Electric Fuel's Interactive Training Subsidiary Wins $2.6 Million German Police Contract.Business Editors NEW YORK--(BUSINESS WIRE)--Jan. 14, 2003 More than $8 million of backlog orders for Simulators, Batteries and Armored Vehicles Electric Fuel Corporation (NasdaqNM: EFCX), a leader in defense and security products for military and 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 , announced today that its "use-of-force" training subsidiary, IES Interactive Training, Inc., was awarded a $2.6 million contract for supplying simulation training systems to the largest regional division of the German Police. "Winning this bid in Germany is clear evidence of our technology's performance," said Greg Otte, president 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. of IES. "We now feel confident that our training solutions will also be well received in other European nations." The tender was awarded to the Company after an extensive performance review process and a series of program specifications changes. Shipments to Germany are scheduled to begin in March 2003. Electric Fuel President & CEO Robert S. Ehrlich commented, "This contract marks the Company's entry into the coveted cov·et v. cov·et·ed, cov·et·ing, cov·ets v.tr. 1. To feel blameworthy desire for (that which is another's). See Synonyms at envy. 2. To wish for longingly. See Synonyms at desire. European simulation training market. We were awarded this contract over a host of prestigious global competitors due to our groundbreaking technology and unprecedented performance. With this order, the Company looks forward to gaining a foothold in Europe and accomplishing its goal of reaching 'break-even' during the second half of 2003." With this contract, Electric Fuel's backlog of orders now exceeds $8 million. About IES Interactive Training IES Interactive Training, a wholly-owned subsidiary of Electric Fuel Corporation, is a world-leading manufacturer of hi-tech multimedia and interactive digital training solutions to corporations, government agencies and military and law enforcement professionals around the globe. Through the incorporation of a unique solution-driven philosophy and an experienced team of interdisciplinary professionals, IES has assumed a leadership role in delivering products that set the industry standard for interactive simulation training systems. Its focus is to develop and sell advanced multimedia training systems specifically targeted for law enforcement and firearms training. For further information about IES, please visit www.ies-interactive.com. About Electric Fuel Electric Fuel Corporation is a world leader in primary and refuelable zinc-air fuel cell technology, pioneering advancements in battery technology for defense and security products, military applications and electric vehicles. Through its IES subsidiary, the Company develops, manufactures and markets advanced high-tech multimedia and interactive digital solutions for the training of military, law enforcement and security personnel, and through its majority owned MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → subsidiary, the Company uses state-of-the-art lightweight materials and engineering processes to armor vehicles for the military, special forces and private concerns. Electric Fuel has corporate and sales 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 Denver with research, development and production subsidiaries in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Israel. For more information about Electric Fuel, please visit us at www.electric-fuel.com. Except for the historical information herein, the matters discussed in this news release include 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. 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 relating to relate prep → concernant relating to relate prep → bezüglich +gen, mit Bezug auf +acc : product and technology development; the uncertainty of the market for Electric Fuel's products; changing economic conditions; delay, cancellation or non-renewal of purchase orders; significant future capital requirements Capital requirements Financing required for the operation of a business, composed of long-term and working capital plus fixed assets. ; the Company's ability to quickly and smoothly execute the change in leadership as a result of its former CEO's resignation; and other risk factors detailed in Electric Fuel'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, 2001, Electric Fuel's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. , and other filings with the Securities and Exchange Commission. Electric Fuel 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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