MERCERVILLE, N.J., June 17 /PRNewswire-FirstCall/ -- Laser Energetics, Inc. (Pink Sheets: LNGT) announced today that the company has contracted with General Dynamics Armament and Technical Products, a business unit of General Dynamics (NYSE: GD), for the manufacture of the Dazer Laser for Laser Energetics.
"This is one of the most important business developments in the history of our company," stated Robert D. Battis, Founder and CEO of Laser Energetics. "It's rare that a company of our size has the privilege to partner with a leading defense company like General Dynamics. Most importantly for shareholders, Laser Energetics no longer has to establish our own manufacturing facility for the Dazer Laser™. This is a huge benefit to shareholders and the Company in several ways. Laser Energetics will not have to raise millions of dollars on a dilutive basis to build out the high-quality production line that exists at General Dynamics Armament and Technical Products, and we will be able to ramp up production in lock-step with sales, helping to ensure our ability to meet customer demand in a timely fashion."
Battis continued, "This manufacturing relationship will enable Laser Energetics to close sales with militaries and law enforcement agencies in the US and around the world much faster."
About Laser Energetics:
Laser Energetics has and continues to develop a comprehensive and strategic laser product line that addresses laser applications in Industry, Science, Medicine, Homeland Security and the Military. The Company has had a primary focus on its Alexandrite laser technology
About General Dynamics Armament and Technical Products:
General Dynamics Armament and Technical Products, an operating unit of General Dynamics, is a proven systems integrator of defense products for all branches of the U.S. Department of Defense and the Ministries of Defense of over 30 allied nations.
General Dynamics Armament and Technical Products is located in Charlotte, N.C. and provides a broad range of system solutions for military and commercial applications. The company designs, develops and produces high-performance weapon and armament systems, defensive armor, countermeasure systems and aerospace composite solutions, as well as off-road axle and suspension systems. It is also a leading U.S. producer of biological and chemical detection systems.
Safe Harbor: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the safe harbors created thereby. The Company is a development stage company who continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.
SOURCE Laser Energetics, Inc.