Arotech Receives Over $1.5 Million in Battery Orders From a Major Electronic Defense Company
ANN ARBOR, Michigan, March 14, 2013 /PRNewswire/ --
Arotech Corporation (NasdaqGM: ARTX), a provider of quality defense and security products for the military, law enforcement and homeland security markets, announced today that it received a number of purchase orders from an OEM customer, a major global electronic defense and aerospace company. The order was for rechargeable batteries amounting to approximately $1.5 million and to be delivered in the third quarter of 2013.
The customer will be providing the batteries to its various end-customers for use primarily in military applications.
"Receiving such an order from one of the world's major electronic defense companies is an important sign of their trust in our solution and technology," commented Arotech's Chairman and Chief Executive Officer, Robert S. Ehrlich. "The fact that we received an order from such a world-leading customer will be an important asset for our sales and marketing efforts. Given the increasing market traction that all our battery products are seeing, combined with our ongoing R&D efforts in this area, I feel very optimistic about the prospects for our battery products both in the near-term, and especially in the long-term."
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 through two major business divisions: Training and Simulation, and Battery 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 (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, 2011 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 there on into this press release.
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SOURCE Arotech Corporation