Electric Fuel (Nasdaq: EFCX) announced today that it is changing its name to Arotech Corporation.
The name change follows the strategic corporate shift to the manufacturing and distribution of zinc-air batteries for military applications, the company said. Effective tomorrow, Thursday, February 6, 2003, the company's shares will trade on Nasdaq under the ticker symbol ARTX.
Arotech's corporate mission is to provide defense and security products for the military, law enforcement and homeland security markets, including advanced zinc-air batteries, multimedia interactive simulators/trainers and lightweight armoring.
Arotech Corporation will operate three business subsidiaries: Electric Fuel Batteries -developing and manufacturing zinc-air batteries for military and homeland security applications; IES Interactive -multimedia training systems for law enforcement and paramilitary organizations; and MDT Armor -vehicle armoring for the military, industrial and private sectors. Electric Fuel Batteries will also continue developing electric vehicle batteries for zero emission public transportation.
The legal name change is subject to shareholder approval at the company's next annual meeting. In the interim, the company has filed the appropriate documents in the states of Delaware and New York to begin doing business immediately under its new name.
Arotech chairman and CEO Robert S. Ehrlich commented, "The contracts received from the US Army's CECOM last year for zinc-air batteries, coupled with the derivative battery development projects, provided support for the change in business direction. Further, with the strategic acquisitions of IES Interactive and MDT Protective Industries in July 2002, the company has laid the groundwork for earnings growth derived from a diversified, yet comprehensive, revenue stream."
Published by Globes [online] - www.globes.co.il - on 5 February, 2003