Message #37 From:
NewsBot Date: January 4, 2008 09:13:22 PM
Arotech Announces $1.6 Million in New Battery & Rechargeable Orders
Battery Backlog Reaches $13.0 Million and Corporate Backlog Surpasses $49.5 Million at End of December 2007
Arotech Corporation (NASDAQ: ARTX), a
provider of quality defense and security products for the military, law
enforcement and security markets, announced today that its Battery and
Power Systems Division has received new orders totaling over $1.6 million
for Lithium-Ion primary and rechargeable batteries. The batteries and
chargers will be supplied to a number of Israeli and European customers to
power various military applications.
As of the end of December 31, 2007, Arotech's backlog stood at $49.5
million, of which $13.0 million was attributable to the Battery and Power
Systems Division.
"We are delighted with the continued demand for our Lithium Ion Batteries
and Rechargeables from customers around the world," said Robert S. Ehrlich,
Chairman and CEO of Arotech Corporation. "We believe our leading edge
technology continues to drive battery demand world-wide and, looking
forward, we anticipate 2008 being the best in the Battery and Power Systems
Division's history."
Arotech's Battery and Power Systems Division is a leading provider of
primary and rechargeable batteries and chargers for defense and other
military applications. Arotech develops and produces high power zinc-air
batteries and is believed to be the sole supplier of this technology to the
US military. In addition, Arotech develops high-end primary and secondary
batteries and associated chargers and has vast experience in working with
government agencies, the military and large corporations.
The Battery and Power Systems Division consists of Electric Fuel Battery
Corporation, Electric Fuel Ltd., and Epsilor Electronic Industries Ltd.
Arotech Corporation is a leading provider of quality defense and security
products for the military, law enforcement and homeland security markets,
including multimedia interactive simulators/trainers, lightweight armoring
and advanced zinc-air and lithium batteries and chargers. Arotech operates
through three major business divisions: Armor, Simulation and Training, and
Battery and Power Systems.
Arotech is incorporated in Delaware, with corporate offices in Ann Arbor,
Michigan, and research, development and production subsidiaries in Alabama,
Michigan, and Israel. For more information on Arotech, please visit
Arotech's website at www.arotech.com.
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 of 1995, including the results of our
restructuring program. Forward-looking statements reflect management's
current knowledge, assumptions, judgment and expectations regarding future
performance or events. Although management believes that the expectations
reflected in such statements are reasonable, 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 materially. 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 for the fiscal year ended December 31, 2006, as
amended, 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.
For more information on Arotech or investor and public relations, please
contact:
Victor Allgeier TTC Group
1.646.290.6400 Email Contact
