``Guardian Technologies Merger Update''; VAIREX Corporation Signs Development Contract with Major Automotive OEM to Provide Air Delivery System for Fuel Cell Vehicle.Business Editors, Automotive Writers CAREFREE, Ariz.--(BUSINESS WIRE)--Oct. 22, 2001 Guardian Technologies International, Inc. (Nasdaq:GRDN GRDN Garden (postal suffix) ), in a follow-up to its previously announced intention to acquire VAIREX corporation, announced today that VAIREX has signed a contract to provide engineering and demonstration air delivery systems for the fuel cell power plant to be used in fuel cell vehicles
The dollar value of the contract and the name of the customer is being withheld at their request for reasons of competitive secrecy. Performance of the contract is expected to take five months. Assuming successful completion of this contract, VAIREX anticipates receiving a follow-on contract to build pre-production prototypes for vehicle use, although no assurance exists that follow-on work will occur. If future development contracts occur and are successful, they could ultimately result in long-lead purchase orders for production units once field trials are successfully completed. Said Ski Milburn, CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. of VAIREX, "This order is a positive validation by a significant customer of the value of our technology and expertise. The most exciting aspect of this contract is that it is in support of a program that is focused on a production fuel cell vehicle. This change of focus from research to production bodes well for the future of the fuel cell industry in general and VAIREX specifically. We hope that this order will result in broader recognition of our position in the fuel cell industry and lead to further development contracts from industry leaders. ABOUT VAIREX VAIREX was founded in 1987, to develop advanced, proprietary, oil free compressor technology for automotive and industrial applications and has been engaged in the emerging fuel cell industry for over six years. The Company's technical leadership has led to two major DOE development contracts and prototype sales to industry leaders such as Ballard, GM, Energy Partners and others. Most recently VAIREX has delivered evaluation units to McDermott Technology and Fiat. ABOUT GUARDIAN Guardian, through its wholly-owned subsidiary Guardian Security & Safety Products, Inc. (GSSP GSSP Global Boundary Stratotype Sections and Points GSSP Generally-Accepted System Security Principles (NSSOG) GSSP Gifted Student Services Plan (Kentucky Department of Education) ), serves the law enforcement, security and military communities and the global security industry. GSSP's majority-owned subsidiary majority-owned subsidiary A firm in which more than 50% of outstanding voting stock is owned by the parent company. , ForceOne, LLC (Logical Link Control) See "LANs" under data link protocol. LLC - Logical Link Control , manufactures a variety of high-end ballistic protective equipment including patented personal protection devices commonly referred to as body armor Noun 1. body armor - armor that protects the wearer's whole body body armour, cataphract, coat of mail, suit of armor, suit of armour armet - a medieval helmet with a visor and a neck guard . Guardian, through its wholly-owned subsidiary Guardian Steel, is engaged in structural steel fabrication fabrication (fab´rikā´sh  n),n the construction or making of a restoration. and provides among its products, structural steel used primarily in military base refurbishments and other projects under Federal contract. The statements made in this press release contain certain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933 and Section 21E of the Securities Act of 1934 that involve a number of risks and uncertainties. Actual events or results may differ from the Company's expectations. In addition to the matters described in this press release, risk factors listed from time to time in the Company's SEC reports and filings, including, but not limited to, its report on Form 10-QSB for the quarter ended September 30, 2000 and its report on Form 10-KSB for the year ended December 31, 1999, may affect the results achieved by the Company. Headquarters: Guardian Technologies International, 11 Sundial sundial, instrument that indicates the time of day by the shadow, cast on a surface marked to show hours or fractions of hours, of an object on which the sun's rays fall. Circle; Suite No. 17 P.O. Box 3618, Carefree, Arizona Carefree is an upscale town in Maricopa County, Arizona, United States. According to 2006 Census Bureau estimates, the population of the town is 3,706.[1] Carefree was first conceived in the mid-1940's by K.T. Palmer and Tom Darlington as a planned community. 85377 |
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