American Defense Systems Inc - Current report filing (8-K)
June 27 2008 - 5:18PM
Edgar (US Regulatory)
UNITED
STATES SECURITIES AND EXCHANGE COMMISSION
WASHINGTON, D.C. 20549
FORM 8-K
CURRENT
REPORT
Pursuant
to Section 13 or 15(d) of the
Securities
Exchange Act Of 1934
Date of Report (Date of earliest event
reported): June 27, 2008 (June 25, 2008)
American
Defense Systems, Inc.
(Exact Name of Registrant as Specified in its Charter)
Delaware
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000-53092
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83-0357690
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(State or Other
Jurisdiction of Incorporation)
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(Commission File Number)
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(IRS Employer
Identification No.)
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230 DUFFY AVENUE
HICKSVILLE, NY 11801
(Address of principal executive offices) (Zip Code)
Registrants Telephone Number, Including Area Code:
(516) 390-5300
(Former Name or Former Address, if Changed Since Last Report)
Check
the appropriate box below if the Form 8-K filing is intended to
simultaneously satisfy the filing obligation of the registrant under any of the
following provisions (
See
General
Instruction A.2. below):
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Written communications
pursuant to Rule 425 under the Securities Act (17 CFR 230.425)
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o
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Soliciting material
pursuant to Rule 14a- 12 under the Exchange Act (17 CFR 240.14a- 12)
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o
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Pre-commencement communications pursuant to
Rule 14d-2(b) under the Exchange Act (17 CFR 240.14d-2(b))
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Pre-commencement communications pursuant to
Rule 13e-4(c) under the Exchange Act (17 CFR 240.13e-4(c))
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Item 8.01
Other Events
On June 25,
2008, American Defense Systems, Inc. (the Company) issued a press
release announcing that the Company had secured contracts from the U.S. Army
and Marine Corps. to provide Crew Protection Up-Armor Kits and spare parts for
multiple types of engineering and construction vehicles. The total value of such contracts is $7.7
million and is expected to be realized during 2008. Of the $7.7 million, $3.6 million represents
the Companys contract with the U.S. Army TACOM dated March 2008, as
amended in June 2008. $4.0 million
of the $7.7 million is comprised of a $1.3 million task order issued in June 2008
under one of the Companys U.S. Army TACOM contracts (Contract No. W56HZV-06-C-0038)
and $2.7 million in task orders issued in June 2008 under another of the
Companys U.S. Army TACOM contracts (Contract No. W56HZV-05-D-0382). The remaining portion of the $7.7 million
is comprised of supply contracts for
spare parts with an approximate value of $68,000.
The value of
the task orders has been included in the Companys contract backlog amounts for
2008 previously disclosed in the Companys Form 10 and Form 10-Q for
the first quarter of 2008. The $3.6
million contract has not been included in such previously disclosed backlog. The
$68,000 supply contract has not and will not be included in the Companys
backlog as the Company does not include in backlog, component and hardware
supply contracts because of their generally short-term nature.
Item 9.01
Financial
Statements and Exhibits.
(c)
Exhibits
99.1
Press
Release dated June 25, 2008
The
information contained in this Current Report on Form 8-K and in Exhibit 99.1
contains various forward-looking statements within the meaning of the Private
Securities Litigation Reform Act of 1995. These forward-looking
statements are based on managements belief as well as assumptions made by and
information currently available to management. Although the Company
believes that the expectations reflected in such forward-looking statements are
reasonable, it can give no assurance that such expectations will prove to have
been correct. Such statements contain certain risks, uncertainty and
assumptions, including, without limitation: the Companys reliance on the U.S.
government for a substantial amount of its sales and growth; decreases in U.S.
government defense spending; the Companys ability to contract further with the
U.S. Department of Defense; the Companys ability to comply with complex procurement
laws and regulations; competition and other risks associated with the U.S.
government bidding process; changes in the U.S. governments procurement
practices; the Companys ability to obtain and maintain required security
clearances; the Companys ability to realize the full amount of revenues
reflected in its backlog; the Companys reliance on certain suppliers; and
intense competition and other risks associated with the defense industry in
general and the security-related defense sector in particular. Should one
or more of these risks materialize, or should underlying assumptions prove
incorrect, actual results may vary materially from those expected. For a
more thorough discussion of these factors, please refer to Risk Factors on page 19
of Amendment No. 3 to the Companys Registration Statement on Form 10,
filed April 22, 2008. The forward-looking statements contained in
this report and on such exhibits are
2
made
only as of the date hereof. We do not assume any obligation to update any
of these forward-looking statements.
The
information in Exhibit 99.1, shall not be deemed to be filed for
purposes of Section 18 of the Securities Exchange Act of 1934, as amended
(the Exchange Act), or otherwise subject to the liability of that section,
and shall not be incorporated by reference into any registration statement or
other document filed under the Securities Act of 1933, as amended, or the
Exchange Act, except as shall be expressly set forth by specific reference in
such filing.
SIGNATURES
Pursuant
to the requirements of the Securities Exchange Act of 1934, the Company has
duly caused this report to be signed on its behalf by the undersigned hereunto
duly authorized.
Date: June 27, 2008
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AMERICAN DEFENSE SYSTEMS, INC.
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By:
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/s/ Gary Sidorsky
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Chief Financial Officer
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