DWS Defense Systems Expands Security Business Through Letter of Intent to Acquire Gaffco Ballistics
18 Dezembro 2003 - 2:01PM
PR Newswire (US)
DWS Defense Systems Expands Security Business Through Letter of
Intent to Acquire Gaffco Ballistics High-Profile Manufacturer of
Bullet Resistant Systems Adds to Growing Security Portfolio
HAUPPAUGE, N.Y., Dec. 18 /PRNewswire-FirstCall/ -- DWS Defense
Systems, Inc., a wholly-owned subsidiary of DataWorld Solutions,
Inc. (PinkSheets: DWLD), announced today that it has entered into a
Letter of Intent to acquire privately-held Gaffco Ballistics, a
leading international manufacturer of bullet and blast resistant
systems. Gaffco has stated that they have generated in excess of
$15 million in revenues over the last three years and have been
profitable every year. The acquisition is expected to close in the
first quarter of 2004 and consolidated with our results. The
purchase price shall be paid through the issuance of DataWorld
common stock. The transaction is subject to customary closing
conditions, including due diligence. In connection with the
acquisition, Thomas Gaffney, the current President of Gaffco, is
expected to be named the President of DWS Defense Systems upon
completion of the acquisition. Daniel McPhee will continue to be
Chairman and Chief Executive Officer of DataWorld Solutions. Gaffco
has been widely recognized for its work in designing, manufacturing
and installing bullet resistant systems, including residential and
commercial safe rooms. The company has recently bulletproofed
twelve boardrooms in New York City. Gaffco is presently developing
a new line of UL & U.S. State Department approved wood clad
ballistic systems, designed to be architecturally pleasing yet
secure enough to resist any required threat level. The company is
the premier supplier and installer of bandit barriers in tri-state
area financial institutions. It has completed projects for JPMorgan
Chase, American Express and Morgan Stanley, among others. The
company has recently been featured in articles in the Wall Street
Journal, New York Daily News, Crains New York and UK-based The
Sunday Times and on CNBC and Fox News. "I am excited to join
DataWorld," said Mr. Gaffney. "I believe the company is well
positioned to capitalize on the growing demand for security related
products, which, combined with the high level relationships that
such influential Advisory Board members as Bernard Kerik have,
should enable us to become a leader in the fields of bullet
resistant and blast mitigation systems, providing protection on a
global scale." "Gaffco represents an ideal partner for us," said
Mr. McPhee. "We have been working closely with them as one of our
strategic partners. Now, we will be able to seamlessly offer its
products to our growing customer base, utilizing many of the
relationships we have developed. I believe this combination will
create compelling opportunities for revenue growth." About Gaffco
Ballistics In 1986, CEO Thomas Gaffney recognized the need to
counter growing threats from firearms, and founded Gaffco as a
manufacturer and installer of bullet-resistant systems. Initially,
Gaffco focused on renovating check-cashing facilities in the New
York City area. The company gained a reputation for successful
weekend fit-outs that enabled clients to upgrade security and
enhance aesthetics without business downtime, and by 1990, Gaffco
had renovated 275 check-cashing facilities thought the tri-state
area. Drawing on the experience gained in the check-cashing field,
the customer base was expanded to include a wide range of clients,
including government installations, banking facilities, medical and
religious institutions and corporate offices requiring personnel or
data protection. The consistent ability to complete projects timely
and professionally has won clients covering a broad range of
businesses and facilities as JP Morgan Chase, American Express, the
New York Stock Exchange, Morgan Stanley, The United Nations
Building, numerous foreign and US Governmental agencies among
others. In response to the terrorists attacks of 9/11, Gaffco began
designing and installing saferooms for the corporate and
residential markets, the superior concealment and security features
of these panic rooms have recently been featured in articles in the
Wall Street Journal, New York Daily News, Crains New York, The New
York and London Times, CNBC and Fox News. Gaffco Ballistics is
presently developing a line of bullet and blast resistant systems
to meet the threat levels perceived both nationally and
internationally by the US State Department and the Office Of
Homeland Security. About DataWorld Solutions: DataWorld Solutions,
Inc. is a multi-regional manufacturer of electronic cable
assemblies used in providing connectivity solutions that includes
systems integration, for customers operating a wide range of data
systems. This includes linking or connecting standard or
proprietary electronic devices and peripheral components from
different vendors to provide solutions for various customer
requirements. DataWorld adds value by providing connectivity
solutions, which may include distributed sales for passive
components such as electronic connectors, electronic wire and
cable, cabinets and racks and patch panels, and active components
including hubs, bridges, routers, gateways and modems. DataWorld is
working with DuPont(TM) Fluoroproducts to create market awareness
of, and grow a new category of fire safety data-communications
cables. These cables, called Limited Combustible, are insulated and
jacketed with DuPont(TM) Teflon(R) and are designed to fight fire
risk and hazards. In a fire, the low flame and low smoke properties
of Limited Combustible cables made with Teflon(R), offer a new,
high level of protection for people, property and business-critical
IT systems equipment. About DWS Defense Systems: DWS Defense
Systems offers high quality, state of the art security glass and
associated applications and systems that have numerous
applications. DWS solutions minimizes the significant injuries that
are caused by flying glass shards produced after bullet or blast
impact and provides greater safety and security levels to building
occupants and assets. DWS Defense Systems and its highly skilled
team will design, develop, manufacture and install specialty
products, applications and systems for the safety and security
needs of domestic and international businesses and the residential
markets. Except for historical matters, the matters in this press
release are forward-looking statements and are made pursuant to the
safe harbor provisions of the Private Securities Litigation Reform
Act of 1995. The forward-looking statements reflect assumptions,
and involve risks and uncertainties, which might affect DataWorld's
business and prospects and cause actual results to differ
materially from these forward-looking statements, which are
detailed in DataWorld's public filings with the SEC. Visit our
website: http://www.dataworlddirect.com/ DATASOURCE: DWS Defense
Systems, Inc. CONTACT: Susan Fitzpatrick, +1-631-342-7567, Web
site: http://www.dataworlddirect.com/
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