``Guardian Technologies Merger Update'' -- VAIREX corporation Discusses Order Status.Business Editors/Technology Writers CAREFREE, Ariz.--(BUSINESS WIRE)--Jan. 24, 2002 Guardian Technologies International, Inc. (Nasdaq:GRDN GRDN Garden (postal suffix) ) announced today that pending merger partner VAIREX corporation (VAIREX) has received orders from two customers for their low-pressure, low-cost air management system for small fuel cells. Customer names were not released but VAIREX did indicate that one was a developer of residential Proton Exchange Membrane A proton exchange membrane (PEM) is a semipermeable membrane generally made from ionomers and designed to conduct protons while being impermeable to gases such as oxygen or hydrogen. (PEM (Privacy Enhanced Mail) A standard for secure e-mail on the Internet. It supports encryption, digital signatures and digital certificates as well as both private and public key methods. Not widely used, work on PEM later evolved into S/MIME. See MIME. ) fuel cells based in the European Union European Union (EU), name given since the ratification (Nov., 1993) of the Treaty of European Union, or Maastricht Treaty, to the European Community and the other an American developer of small Solid Oxide fuel cells (SOFC SOFC Solid Oxide Fuel Cell ) for a variety of applications. Both orders are for evaluation prototypes to support customer development and call for subsequent deliveries of improved units as they become available. Assuming successful evaluation tests, VAIREX anticipates receiving follow-on contracts for larger numbers of units for field trials, although no assurance exists that this will occur. If field trials are successful, they could ultimately result in long-lead purchase orders for production units. 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, "VAIREX is primarily known for our high performance automotive fuel cell air management systems. This small, low pressure product is being developed for applications at the opposite corner of our market and is more than an order of magnitude A change in quantity or volume as measured by the decimal point. For example, from tens to hundreds is one order of magnitude. Tens to thousands is two orders of magnitude; tens to millions is three orders of magnitude, etc. less expensive than our other offerings. The response to it has been a real endorsement of our customers' belief in our expertise as applied to a wide range of technical requirements. We are particularly excited to be working with a developer of SOFC systems in addition to our existing PEM customers." "In addition to these two orders, we are currently responding to over twelve Requests for Quotation (RFQ RFQ Request For Quote RFQ Request For Quotation RFQ Request for Qualifications (part of a potential client's preliminary selection process) RFQ Radio Frequency Quadrupole (accelerator technology) ) from customers in the United States, Europe and Asia. Most of these requests fall within the range of products we are already developing, which suggests that we have defined the market's technical requirements pretty well. About half of the requests are for the larger high pressure systems and about half for the smaller low pressure ones, with the applications mix about 50-50 stationary and automotive, which also closely follows our marketing plan. Like all of our current contracts, most of these RFQs are to support projects that could potentially lead to production orders. 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. Guardian, through its wholly-owned subsidiary Guardian Steel, is engaged in structural steel fabrication 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. |
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