EA American Science & Technology: Restructuring American Defense Systems (OTC:ADFS)
NEW YORK, May 7, 2020 /PRNewswire/ -- EA American Science & Technologies Inc. ("EAAST USA"), announced it has become the single largest beneficiary shareholder of American Defense Systems (OTC:ADFS), representing approximately 21% of the public company's equity, according to the Form 4 filed with the SEC on Friday, May 1, 2020.
EAAST USA also announces its intention to fulfill previously signed contracts by Iroku Inc. to acquire another 30% in common shares from the founders and previous directors of ADFS, who currently hold the restricted stock.
EAAST USA also announces its intentions to work closely with ADFS' Director, Mr. Wayne Wright, (an investment banker with 25 years experience), and ADFS' legal counsel, Mr. Mark Pena, Esq. (of The Law Offices of Mark Pena, Esq., Florida) to complete all regulatory requirements in the transition of ownership, and rebuilding of the company.
EAAST USA commits to supporting the previously adopted schedule for reviving ADFS, a defense contractor that specializes in the design and production of armored glass, structures, and vehicles.
Mr. Osita Iroku, the Acting-CEO for the investor, states that, "Step one has always been to ensure a functioning board and key executives were in place; and we found these in the two directors ADFS has, and the company's new legal counsel. The second step was to ensure all past-due tax filings at the state and federal levels were made; and those were completed sometime in March, just before the pandemic shutdown began in New York. The third step, and most difficult, was to obtain a certificate of revival from Delaware State, where ADFS is registered; and this was completed on May 6(th), 2020, when ADFS received a physical copy of the certificate around 5pm.. The fourth step will be the updating of ADFS' corporate information with the OTC; which is in process right now. Then, lastly, we shall resume normal filing requirements, before applying to be reinstated on the NASDAQ."
EAAST USA also announces the intention to restructure the operations of ADFS into four broad categories: Defense Products & Services; Real Estate Holdings; Strategic Investments; and Crisis & Disaster Management. The company intends to recruit a new CEO and CFO for ADFS, and CEOs for each of these new divisions. The center of operations will continue to be 555 Madison Avenue, Fifth Floor, New York, NY 10022, until further notice.
Mr Iroku also reported the creation of a charitable organization to assist US veterans in transitioning back to the civilian workforce, which shall be the vehicle for the company's community development initiatives. The new NGO has been named "the American Defense Foundation."
"The ADFS Foundation has already began the distribution of free masks, gloves and other PPE, to hospitals and healthcare agencies around New York State. These were taken from the inventory we had previously reserved for just veterans. We made the decision to share these supplies with the state after Governor Cuomo's appeal to the private sector for help."
"The world is currently facing the worst natural disaster of our lifetime; and it's the responsibility of small defense contractors like ADFS, to step up and provide the American people more options for managing this crisis, and to get better prepared for the next one. Our Crisis & Disaster Management team already has decades of experience and a global network to tap from. We intend to leverage that, start from scratch, and build something that can lead the industry into the next era."
About EAAST: EA American Science & Technologies Inc., a New York company, was established in 2020, to acquire the former Iroku Inc., (dba 'EA Armament & Surveillance Technologies'). This acquisition has made EAAST the beneficiary owner of approximately 21% of OTC:ADFS. The new holding company has expressed its intentions to: (a) continue to acquire shares in OTC:ADFS; (b) ensure a strong board of directors and administrative team is established; (c) ensure the highest levels of regulatory compliance at both the ADFS and EAAST levels; and (d) revive ADFS by diversifying operations to include real estate and other equity holdings, in addition to its traditional defense products and services.
Safe Harbor Statement: This announcement contains forward-looking statements. These statements are made under the "safe harbor" provisions of the U.S. Private Securities Litigation Reform Act of 1995. Forward-looking statements involve inherent risks and uncertainties. All information provided in this press release and in the attachments is as of the date of the press release, and EAAST undertakes no duty to update such information, except as required under applicable law.
For more information, please visit http://www.eaastechnologies.com
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SOURCE EA American Science & Technologies Inc.
