Released October 23, 2019
The Board of Directors of EA Armament & Surveillance Technologies Ltd. (EA Tech), a Nigerian defense contractor, has completed their initial review of the incorporation filings of American Defense Systems Inc. (ADFS or OTC:ADFS) and have resolved that there are no legal or financial impediments to the shareholders calling for and holding a shareholders meeting within the upcoming months. The purpose would be to elect a new board of directors, and the appointment of a new executive team.
EA Tech recently acquired 20% of ADFS, according to filings with the US Security Exchange Commission.
Financial advisors have also been engaged to determine the feasibility of ADFS becoming a vendor or subcontractor to EA Tech.
According to Mr. Osita Iroku, the acting-CEO, “Our goal would be to leverage ADFS towards luring new technologies and markets to the African defense industry.”
These forward-looking statements are based on management’s current expectations, and as a result of certain risks and uncertainties, actual results may differ materially from those projected. The following important factors, without limitation, could cause actual results to differ materially from those in the forward-looking statements: the risk of delays in the manufacture, production, delivery and/or completion of our products and product features, including our autonomous features; our ability to grow our production, sales, delivery and servicing capabilities, and manage future growth effectively, especially internationally; law enforcement and military willingness to adopt new technologies generally and our ability to design and grow simultaneous and separate market acceptance of and demand for our future models; the ability of suppliers to meet quality and part delivery expectations at increasing volumes, especially with respect to our high-volume models; our ability to sustain and further grow our ramp of product component production; our ability to bring online and ramp new production centers in accordance with our plans; any failures by EATech or ADFS products to perform as expected or if product recalls occur; our ability to continue to reduce or control manufacturing and other costs; competition in the military and energy product markets generally and the alternative fuel market in particular; our ability to execute on our evolving strategy for product sales, service, charging and other customer infrastructure; the unavailability, reduction or elimination of government and economic incentives for drones and energy products; potential difficulties in performing and realizing potential benefits under definitive agreements for our existing and future manufacturing facilities; our ability to attract and retain key employees and qualified personnel; our ability to maintain the security of our information and product systems; our compliance with various regulations and laws applicable to our operations and products, which may evolve from time to time; risks relating to our indebtedness and financing strategies; and adverse foreign exchange movements.
More information on potential factors that could affect our financial results is and/or will be included from time to time in our Securities and Exchange Commission filings and reports. EATech disclaims any obligation to update information contained in these forward-looking statements whether as a result of new information, future events, or otherwise.
Investor Relations Contact:
Mr. Theophilus Izobofolo, Director of Strategic Investments; email@example.com