Defense Technology Systems Comments on Recent Trading Activity; Company Clarifies Recent Amended Filing and Projects Substantial Revenue Increase from Quarter Ended March 31, 2005 to Quarter Ended June 30, 2005.HAUPPAUGE, N.Y. -- The management of Defense Technology Systems, Inc. (OTCBB OTCBB See OTC Bulletin Board (OTCBB). :DFTS DFTS Defence Fixed Telecommunications Service DFTS Directory File Transfer System (Owl Computing Technologies) DFTS Dual-Queue, Fifo, Timeout, Statistical TDM Scheme ), released the following statement regarding recent trading activity in the stock of the company: On Tuesday, July 26th, 2005, Defense Technology Systems filed an amended Form 10-KSB for fiscal year ended June 30, 2004. The SEC had requested that the company amend its income statement on its recent annual and quarterly filings to separate, for clarification purposes, gains from debt settlements and gains from write-offs which had initially been reported as a single number. There was no change in the financial results for the 2004 fiscal year. It became apparent from calls received by the company that many investors had mistakenly read the recent filing and assumed it to be the current year filing and expressed concern that the recent acquisition of DCI (Display Control Interface) An Intel/Microsoft programming interface for full-motion video and games in Windows. It allowed applications to take advantage of video accelerator features built into the display adapter. Corporation did not result in a substantial increase in revenue, as anticipated. The expected revenue increase will be reflected in the Company's annual report on Form 10-KSB for the year ended June 30, 2005, which is expected to be filed by September 30, 2005. Management cannot determine with any certainty that this filing was the cause of the recent drop in share price on higher than average trading volume Trading volume The number of shares transacted every day. As there is a seller for every buyer, one can think of the trading volume as half of the number of shares transacted. That is, if A sells 100 shares to B, the volume is 100 shares. . However, the company does not have any negative material operational news pending. About Defense Technology Systems, Inc. Defense Technology Systems, Inc. is an international provider of security solutions focused on the Homeland Security Noun 1. Homeland Security - the federal department that administers all matters relating to homeland security Department of Homeland Security executive department - a federal department in the executive branch of the government of the United States and Defense industries. The company offers a broad portfolio of security-related products, including ballistic bal·lis·tic adj. 1. a. Of or relating to the study of the dynamics of projectiles. b. Of or relating to the study of the internal action of firearms. 2. glass, video surveillance, infrastructure security and associated security systems. The Defense Systems team, working in collaboration with its partners, will design, develop, manufacture, install and market specialty products, equipment, and systems for the safety and security needs of all sectors of the domestic and international marketplace. In addition, DFTS recently acquired a majority interest in DCI Corporation (www.dci-corp.com), a leading edge technology company with over 15 years of experience in engineering specialized hardware and software solutions when commercial-off-the-shelf (COTS (Commercial Off-The-Shelf) Refers to ready-made merchandise that is available for sale. See MOTS. (software) COTS - commercial off-the-shelf. See commercial software. ) products do not fulfill the critical requirements of enterprise, military or government organizations. DCI's experience has earned them the reputation as a respected Homeland Security solution provider with a broad portfolio of innovative proprietary technologies. This press release contains statements (such as projections regarding future performance) that are forward-looking statements forward-looking statement A projected financial statement based on management expectations. A forward-looking statement involves risks with regard to the accuracy of assumptions underlying the projections. 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. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission. For more information on Defense Technology Systems, Inc. visit: www.DefenseTechnologySystems.com |
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