|By PR Newswire||
|March 24, 2014 09:32 AM EDT||
ANN ARBOR, Mich., March 24, 2014 /PRNewswire/ -- Arotech Corporation (NasdaqGM: ARTX), a provider of quality defense and security products for the military, law enforcement and homeland security markets, announced today that its Battery and Power Systems Division has received orders amounting to over $2 million for batteries and chargers. The orders were primarily from two leading defense companies and manufacturers of military equipment, which are existing customers of Arotech.
One of the orders was for the development and manufacture of Lithium-Ion based batteries as replacements for Lead-Acid batteries for use in military vehicles. Arotech's Lithium-Ion batteries together with its battery management technologies, provides a much higher energy density than similarly sized Lead-Acid batteries, with a high safety profile as well as low maintenance requirements.
Robert S. Ehrlich, Arotech's Chairman and Chief Executive Officer commented, "We have invested in the development of batteries for military vehicles using Lithium-Ion technology replacing the more traditional Lead-Acid chemistry. While Lithium-Ion provides a much higher energy density, the challenge is in managing and protecting what is a more volatile battery chemistry. The technology underpinning our battery management systems which protect these batteries is sophisticated, advanced and ideal for the tough military environment."
Continued Mr. Ehrlich, "These customers are top defense manufacturers with sales of equipment throughout the world for use by various militaries using advanced technologies. Their equipment is expected to be of the highest caliber and failsafe. The fact that our customers continue their purchase of our batteries means they trust the reliability, quality and safety of our products."
About Arotech's Battery and Power Systems Division
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 U.S. 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 (www.efbpower.com) and Epsilor-Electric Fuel Ltd. (www.epsilor.com; www.electric-fuel.com ).
About Arotech Corporation
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 and advanced zinc-air and lithium batteries and chargers. Arotech operates two major business divisions: Training and Simulation 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.
Investor Relations Contacts:
Ehud Helft & Kenny Green
GK Investor Relations
Tel: 1 646 201 9246
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. 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 (including as a result of budgetary cuts resulting from automatic sequestration under the Budget Control Act of 2011); and other risk factors detailed in Arotech's most recent Annual Report on Form 10-K for the fiscal year ended December 31, 2012, 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.
SOURCE Arotech Corporation
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