API Technologies, www.apitechnologies.com – a leading provider of engineered components/systems, services, and secure communications to the defense and aerospace sectors, including the DOD, reported today that the Company is now able to compete, through subsidiary API Defense USA, for classified DOD programs and contracts thanks to a proxy agreement-enabled corporate structure.
This agreement allows the Company to directly access the most dynamic and fastest growing segment of DOD contracting, a huge opportunity when one considers that the 2010 budget for R&D, procurement, and operations for classified programs exceeds $50B.
CEO of API Defense USA, Stephen Pudles, noted the key significance of having former US Navy officers like Vice Admiral Robert T. Conway, Jr. and Read Admiral Kenneth L. Fisher, as well as former US Marine Corps General Richard D. Hearney – all of whom will become directors of API Defense USA – on the Company’s proxy board.
This arrangement gives the proxy board all the required security clearances, with the additional caveat that, under the proxy agreement, all currently operating ATNY subsidiaries will become direct subsidiaries of API Defense USA, which will be governed by the proxy board.
Pudles elaborated on this schema, indicating that it is the culmination of extensive collaborative efforts between the Company and the DOD, and unlocks the classified-projects procurement market – contracts which were previously inaccessible.
Pudles expressed great confidence that the experience-rich proxy board would open doors for the Company, leading to a decided upswing in revenues, profits, and overall value that will translate effectively into increased shareholders returns.
Chairman and CEO of ATNY, Phillip DeZwirek, asseverated his colleagues’ sentiments and went on to say that he was supremely confident that the Company and its subsidiaries are now well organized and in prime position to exploit this massive source of future revenue.
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