Arotech Power Systems Division Receives $8.5 Million In New Order From The Israel Ministry Of Defense
ANN ARBOR, Mich., Feb. 22, 2016 /PRNewswire/ -- Arotech Corporation (Nasdaq GM: ARTX) today announced that its Power Systems Division has recently received $8.5 million in a new order for rechargeable batteries from the Israel Ministry of Defense (IMOD). The IMOD also has an option to order an additional $8.5 million of rechargeable batteries on the same terms.
The order for 70,000 rechargeable batteries to operate radios and other systems will be manufactured by an Arotech subsidiary located in the town of Sderot in southern Israel. Delivery is not expected to begin until the fourth quarter of 2016.
"We are proud that the Israel Defense Forces, famous for their cutting-edge technology, have once again chosen to rely on Arotech-produced hardware," commented Arotech's President and Chief Executive Officer, Steven Esses. "This was an extremely competitive tender, and I am proud of our team, which won this tender against the substantial competition of five well-regarded companies, four Israeli and one American."
"Israel's Ministry of Defense is proud of the fact that more and more of the advanced technology used by the IDF is produced by factories in the periphery of Israel," said Eliezer "Iko" Hasson, Senior Director for C4I Procurement at the IMOD Directorate of Procurement and Production. "The purchase of batteries and charging systems tailored to the modern battlefield will bring a quantum leap in the command and control capabilities of the IDF's combat units. This acquisition is in addition to orders of tens of thousands of batteries recently produced by Epsilor's operating facility in Dimona," concluded Hasson.
About Arotech's Power Systems Division
Arotech's Power Systems Division is a leading provider of primary and rechargeable batteries and chargers for defense and other military applications and of electronic components and subsystems primarily for military, aerospace and industrial customers. Arotech develops and produces high power zinc-air batteries and is believed to be the sole supplier of this technology to the U.S. military. In addition, Arotech develops high-end primary and secondary batteries and associated chargers, as well as (i) hybrid power generation systems, (ii) smart power subsystems for military vehicles and dismounted applications, and (iii) aircraft and missile systems support for cutting-edge weapons and communications technologies, and has vast experience in working with government agencies, the military and large corporations. The Power Systems Division consists of Electric Fuel Battery Corporation (www.efbpower.com), Epsilor-Electric Fuel Ltd. (www.epsilor.com; www.electric-fuel.com), and UEC Electronics, LLC (www.uec-electronics.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, 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