Arotech's Battery Division Receives $650,000 Military Battery Order Increase; Division Also Receives Military Ruggedized Computer Battery and Charger Contract.Business Editors/High-Tech Writers NEW YORK--(BUSINESS WIRE)--June 1, 2004 Arotech Corporation (NasdaqNM: ARTX) announced today that its Battery and Power Systems Division has received a $650,000 contract for military batteries, an add-on to the February 2004 $2.17 million order from an Asian country Noun 1. Asian country - any one of the nations occupying the Asian continent Asian nation country, land, state - the territory occupied by a nation; "he returned to the land of his birth"; "he visited several European countries" . The unique rechargeable battery A rechargeable battery, also known as a storage battery, is a group of two or more secondary cells. These batteries can be restored to full charge by the application of electrical energy. powers man-portable electro-optic systems used for military and security applications. The company expects to deliver the additional batteries in 2004. The division, which includes Electric Fuel and Epsilor Electronics, also announced that it has received a contract from a large OEM (Original Equipment Manufacturer) The rebranding of equipment and selling it. The term initially referred to the company that made the products (the "original" manufacturer), but eventually became widely used to refer to the organization that buys the products and for the development and delivery of lithium ion batteries and associated smart chargers to power a military ruggedized tactical computer. "This first contract in the ruggedized computer market opens new venues for our battery technology," said Robert S. Ehrlich, Arotech Chairman and 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. . "Working closely with OEMs enables our products to be 'designed-in' to leading edge military applications." About the Battery and Power Systems Division Arotech's Battery and Power Systems Division specializes in the design and manufacture of primary and rechargeable batteries, related electronic circuits and associated chargers for military applications. The company's products are to government agencies, the military and large original equipment manufacturers. The Electric Fuel and Epsilor Electronics technical teams have state of the art expertise in the fields of electrochemistry electrochemistry, science dealing with the relationship between electricity and chemical changes. Of principal interest are the reactions that take place between electrodes and the electrolytes in electric and electrolytic cells (see electrolysis), as well as the , electronics, software and battery design, production, packaging and testing. With approximately 150 employees, 30 of them engineers, the division operates three facilities in Alabama and in Israel. About Arotech Corporation Arotech Corporation provides quality defense and security products for the military, law enforcement and homeland security markets, including advanced zinc-air and lithium batteries and chargers, multimedia interactive simulators/trainers and lightweight vehicle armoring. The Battery and Power Systems Division includes Electric Fuel Battery Corporation and Epsilor Electronic Industries. The Simulation, Training and Consulting Division includes IES Interactive Training and FAAC FAAC Freeware Advanced Audio Coder FAAC Ford Amateur Astronomy Club FAAC Family Allergy and Asthma Care FAAC Functional Area Agreement Coordinator (USAF) FAAC Fatal Accident Assessment Committee Incorporated. The Armored Vehicle Division includes MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → Armor Corporation and MDT Protective Industries Ltd. Arotech is incorporated in Delaware, with corporate offices in New York New York, state, United States New York, Middle Atlantic state of the United States. It is bordered by Vermont, Massachusetts, Connecticut, and the Atlantic Ocean (E), New Jersey and Pennsylvania (S), Lakes Erie and Ontario and the Canadian province of , and research, development and production subsidiaries in Alabama, Colorado, 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 The Private Securities Litigation Reform Act of 1995 (PSLRA) implemented several significant substantive changes affecting certain cases brought under the federal securities laws, including changes related to pleading, discovery, liability, class representation and awards fees and of 1995. 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 significantly. 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 Form 10-K A report required by the SEC from exchange-listed companies that provides for annual disclosure of certain financial information. Form 10-K See 10-K. for the fiscal year ended December 31, 2003 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. |
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