DWS
Defense Systems Expands Security Business Through Letter of
Intent to Acquire Gaffco Ballistics
Hauppauge, NY - Dec. 18, 2003
High-Profile Manufacturer
of Bullet Resistant Systems Adds to Growing Security Portfolio
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 JP Morgan 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™ 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™
Teflon® 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®, 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.
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