Arotech Training and Simulation Division Announces $8.7 Million in New Orders
ANN ARBOR, Mich., June 24, 2015 /PRNewswire/ -- Arotech Corporation [Nasdaq GM: ARTX] announced that its Training and Simulation Division (ATSD) has received $8.7 million in new awards and contract modifications since the beginning of the second quarter. These orders are highlighted by $2.8 million in funding for continued field support and capabilities upgrades to the U.S. Army's Virtual Clearance Training Suites (VCTS), a $1.1 million award for a York Region Rapid Transit Bus simulator, and a new international aircraft platform for its ZAP weapon employment software.
"Our world-class training and simulation solutions continue to garner attention from new and existing customers in a number of diverse end markets," commented Kurt Flosky, Arotech Training and Simulation Division President. "The recent orders we received from military and defense organizations expanding our VCTS solution and adding a new host platform for our air-warfare simulation solution continue to validate the added value of our products. Simultaneously, orders from municipalities across North America for our transit bus simulator product line affirm our industry leading position in a growing market."
"Spanning the breadth of our markets from air to ground and national to international – these awards highlight the diversified offerings of our training and simulation division," added Steven Esses, Arotech President and CEO. "This diversification provides great stability and a solid foundation for future growth."
About Arotech's Training and Simulation Division
Arotech's Training and Simulation Division (ATSD) provides world-class simulation based training solutions. ATSD develops, manufactures, and markets advanced high-tech multimedia and interactive digital solutions for engineering, use-of-force, and operator training simulations for military, law enforcement, security, municipal and private industry personnel. The division's fully interactive operator training systems feature state-of-the-art vehicle simulator technology enabling training in situation awareness, risk analysis and decision-making, emergency reaction and avoidance procedures, conscientious equipment operation, and crew coordination. The division's use-of-force training products and services allow organizations to train their personnel in safe, productive, and realistic environments. The division provides consulting and developmental support for engineering simulation solutions. The division also supplies pilot decision-making support software for the F-15, F-16, F-18, F-22, and F-35 aircraft, simulation models for the ACMI/TACTS air combat training ranges, and Air-Refueling Boom Arm simulators.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets, including multimedia interactive simulators/trainers and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation, and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan, and research, development and production subsidiaries in Michigan, South Carolina, and Israel. For more information on Arotech, please visit Arotech's website at www.arotech.com.
Investor Relations Contacts:
Brett Maas / Rob Fink
(646) 536.7331 / (646) 415.8972
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. 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 (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2014 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.
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SOURCE Arotech Corporation