(COMTEX) B: Guardian Merger Update
B: Guardian Merger Update
CAREFREE, Ariz., Mar 22, 2002 (BUSINESS WIRE) -- Guardian Technologies
International Inc. (NASDAQ/SC:GRDN) Friday announced that it has been notified
by Vairex Corp. of Vairex's intention not to extend the March 31, 2002 closing
deadline for the previously announced merger between the two companies.
Guardian will receive a breakup fee consisting of 1 million shares of Vairex
common stock, 500,000 warrants to purchase Vairex common stock at $2.00 per
share and will have its legal costs associated with the merger reimbursed.
"We have been trying to complete this merger for over a year. Unfortunately, the
obstacles have become too great to overcome before the deadline for closing the
merger passes," stated J. Andrew Moorer, Guardian's president and chief
executive officer.
"While I am disappointed with the current situation involving the merger, I am
confident that the continued execution of our business plan of enhancing
shareholder value through internal growth and acquisition will ultimately be
successful," continued Moorer.
About Guardian
Guardian, through its wholly owned subsidiary Guardian Security & Safety
Products Inc. (GSSP), serves the law enforcement, security and military
communities and the global security industry. GSSP's majority-owned subsidiary,
ForceOne, LLC, manufactures a variety of high-end ballistic protective equipment
including patented personal protection devices commonly referred to as body
armor.
Guardian, through its wholly owned subsidiary Guardian Steel, is engaged in
structural steel fabrication and provides among its products, structural steel
used primarily in military base refurbishments and other projects under federal
contract.
The statements made in this press release contain certain forward-looking
statements within the meaning of Section 27A of the Securities Act of 1933 and
Section 21E of the Securities Act of 1934 that involve a number of risks and
uncertainties. Actual events or results may differ from the company's
expectations.
In addition to the matters described in this press release, risk factors listed
from time to time in the company's SEC reports and filings, including, but not
limited to, its report on Form 10-QSB for the quarter ended Sept. 30, 2000 and
its report on Form 10-KSB for the year ended Dec. 31, 1999, may affect the
results achieved by the company.
CONTACT: Guardian Technologies International Inc., Carefree
J. Andrew Moorer, 480/575-6972
480/488-2384
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-0-
KEYWORD: ARIZONA
INDUSTRY KEYWORD: AEROSPACE/DEFENSE
APPAREL/TEXTILES
MANUFACTURING
MERGERS/ACQ
SOURCE:
Guardian
Technologies
International
Inc.
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