Arotech Reports New and Follow-On Orders of $6.0 Million in Batteries and Chargers Since End of Third Quarter 2011
ANN ARBOR, MI -- (MARKET WIRE) -- 02/02/12 -- Arotech Corporation (NASDAQ: ARTX), a provider of quality defense and security products for the military, law enforcement and security markets, announced today that since the end of the third quarter of 2011 its Battery and Power Systems Division had received new and follow-on orders of approximately $6.0 million for battery and charger products for military foreign and domestic consumption. The applications include communications equipment, night vision surveillance and the military's newly-created future soldier program, which incorporates the Company's fast-growing SWIPES (Soldier Worn Integrated Power Equipment System) product. These orders are expected to ship before the end of the first quarter 2012.
"We are very pleased with the continued and consistent world-wide demand for our Battery and Power Systems Division's products," said Robert S. Ehrlich, Arotech's Chairman and Chief Executive Officer. "We are particularly pleased that sales of our SWIPES product, named one of the U.S. Army's ten greatest inventions of 2011, have been gaining momentum, and we look forward to seeing more success from this division during the remainder of the year," added Ehrlich.
About Arotech's Battery and Power Systems Division
Arotech's Battery and Power Systems Division is a leading provider of primary and rechargeable batteries and chargers for defense and other military applications. 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 and has vast experience in working with government agencies, the military and large corporations.
The Battery and Power Systems Division consists of Electric Fuel Battery Corporation and Epsilor-Electric Fuel Ltd.
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 and advanced zinc-air and lithium batteries and chargers. Arotech operates through two major business divisions: 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. 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; and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2010 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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