The Allied Defense Group, Inc. Closes Sale of Titan Dynamics Systems, Inc.
VIENNA, Va., March 18 /PRNewswire-FirstCall/ -- The Allied Defense Group, Inc. (Amex: ADG) announces it has closed the previously announced sale of its Marshall, Texas subsidiary, Titan Dynamics Systems, Inc. in a stock purchase agreement with Chemring Group PLC. Chemring is a specialist manufacturer of decoy countermeasures and energetic materials for the global defense, security and safety markets.
Allied Defense Group received $4.75 million in this transaction.
Major General (Ret) John J. Marcello, President and Chief Executive Officer of The Allied Defense Group said, "The completion of the sale of Titan Dynamics represents another step in our strategic plan to dispose of non-core assets to reduce our outstanding debt and strengthen our balance sheet."
Houlihan Lokey advised the Allied Defense Group, Inc. in connection with the transaction.
About The Allied Defense Group, Inc.
The Allied Defense Group, Inc. is a diversified international defense and security firm which: develops and produces conventional ammunition marketed to defense departments worldwide; designs, produces and markets sophisticated electronic and microwave security systems principally for European and North American markets; manufactures battlefield effects simulators and other training devices for the military; and designs and produces state-of-the-art weather and navigation software, data, and systems for commercial and military customers.
For more information, please visit the Company web site: www.allieddefensegroup.com
Certain statements contained herein are "forward looking" statements as such term is defined in the Private Securities Litigation Reform Act of 1995. Because statements include risks and uncertainties, actual results may differ materially from those expressed or implied and include, but are not limited to, those discussed in filings by the Company with the Securities and Exchange Commission.
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SOURCE The Allied Defense Group, Inc.
"Safe Harbor" Statement under the Private Securities Litigation Reform Act of 1995: Statements in this press release regarding The Allied Defense Group, Inc.'s business which are not historical facts are "forward-looking statements" that involve risks and uncertainties. For a discussion of such risks and uncertainties, which could cause actual results to differ from those contained in the forward-looking statements, see "Risk Factors" in the Company's Annual Report or Form 10-K for the most recently ended fiscal year.