Key Developments For Applied Energetics, Inc.
Applied Energetics, Inc. (AERG.O) (Consolidated Issue listed on NASDAQ Global Market)
Applied Energetics, Inc. Receives $3.1 Million U.S. Army Contract For Laser Guided Energy
Applied Energetics, Inc. announced that it has been awarded a $3.1 million Contract from the U.S. Army's Research, Development and Engineering Command (U.S. Army RDECOM - Picatinny, NJ) for the continued development and advancement of the Company's Laser Guided Energy (LGE) technology.
Applied Energetics, Inc. Reaches Settlement in Securities Class Action and Derivative Lawsuits
Applied Energetics, Inc. announced that it has reached an agreement with the lead plaintiffs to settle the consolidated class action lawsuits originally filed in July 2006 in the United States District Court for the District of Arizona against Applied Energetics and its founders, and also reached an agreement to settle the derivative action against certain current and former officers and directors originally filed in September 2006 in the Superior Court of the State of Arizona in and for the County of Pima. Under the terms of the proposed settlement of the class action lawsuits, those lawsuits will be dismissed with prejudice, and Applied Energetics and all other defendants will receive a full and complete release of all claims asserted against them in the litigation, in exchange for the payment of an aggregate of $5.3 million in cash and the issuance of previously unissued shares of common stock by Applied Energetics valued at $1.2 million, provided that the number of shares of common stock to be issued will not exceed 4 million shares. There is no admission of liability by any of the defendants. Under the terms of the proposed settlement the derivative action, the lawsuit will be dismissed with prejudice, and all defendants will receive a full and complete release of all claims asserted against them in the litigation, in exchange for Applied Energetics' maintenance of certain corporate governance measures and the payment of an aggregate of $225,000 of attorneys' fees.
Applied Energetics, Inc. Receives Contract For Delivery of Laser To U.S. Navy
Applied Energetics, Inc. announced that it has received a $992,000, contract for the design, development and delivery of an Ultra-Short Pulse (USP) laser system to the U.S. Navy as a result of an award issued through the Office of Secretary of Defense Quick Reaction Fund Program. The Company will produce a demonstration system specifically designed to explore USP laser effects and determine requirements for deployment of USP lasers on U.S. Navy and U.S. Marine Corps aircraft. The system is expected to be delivered to Naval Surface Warfare Center, Crane, Indiana in 12 months.
Applied Energetics, Inc. Announces Management Change
Applied Energetics, Inc. announced changes in its management. Dana Marshall entered into a separation agreement with the Company pursuant to which Mr. Marshall`s employment as President, CEO and Chairman of the Board and service as a director terminated. Brigadier General, U.S. Marine Corps (USMC) (Ret.) James M. Feigley, a director of the Company, has been appointed to serve as the Company`s non-executive Chairman of the Board of Directors.
Applied Energetics, Inc. Receives Light Filament Sensor Contract Option From Army Research Organization
Applied Energetics, Inc. announced that it has received a follow-on contract option for continued development of Light Filament Sensor Technology from the U.S. Army. The Light Filament Sensor program is aimed at developing a system for detecting and identifying trace concentrations of various chemicals from stand-off distances. The $351,286 award was issued by the U.S. Army Research Organization (ARO - Research Triangle Park, NC) as a twelve month follow-on option to the Light Filament Sensor Phase II STTR contract awarded in September 2007, and brings the total value of the STTR program to $740,788 for the two year effort. The DoD's STTR program is similar in structure to the Small Business Innovative Research (SBIR) program, but funds cooperative R&D project involving both a small business and a research institution (i.e. university, federal R&D center, non-profit research institute, etc).
