Arotech Corporation (Nasdaq GM: ARTX), a provider of quality defense and security products for the military, law enforcement and homeland security markets, announced that it has received new orders from military customers amounting to $5.2 million. These orders will be delivered to customers during the remainder of 2014.
Robert S. Ehrlich, Arotech's Chairman and Chief Executive Officer commented, "Our battery division is having a very exciting year so far. We have seen important R&D developments such as our progress with the iron flow battery, the highly accretive acquisition of UEC, as well as continued order momentum. Some of these recent orders were from leading global defense manufacturers that continue to purchase from us, demonstrating their trust in the reliability and quality of our products for use in a rugged military environment."
Continued Mr. Ehrlich, "In only a few weeks since the close of the acquisition, UEC has already proven itself as a highly complementary business to our Battery and Power Systems Division. Our combination has already opened up new market opportunities for us and we are realizing some strong synergies particularly in our sales and marketing efforts. As we continue our work in assimilating UEC into Arotech, I am becoming ever more excited with regard to the growth potential within our battery division over the coming years."
Source: Arotech Corporation
Date: May 5, 2014