Orders Include an Option for Another $6 Million in Vehicles
ANN ARBOR, MI -- (MARKET WIRE) -- 06/13/11 -- Arotech Corporation (NASDAQ: ARTX) announced today that its Armor Division has received orders valued at more than $9 million for a new variant of the David vehicles and for armor for various aircraft. The $9 million in new orders are in addition to the previously reported backlog of $106.5 million.
The order for the David variant includes an option which, if exercised, would increase the order by a further $6 million.
"This is another major order for MDT," said Robert Ehrlich, Arotech's Chairman and CEO. "The David has proven itself both in battlefield operations and as a strong product line for the Armor Group."
About Arotech's Armor Division
Arotech's Armor Division is an innovative leader in lightweight armoring for vehicles, aircraft and their operators. The Armor Division has years of battlefield and commercial protection experience and has provided life saving protection under the most extreme conditions.
About Arotech Corporation
Arotech Corporation is a leading provider of quality defense and security products for the military, law enforcement and homeland security markets. Arotech provides multimedia interactive simulators/trainers, lightweight armoring and advanced zinc-air and lithium batteries and chargers. Arotech operates through three major business divisions: Armor, Training and Simulation, and Batteries and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor, Michigan and research, development and production subsidiaries in Alabama, Michigan and Israel.
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; and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2010 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 websites above does not constitute incorporation of any of the information thereon into this press release.
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