NEW YORK, March 3, 2020 /PRNewswire/ -- Iroku Inc. dba EA Armament & Surveillance Technologies ("EA Tech USA"), an investment holding company and major shareholder of American Defense Systems (OTC:ADFS), announced on February 26th, 2020, that its board of directors has concluded the buyback of all shares and interest previously held by the Nigerian defense contractor, EA Armament & Surveillance Technologies ("EA Tech Nigeria").
According to the company, all equity and interest that EA Tech Nigeria had in EA Tech USA has been sold to a private venture, EA American Science & Technologies, backed by a small group of New York-based American investors.
"The transfer of all equity to American shareholders and the rebranding exercise," according to one company spokesperson, "is meant to properly reflect "the primary goals of ensuring American supremacy in various fields of advanced defense technologies. We are looking forward to promoting ADFS under the umbrella of our new brand 'EA American Science & Technologies' or 'EAAST'; but we will also be seeking joint ventures with other American companies to expand the market reach of ADFS and other American businesses, in geographic areas that are underserved."
The next step in this transition plan, according to the executives, is for EAAST to encourage the board of the public company, ADFS, to elect new directors and complete all necessary regulatory compliance by the end of March 2020.
Already, in that direction, ADFS has appointed as of March 1st, Mr. Wayne Wright, a career banker, based in New York, as the newest Director since 2014; and the Law Offices of Mr. Mark Pena, Esq., a career securities law firm, based in Florida, as the Company Counsel, as of January 2020.
About EAAST: EA American Science & Technologies Inc., a Delaware company, was established in February 2020, to acquire the former Iroku Inc., (dba 'EA Armament & Surveillance Technologies'; or 'EA Tech USA') from EA Tech Nigeria. This acquisition has made EAAST the beneficiary owner of approximately 21% of OTC:ADFS. The new holding company has expressed its intentions to: (a) continue to acquire shares in OTC:ADFS; (b) ensure a strong board of directors and administrative team is established; (c) ensure the highest levels of regulatory compliance at both the ADFS and EAAST levels; and (d) revive the company by diversifying operations to include real estate and other equity holdings, in addition to its traditional defense products and services.
About Iroku Inc.: Founded in 2003, Iroku Inc. dba EA American Science & Technologies, invests in and promotes American competitiveness in the global arena of law enforcement, peacekeeping, security and defense technologies. Iroku Inc. maintains a 21% equity stake in American Defense Systems (OTC:ADFS), a US defense contractor that designs and produces reinforced glass and armored vehicles since 2003.
Safe Harbor Statement: This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. All information provided in this press release and in the attachments is as of the date of the press release, and EAAST undertakes no duty to update such information, except as required under applicable law.
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SOURCE EA Armament & Surveillance Technologies