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AMERICAN DEFENSE SYSTEMS INC. (OTC:ADFS) APPOINTS NEW CEO

GARY SIDORSKY, FORMER CFO, PROMOTED

AMERICAN DEFENSE SYSTEMS INC. (OTC:ADFS)
3440 Toringdon Way
Suite 205, Room 241
Charlotte, North Carolina 28277-3191
http://www.adfsnews.com

PRESS RELEASE
Dated: October 3rd, 2020
Scheduled Release: For Immediate Release
Source: American Defense Systems, Inc.

American Defense Systems Inc. (OTC:ADFS) announced on Friday, October 2nd, 2020, the recent promotion of Mr. Gary Sidorsky, from Chief Financial Officer/Treasurer of the company, to Chief Executive Officer / CFO. Mr. Sidorsky has served as CFO and in other capacities in the company since December 2006. Mr. Sidorsky served as Controller from January to December 2006; and served as a member of board of directors from December 2007 until April 2010. Mr. Sidorsky has 36 years of accounting experience with both accounting firms and manufacturing companies. Prior to joining ADFS, Mr. Sidorsky received his Bachelor of Art degree from Quinnipiac University and MBA from Dowling College. He has also earned certificates in Finance from both the University of Chicago School of Business & Logistics, and from Defense Systems Acquisition Management (DSAM). He served as Accounting Manager for Diam International, a global manufacturer of merchandising displays, from September 2003 to January 2006.

Founded in 2002, before Mr. Sidorsky joined the company, this small New York-based manufacturer first made headlines by obtaining a much-sought-after contract in 2005 to produce and install armored glass to protect President George Bush Jr. during his second inauguration ceremony. When Mr. Sidorsky joined the company the following year, ADFS’ product lines grew to include “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.”

The company’s numerous products soon included: crew protection kits (including lightweight ballistic resistance combat helmets); VistaSteel transparent armor (a defensive barrier to protect against firearms, physical attack, and explosive blasts); VistaSteel opaque armor (on various military vehicles to form up-armor or add-on protection of operator compartments); VistaGuard windows (anti-forced entry and blast resistant windows and window frames); blast resistant curtain walls (including trans-barrier systems, and transparent shield to provide ballistic and blast protection); and mobile, handheld, lightweight police shields (ballistic shields, bullet-resistant transparent shields for riots, hostage or other ‘SWAT-team’ situations). ADSF also designs and/or produced heated ballistic ship windows; proprietary hinges, latches, and locks; and, the ‘T2 Ballistic Range’ (a live fire interactive training range system for training war fighters and law enforcement personnel).

As the company became a regular supplier of protective systems for operators of military construction equipment being used in Iraq and Afghanistan, Mr. Sidorsky was among the corporate officials who welcomed Gen. James T. Conway, the 34 Commandant of the U.S. Marine Corps, and Lt Gen. James F. Amos, the U.S. Marine Corps’ Deputy Commandant for Combat Development & Integration, when they visited and inspected ADFS corporate headquarters and facilities in Hicksville on April 13, 2007. He was also part of the team that negotiated the contract for ADFS to “strengthen the physical security at the New York Stock Exchange” in February 2009.

In March 2009, ADFS obtained a contract to manufacture and install armored glass to protect President Obama during his first inauguration ceremony. Ordered by the Secret Service under a contract whose details and cost are classified, the panels were made of “multiple layers of glass bonded with a proprietary substance,” said Roger Ward, the company’s former vice president of marketing and investor relations. The panels are designed to both deflect the paths of, and absorb, projectiles, including bullets and fragments from explosives. “It will stop a lot.”

At that time, as CFO/Treasurer, Mr. Sidorsky managed the company’s filings with the American Stock Exchange, with a payroll of about 90 people in Hicksville; and achieved a 26 percent increase in revenues year-over-year, to about $45 million.

As the defense market started to wind down afterwards, Mr. Sidorsky joined other officials to recommend the company relocate to Raleigh, North Carolina in June 2011, as a cost-cutting strategy aimed at saving $1.5 million a year with lower overhead, along with cuts to staff and salaries.

While in Raleigh, Mr. Sidorsky assisted the company in establishing new OEM relationships, which included, but was not limited to working with: MAC Defense on their proprietary prototype Armor Cab
Program; General Dynamics Land Systems on the technical development of a solid propellant fire extinguisher tank for their Combat Vehicle to suppress engine compartment fires; Caterpillar for engineering work on their 279D CTL, and the production of C-Kits; and JCB toward the production of new HMEE B Kits.

As the company seeks to remake a name for itself in a crowded industry, Mr. Sidorsky states that he is “very excited by the new opportunities the company faces to revamp and pursue markets that no one could have anticipated prior to the recent pandemic. We are really focused on capitalizing on uniquely post-COVID19 opportunities to leapfrog ahead of our peers. Hopefully, we can become an industry leader in the next few years. I’m glad to be working alongside some really forward-looking people; and we will build a team that meets the needs and challenges of the future.”

The executive also reiterated the company’s commitment to full regulatory compliance, and projected ADFS would have filed their updated disclosures reports with the OTC Board before fourth quarter 2020.

American Defense Systems, Inc. (OTC: ADSF) develops and manufactures security applications for the physical security industry. The Company designs, fabricates, and installs transparent and opaque armor, security doors, windows, and curtain wall systems for the defense, military, government, and other business sectors throughout the United States. The company was listed on the New York Stock Exchange under the symbol ‘EAG’, while its operations were based in Hicksville, New York. The stock symbol was later changed to ‘ADSI’ when the company stock moved to the NASDAQ; and has since been changed again to ‘ADSF’, while the stock trades on the OTC.

Certain statements in this report; statements relating to the development, production, production rates, features and timing of existing and future products and technologies; statements regarding market growth and locations, and repair capabilities; statements regarding growth of our business and the means to achieve such growth; statements regarding growing market opportunities for products and the catalysts for that growth; statements regarding product demand, volume, production, delivery, and market share; statements regarding revenue, cash availability and generation, cash flow, gross margin, product pricing, spending, capital expenditure and profitability targets; statements regarding productivity improvements, cost reductions and capacity expansion plans, such as for customer deliveries, logistics and vehicle servicing; and statements regarding our investment in and the impact of changes to our customer delivery infrastructure, are “forward-looking statements” that are subject to risks and uncertainties. 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.

Investor Relations Contact:
investorrelations@adsfinc.com
http://www.adfsnews.com

West Coast Asset Management, Inc. leads with $14 million investment

April 08, 2008 12:02 PM Eastern Daylight Time

source: https://www.businesswire.com/news/home/20080408006140/en/American-Defense-Systems-Secures-15-Million-Equity


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.