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Defense Technology Systems Comments on Recent Trading Activity Thursday July 28, 10:00 am ET Company Clarifies Recent Amended Filing and Projects Substantial Revenue Increase from Quarter Ended March 31, 2005 to Quarter Ended June 30, 2005.
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--July 28, 2005--The management of Defense Technology Systems, Inc. (OTCBB:DFTS - News), 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.
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Defense Technology Systems Subsidiary Signs Agreement with Ambital Solutions for Distribution of Proprietary RFID Solution in Israel Thursday July 28, 12:17 pm ET Company Continues to Expand RFID Product and Marketing Plan
HAUPPAUGE, N.Y.--(BUSINESS WIRE)--July 28, 2005--Defense Technology Systems, Inc. (OTCBB:DFTS - News) announced today that its proprietary suite of Radio Frequency Identification (RFID) products, software and services will be distributed in Israel by Ambital Solutions, an Israeli-based wireless technology systems integrator. DCI, a Defense Technology majority-owned subsidiary, entered into a distribution agreement with Ambital Solutions under which Ambital will include DCI's RFID products, software and services along with its own location-based applications on RFID, short range wireless (Wi-Fi and Bluetooth), cellular and GPS infrastructures. Defense Technology recently announced plans to release its RFID system called "RFID Foundry" by the end of the third quarter, 2005. The RFID Foundry is a complete sensor and RFID-based automatic sensing, identification and tracking system designed for commercial and military customers that require the rapid deployment of mission-critical positive identification and tracking capabilities. The RFID Foundry system utilizes off-the-shelf RFID readers and sensors with Sun Microsystems RFID software embedded in DCI's RFID application software.
"Ambital is providing solutions to a region with a substantial demand for the functionality our RFID products provide," commented Bud Maciekowicz, President of DCI. "We have spent a good deal of time in the region presenting our capabilities, developing business relationships, and building confidence that a significant demand exists for our products, software and services. We are confident that Ambital is the right partner for the region."
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