Electric Fuel Changing Its Name to Arotech Corporation.Business Editors NEW YORK--(BUSINESS WIRE)--Feb. 5, 2003 Trading remains on Nasdaq National Markets under new ticker symbol Ticker Symbol An arrangement of characters (usually letters) representing a particular security listed on an exchange or otherwise traded publicly. When a company issues securities to the public marketplace, it selects an available ticker symbol for its securities which investors , ARTX Name change reflects corporate focus on Defense 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 markets Electric Fuel Corporation (Nasdaq NM: EFCX), announced today that it is changing its name from Electric Fuel Corporation to Arotech Corporation (www.arotech.com). This follows the strategic corporate shift to the manufacturing and distribution of zinc-air batteries for military applications to the US military. Effective tomorrow, Thursday, February 6, 2003, the Company's equity shares will trade on Nasdaq National Markets under the ticker symbol ARTX. Arotech's corporate mission is to provide quality defense and security products for the military, law enforcement and homeland security markets, including advanced zinc-air batteries, multimedia interactive simulators/trainers and lightweight armoring. 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. Robert S. Ehrlich commented, "The contracts received from the US Army's CECOM CECOM Communications Electronics Command (US Army) CECOM National Center for Communications of the Civil Protection Agency last year for zinc-air batteries, coupled with the derivative battery development projects, which include the LandWarrior project and battery development for UAVs and MAVs, provided support for the change in business direction. Further, with the strategic acquisitions of IES Interactive and MDT MDT abbr. Mountain Daylight Time MDT (in the US and Canada) Mountain Daylight Time MDT n abbr (US) (= mountain daylight time) → Protective Industries in July 2002, the Company has laid the groundwork for earnings growth derived from a diversified, yet comprehensive, revenue stream." Arotech Corporation will operate three business subsidiaries: Electric Fuel Batteries -developing and manufacturing zinc-air batteries for military and homeland security applications; IES Interactive -multimedia training systems for law enforcement and paramilitary organizations; and MDT Armor -vehicle armoring for the military, industrial and private sectors. Electric Fuel Batteries will also continue developing electric vehicle batteries for zero emission Zero emission refers to an engine, motor, or other energy source, that emits no waste products that pollutes the environment or disrupts the climate. Zero emission engines public transportation. The legal name change is subject to shareholder approval at the Company's next annual meeting. In the interim, the Company has filed the appropriate documents in the states of Delaware and 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 to begin doing business immediately under its new name. About Arotech Corporation Arotech Corporation (www.arotech.com), through its three operating units, develops, manufactures and markets security and defense products: primary and refuelable zinc-air battery technology for defense, security and safety products, military applications and electric vehicles; advanced high-tech multimedia and interactive digital solutions for the training of military, law enforcement and security personnel; and state-of-the-art lightweight materials and engineering processes to armor vehicles. Arotech is incorporated in Delaware under the name "Electric Fuel Corporation" and has corporate and sales offices in New York and Denver with research, development and production subsidiaries in Alabama, Colorado 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 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 Arotech'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 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, 2001,Arotech's most recent Quarterly Report on Form 10-Q Form 10-Q See 10-Q. , and other filings (under the name Electric Fuel Corporation) 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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