West Coast Asset Management, Inc. leads with $14 million investment
April 08, 2008 12:02 PM Eastern Daylight Time
HICKSVILLE, N.Y.–(BUSINESS WIRE)–American Defense Systems, Inc., offering advanced solutions in the design, fabrication and installation of transparent and opaque armor, security doors, windows and curtain wall systems, announced today that the Company has secured $15 million in financing through a private placement of Series A Preferred Stock and Warrants with West Coast Opportunity Fund, LLC, managed by West Coast Asset Management, and Centaur Capital Partners.
American Defense Systems issued a total of 15,000 restricted shares of Series A Preferred Stock and Warrants at $1,000 per share. The Company indicated that it will use the funds to finance its growth plans, including the development of additional proprietary technologies, select acquisitions (ADSI has not entered into any definitive agreements with respect to any such future acquisitions) and other general purposes.
Mr. Anthony J. Piscitelli, Chairman & Chief Executive Officer of American Defense Systems, Inc,, stated, “Our announcement today is a major milestone for ADSI as it further strengthens our balance sheet, providing enhanced financial flexibility and support for our long-term development as an innovator in the fields of armor and physical security. We are excited to have West Coast Asset Management and Centaur Capital Partners on board as new strategic investors to support the next stage of ADSI’s growth and development.”
Atticus Lowe, Chief Investment Officer of West Coast Asset Management commented, “We believe this investment in ADSI is a strong endorsement of the innovative technologies, people and profitable growth potential we see for ADSI as we look out to the future. As a designer and manufacturer of armor systems for premier military, government, law enforcement and corporate customers, ADSI has a proven track record of deploying leading edge solutions to protect its customers in the most challenging environments. With a strong management team at the helm, we are pleased to be supporting ADSI as they expand their customer base and product offerings.”
Founded in 2000 by Kinko’s founder Paul Orfalea and Lance Helfert, West Coast Asset Management provides exclusive equity and alternative asset management to high net worth individuals, institutions and charitable foundations through separately managed accounts and West Coast Opportunity Fund, LLC. Centaur Capital Partners is a Dallas-based value oriented investment management firm. Midtown Partners provided investment banking services on behalf of American Defense Systems in this transaction.
About American Defense Systems, Inc. (ADSI)
American Defense Systems, Inc. (ADSI) offers advanced solutions in the design, fabrication, and installation of transparent and opaque armor, security doors, windows and curtain wall systems for use by military, law enforcement, homeland defense and corporate customers. ADSI engineers also specialize in developing innovative, functional and aesthetically pleasing security applications for the mobile and fixed infrastructure physical security industry.
For more information about American Defense Systems, Inc. please visit the corporate Web site at http://www.adsiarmor.com.
Some of the statements made by American Defense Systems, Inc. (“ADSI”) in this press release, including, without limitation, statements regarding ADSI’s anticipated future growth, are forward-looking in nature. ADSI intends that any forward-looking statements shall be covered by the safe harbor provisions for such statements contained in the Private Securities Litigation Reform Act of 1995. Statements that are predictive in nature, that depend upon or refer to future events or conditions, or that include words such as “may,” “will,” “should,” “expects,” “anticipates,” “intends,” “plans,” “believes,” “estimates,” “predicts,” “potential,” “continues” and similar expressions are forward-looking statements. ADSI cautions you that forward-looking statements are not guarantees of performance. ADSI undertakes no obligation and disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events, or otherwise. Forward-looking statements involve known and unknown risks and uncertainties that may cause ADSI’s actual future results to differ materially from those projected or contemplated in the forward-looking statements. ADSI believes that these risks include, but are not limited to: ADSI’s reliance on the U.S. government for a substantial amount of its sales and growth; decreases in U.S. government defense spending; ADSI’s ability to contract further with the U.S. Department of Defense; ADSI’s ability to comply with complex procurement laws and regulations; competition and other risks associated with the U.S. government bidding process; changes in the U.S. government’s procurement practices; ADSI’s ability to obtain and maintain required security clearances; ADSI’s ability to realize the full amount of revenues reflected in its backlog; ADSI’s reliance on certain suppliers; and intense competition and other risks associated with the defense industry in general and the security-related defense sector in particular. Additional information concerning these and other important risk factors can be found under the heading “Risk Factors” in ADSI’s filings with the Securities and Exchange Commission, including, without limitation, its registration statement on Form 10. Statements in this press release should be evaluated in light of these important factors.