ANN ARBOR, Mich., June 17, 2015 /PRNewswire/ -- Arotech
Corporation (NasdaqGM: ARTX) announced today that its North
American Power System Division, which includes UEC Electronics, has
been awarded multiple contracts from new and existing customers in
the aggregate amount of $7.5 million
from tier-1 manufacturers in the defense and medical device
industries.
"We have been delivering innovative and reliable power solutions
to tier-1 manufacturers for two decades," commented Steven Esses, Arotech's President and CEO.
"Included in these contract wins is a significant order from an
existing military customer for a design project that leverages our
success on a similar program we delivered in the past. We
believe that successfully meeting the sophisticated requirements
from this customer will position us well for significant production
orders beginning in 2017 and 2018.
Mr. Esses added, "We are pleased that our Power Systems Division
and UEC brand have been selected for these critical projects and
are eager for the opportunity to further expand existing customer
relationships as well as forge new ones."
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 battery solutions, innovative
energy management and power distribution technologies, and 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 Michigan, South
Carolina, and Israel. For
more information on Arotech, please visit Arotech's website at
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 for the fiscal year ended December 31, 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:
Brett Maas / Rob Fink
Hayden IR
(646) 536.7331 / (646) 415.8972
ARTX@haydenir.com
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SOURCE Arotech Corporation