ANN ARBOR, Michigan,
January 12, 2015 /PRNewswire/ --
Arotech Corporation (Nasdaq GM: ARTX) today announced
that its Power Systems Division has recently received $17 million in new orders for batteries and power
systems.
Approximately $10 million of the
orders was from a foreign Defense Ministry for military batteries
and chargers for tactical communication systems. The remaining
$7 million was for batteries and
chargers for a variety of customers. $1
million worth of the orders has already been delivered.
"This is a very large mix of orders that includes an important
order to a prestigious customer," commented
Arotech's President and Chief
Executive Officer, Steven
Esses. "We are pleased with our growing sales to
existing as well as new customers, all of whom appreciate the
military-grade technology, build quality, and stability of our
batteries and power systems. These orders start the year with
positive momentum, which I expect will contribute to our
anticipated growth in revenue and profit during 2015."
About Arotech's Power Systems Division
Arotech's Power Systems Division is a leading provider of
primary and rechargeable batteries and chargers for defense and
other military applications and of electronic components and
subsystems primarily for military, aerospace and industrial
customers. 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,
as well as (i) hybrid power generation systems, (ii) smart power
subsystems for military vehicles and dismounted applications, and
(iii) aircraft and missile systems support for cutting-edge weapons
and communications technologies, and has vast experience in working
with government agencies, the military and large corporations. The
Power Systems Division consists of Electric Fuel Battery
Corporation (http://www.efbpower.com), Epsilor-Electric Fuel Ltd.
(http://www.epsilor.com ; http://www.electric-fuel.com), and UEC
Electronics, LLC (http://www.uec-electronics.com).
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 two major business divisions: Training
and Simulation, and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in
Ann Arbor, Michigan, and research,
development and production subsidiaries in Alabama, Michigan, South
Carolina and Israel. For
more information on Arotech, please visit Arotech's website at
http://www.arotech.com.
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, as amended, for the fiscal year ended December 31, 2013 and in Exhibit 99.3 to
Arotech's Current Report on 8-K, filed on April 1, 2014, 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.
Investor Relations Contact
For more information on Arotech or investor/public relations,
please contact:
Ehud Helft and Kenny Green at GK Investor & Public
Relations
Tel: +1-646-201-9246
E-mail: arotech@gkir.com
SOURCE Arotech Corporation