American Defense Systems (OTC: ADFS) Restructuring To Become A Defense Industry Leader
PR Newswire
NEW YORK, May 7, 2020
NEW YORK, May 7, 2020 /PRNewswire/ — EA American Science & Technologies Inc. (“EAAST USA“), announced the completion of its acquisition of Iroku Inc. (dba EA Armament & Surveillance Technologies Inc.) The date of the acquisition is effective January 1st, 2020.
EAAST USA has therefore 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’ newest Director, Mr. Wayne Wright, (a Senior Vice President at Mizhuho Bank, New York), and ADFS’ newest 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 6th, 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 three 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.
EAAST USA also announced that, as far as their due diligence has discovered, and to the best of their knowledge and understanding, ADFS does not have any tangible or valuable assets, or any sales contracts or accounts receivables, as of this date. “We are basically starting from zero,” Iroku reported, “ADFS has nothing right now, but intellectual property that, first off all, has to be properly protected. But we also have a large portfolio of resources that we can harness to pull this company back into shape this year.
“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 getting 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’; or ‘EA Tech USA‘) from EA Tech Nigeria. 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:A DFS; (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 the company 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.
