DFTS finally had something to say
Defense Technology Systems Comments on Recent Trading Activity; Company Clarifies Recent Amended Filing and Projects Substantial Revenue Increase from Quarter Ended March 31, 2005 to Quarter Ended June 30, 2005.
via COMTEX
July 28, 2005
HAUPPAUGE, N.Y., Jul 28, 2005 (BUSINESS WIRE) --
The management of Defense Technology Systems, Inc. (OTCBB:DFTS), released the following statement regarding recent trading activity in the stock of the company:
On Tuesday, July 26th, 2005, Defense Technology Systems filed an amended Form 10-KSB for fiscal year ended June 30, 2004. The SEC had requested that the company amend its income statement on its recent annual and quarterly filings to separate, for clarification purposes, gains from debt settlements and gains from write-offs which had initially been reported as a single number. There was no change in the financial results for the 2004 fiscal year. It became apparent from calls received by the company that many investors had mistakenly read the recent filing and assumed it to be the current year filing and expressed concern that the recent acquisition of DCI Corporation did not result in a substantial increase in revenue, as anticipated. The expected revenue increase will be reflected in the Company's annual report on Form 10-KSB for the year ended June 30, 2005, which is expected to be filed by September 30, 2005. Management cannot determine with any certainty that this filing was the cause of the recent drop in share price on higher than average trading volume. However, the company does not have any negative material operational news pending.
About Defense Technology Systems, Inc.
Defense Technology Systems, Inc. is an international provider of security solutions focused on the Homeland Security and Defense industries. The company offers a broad portfolio of security-related products, including ballistic glass, video surveillance, infrastructure security and associated security systems. The Defense Systems team, working in collaboration with its partners, will design, develop, manufacture, install and market specialty products, equipment, and systems for the safety and security needs of all sectors of the domestic and international marketplace. In addition, DFTS recently acquired a majority interest in DCI Corporation (www.dci-corp.com), a leading edge technology company with over 15 years of experience in engineering specialized hardware and software solutions when commercial-off-the-shelf (COTS) products do not fulfill the critical requirements of enterprise, military or government organizations. DCI's experience has earned them the reputation as a respected Homeland Security solution provider with a broad portfolio of innovative proprietary technologies.
This press release contains statements (such as projections regarding future performance) that are forward-looking statements as defined in the Private Securities Litigation Reform Act of 1995. Actual results may differ materially from those projected as a result of certain risks and uncertainties, including but not limited to those detailed from time to time in the Company's filings with the Securities and Exchange Commission.
For more information on Defense Technology Systems, Inc. visit: www.DefenseTechnologySystems.com
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