American Defense Systems Signs Definitive Agreement to Eliminate $16.5 Million Series A Preferred Stock Obligation
2011年3月21日 - 10:00PM
Marketwired
American Defense Systems, Inc. (ADSI or the "Company") (NYSE Amex:
EAG), a leading provider of advanced transparent and opaque armor,
architectural hardening and security products for Defense and
Homeland Security, announced today that it has signed a definitive
agreement with its Series A Preferred Stockholders to cancel 100%
of the Company's preferred stock obligations.
Under the terms of the agreement, the Company will sell its
American Physical Security Group, LLC (APSG) subsidiary to West
Coast Opportunity Fund, LLC (WCOF) and Centaur Value Fund, LP
(CVF). In return, WCOF and CVF will surrender their shares of
Series A Preferred Stock having an aggregate stated value of
$15,000,000 as well as their $1,500,000 redemption premium and pay
or cause ADSI to be paid $1,000,000 in cash. ADSI will retain a six
month option to repurchase APSG for cash in the amount equal to the
sum of $15.5 million plus the amount of any net investment made in
APSG concurrently with or following the close of the transactions
outlined herein.
The deal is expected to be completed by March 31, 2011.
ADSI CEO Anthony J. Piscitelli commented, "We are excited to
have finally signed this agreement with our Series A preferred
stockholders. The cancellation of our preferred stock obligations
allows us to operate without the specter of a large stock overhang,
thus creating a more attractive investment option for new retail
and institutional investors. Furthermore, this deal is not dilutive
at all to our current stockholders. We look forward to securing new
major contracts that will help ensure ADSI's return to
profitability in the near future. I know that our stockholders have
been waiting for this for some time and we are certain that they
share in our excitement regarding this announcement as it could
potentially represent a substantial gain for all of our
stockholders."
About American Defense Systems, Inc.
American Defense Systems, Inc. (ADSI) (NYSE Amex: EAG) offers
advanced solutions in the design, fabrication, and installation of
transparent and opaque armor, security doors, windows and curtain
wall systems for use by military, law enforcement, homeland defense
and corporate customers. ADSI engineers also specialize in
developing innovative, functional and aesthetically pleasing
security applications for the mobile and fixed infrastructure
physical security industry. For more information about American
Defense Systems, go to www.adsiarmor.com.
Company Contacts: Roger Ward V.P. of Marketing &
Investor Relations American Defense Systems, Inc. Tel 516-390-5300,
x326 Email Contact
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