Security With Advanced Technology and PepperBall Technologies Complete Merger
September 22 2008 - 9:00AM
Marketwired
Security With Advanced Technology, Inc. (NASDAQ: SWAT) and
PepperBall Technologies, Inc. ("PTI" or "PepperBall") jointly
announced today that the merger of the two companies was approved
at shareholder meetings held on September 17, 2008 and the merger
was closed on September 19, 2008. Pursuant to the terms of the
Merger Agreement, dated as of May 27, 2008, by and among SWAT,
PepperBall and PTI Acquisition Corporation (a wholly-owned
subsidiary of SWAT), on September 19, 2008 PTI Acquisition
Corporation merged with and into PepperBall, with PepperBall
surviving as a wholly-owned subsidiary of SWAT. As further provided
in the Merger Agreement, SWAT is in the process of changing its
name to PepperBall Technologies, Inc., and expects to begin trading
under the new symbol "PBAL" on the Nasdaq Capital Market beginning
after September 26, 2008. Additional details will be forthcoming in
press releases and other communications regarding this name change,
the trading symbol, the CUSIP number and the process for exchanging
stock certificates. The litigation between the two organizations
that has been expensive and distracting for both companies is also
being dismissed.
PepperBall is the most widely recognized name brand and largest
supplier of non-lethal pava-based launchers and projectiles for
those launchers and has sold over 16,500 launchers and 15 million
projectiles to over 3,000 law enforcement agencies. The newly
combined company has five launcher products currently being sold
into the marketplace, three of which are very recent introductions
that have just begun selling and production ramp-up. Additionally,
PepperBall is commencing production of a new small lightweight
hand-held product that is designed for personal protection use in
the consumer and institutional market and believed to have a very
broad potential market. A roll-out of this exciting product is
expected to commence over the coming weeks.
Eric Wenaas, President and CEO of PTI, noted, "We are very
excited that this merger has been consummated to now allow
management of the combined entity to focus on product roll-out,
increasing sales and expanding new product penetration and
opportunities worldwide, to consumers, law enforcement, private
security, corrections and the military. The introduction of our
consumer division is forthcoming along with the ability to buy our
consumer products over the internet. We encourage you to visit our
web site and believe you will find the video footage to be
entertaining and the novel products to be of great benefit."
PepperBall's full line of products, including specifications and
demonstration videos can be accessed on their website at:
www.pepperball.com.
About Security With Advanced Technology, Inc. -
Security With Advanced Technology, Inc. soon to be renamed
PepperBall Technologies, Inc., is focused on developing and selling
non-lethal personal protection devices as well as surveillance and
intrusion detection systems. SWAT's products and services are
designed for consumers, government agencies, military and law
enforcement, in addition to commercial facilities. For additional
information, visit either www.pepperball.com or
www.swat-systems.com.
Forward-Looking Statement
This press release includes "forward-looking statements" as
defined by the Securities and Exchange Commission (the "SEC"). All
statements, other than statements of historical fact, included in
the press release that address activities, events or developments
that the company believes or anticipates will or may occur in the
future are forward-looking statements. These statements are based
on certain assumptions made based on experience, expected future
developments and other factors the company believes are appropriate
under the circumstances. Such statements are subject to a number of
assumptions, risks and uncertainties, many of which are beyond the
control of the company and may not materialize, including, without
limitation, the company's history of losses, the company's need to
raise additional working capital, the efficacy of the company's
products and services, the company's ability to secure its
ownership of, right to use and protect its intellectual property
and proprietary technology and the company's ability to integrate
the combined operations into a viable enterprise and to complete
development of, launch and achieve acceptable levels of sales and
margins for its products and services. Investors are cautioned that
any such statements are not guarantees of future performance.
Actual results or developments may differ materially from those
projected in the forward-looking statements as a result of many
factors. Furthermore, the company does not intend (and is not
obligated) to update publicly any forward-looking statements,
except as required by law. The contents of this release should be
considered in conjunction with the warnings and cautionary
statements contained in the company's recent filings with the SEC,
including the Risk Factors beginning on page 11 of the company's
Registration Statement on Form S-4 (File No. 333-152645).
Contacts: Eric Wenaas President & CEO 858-638-0236 Jeff
McGonegal CFO 303-475-3786
Security With Advanced Technology (MM) (NASDAQ:SWAT)
Historical Stock Chart
From May 2024 to Jun 2024
Security With Advanced Technology (MM) (NASDAQ:SWAT)
Historical Stock Chart
From Jun 2023 to Jun 2024