Armor Defense Systems, Inc. cancelled the acquisition of American Defense Systems, Inc..
June 20, 2012 at 12:00 am EDT
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Armor Defense Systems, Inc. made an offer to acquire American Defense Systems, Inc. (OTCPK:ADFS) on June 13, 2012. Armor Defense will purchase shares in a cashless, tax-free one-for-one share exchange. The Board of Directors of Armor Defense Systems has approved the tender offer. The offer is conditioned on a minimum of 90% of the outstanding shares of American Defense being tendered and will expire upon the earliest of 90% of the issued and outstanding shares of the Subject Company being tendered or on July 27, 2012. As of June 18, 2012, American Defense stockholders are advised to take no action at this time pending the review of the offer by the Board of Directors.
Direct Transfer, LLC acted as depository bank for American Defense. Jeffrey M. Quick of Quick Law Group PC acted as legal advisor for American Defense.
Armor Defense Systems, Inc. cancelled the acquisition of American Defense Systems, Inc. (OTCPK:ADFS) on June 20, 2012. The transaction was cancelled as Armor Defense Systems will re-evaluate American Defense Systems compliance with Section 5 of the Securities Act of 1933, as amended.
American Defense Systems, Inc. (ADSI) develops, engineers and manufactures security and safety solutions for the physical security industry. The Company designs, fabricates and installs transparent and opaque armor kits, security doors, ballistic windows and curtain wall systems. The Company provides a range of anti-ram vehicle barriers, as well as forced entry ballistic resistant and blast mitigation doors, louvers and security stations. ADSI's products and services include transparent armor, opaque armor, architectural security, and design and engineering. ADSI's transparent armor products include portable transparent ballistic shield (PTBS), folding transparent ballistic shield (FTBS) and very important person (VIP) protection systems. Its opaque armor products include crew protection kits (CPK), combat lock and door latch, emergency egress window, fortified door hinges and crew comfort system. ADSI also offers architectural security solutions.