
Arotech provides multimedia interactive simulators/trainers, lightweight
armoring and advanced zinc-air and lithium batteries and chargers. Arotech
operates through three major business divisions: Armor, Training and
Simulation, and Batteries and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor,
Michigan and research, development and production subsidiaries in Alabama,
Michigan and Israel.
Except for the historical information herein, the matters discussed in
this news release include forward-looking statements, as defined in the
Private Securities Litigation Reform Act of 1995, including the effect of
any share repurchases by Arotech. Forward-looking statements reflect
management's current knowledge, assumptions, judgment and expectations
regarding future performance or events. Although management believes that
the expectations reflected in such statements are reasonable, readers are
cautioned not to place undue reliance on these forward-looking
statements, as they are subject to various risks and uncertainties that
may cause actual results to vary materially. These risks and
uncertainties include, but are not limited to, risks relating to: product
and technology development; the uncertainty of the market for Arotech's
products; changing economic conditions; delay, cancellation or
non-renewal, in whole or in part, of contracts or of purchase orders;
dilution resulting from issuances of Arotech's common stock upon
conversion or payment of its outstanding convertible debt, which would be
increasingly dilutive if and to the extent that the market price of
Arotech's stock decreases; and other risk factors detailed in Arotech's
most recent Annual Report on Form 10-K for the fiscal year ended December
31, 2008 and other filings with the Securities and Exchange Commission.
Arotech assumes no obligation to update the information in this release.
Reference to the Company's website above does not constitute incorporation
of any of the information thereon into this press release.
CONTACT:
Victor Allgeier
TTC Group
(646) 290-6400
Email Contact
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