American Defense Systems Inc. (OTC:ADFS) Restrategizes On Real Estate Subsidiary
Postponing Real Estate Acquisitions Until After the Election to Suit Post-COVID Environment
RALEIGH, N.C., Oct. 7, 2020 /PRNewswire/ -- American Defense Systems Inc. (OTC:ADFS) released additional information today regarding the development of their Real Estate Holdings subsidiary, 'ADFS Real Estate Holdings'.
Founded in 2002 by Anthony J. Piscitelli out of Hicksville, New York, American Defense Systems (ADFS) has a distinguished history in the American defense industry. Renowned for numerous products, including crew protection kits; bullet-proof windows; blast resistant walls; and lightweight police shields, ADSF was also given opportunities to produced windows, hinges, latches, and locks for the Navy; and a live-fire ballistics range for training both soldiers and police officers. They were so popular, in New York especially, that in 2008 ADFS was awarded contracts from the New York Police Department (NYPD) and the Suffolk County Police Department. Under those agreements ADFS designed hardened architecture to protect the NYPD's Forensic Investigation Division, located in Jamaica, New York as well as the Suffolk County Police Headquarters located in Yaphank, New York.
By the beginning of 2020, however, the company's Treasurer, Osita Iroku, was pushing the company in a different direction. The Treasurer preferred a fixed-income foundation for the company and urged the board to launch a $300 million real estate portfolio, under the management of a subsidiary company named 'ADFS Real Estate Holdings'. The portfolio was to include a pre-selection of mixed-use properties, with a historical return rate of around 7% per annum. Unfortunately, the COVID-19 pandemic hit their New York City offices hard, and they were forced to shut-down operations since the first week of March, 2020. According to Mr. Iroku, "the pandemic, and how it's been handled, pretty much brought our real estate pursuits to a halt; and honestly, we've been trying to find a way to bounce back since then."
The company has still reorganized their operations into four divisions, currently being rebranded as: (1) CRISIS & DISASTER PREP: to provide training and supplies to law enforcement, rescue, and healthcare professionals; (2) STRATEGIC INVESTMENTS: to invest and partner with other firms that produce the products and services ADFS will need for our long term market strategies; (3) REAL ESTATE HOLDING: Providing mobile medical care facilities for hurricane prone areas; warehouses for the storage and delivery of emergency food and medical supplies; and emergency shelters. (4) MARITIME SUPPORT SERVICES: Providing facilities needed to protect and maintain vessels stranded in disaster areas.
"At the end of the day, we are still going ahead with the four-lane strategy, we just had to adjust our timing of entry into the real estate market, and the types of properties we are purchasing, to suit the lingering pandemic and growing political divide," Iroku concluded. "As they say, whoever adapts best to changing conditions, usually comes out ahead."
Certain statements in this report; statements relating to the development, production, production rates, features and timing of existing and future products and technologies; statements regarding market growth and locations, and repair capabilities; statements regarding growth of our business and the means to achieve such growth; statements regarding growing market opportunities for products and the catalysts for that growth; statements regarding product demand, volume, production, delivery, and market share; statements regarding revenue, cash availability and generation, cash flow, gross margin, product pricing, spending, capital expenditure and profitability targets; statements regarding productivity improvements, cost reductions and capacity expansion plans, such as for customer deliveries, logistics and vehicle servicing; and statements regarding our investment in and the impact of changes to our customer delivery infrastructure, are "forward-looking statements" that are subject to risks and uncertainties. These forward-looking statements are based on management's current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected.
SOURCE American Defense Systems Inc.
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