DUNEDIN, Fla., Feb. 17, 2010 (GLOBE NEWSWIRE) -- Vought Defense Systems, Inc. (Pink Sheets:VDSC) announced today that it has acquired 100% of the issued and outstanding stock of RedTide Defense Group, Inc., which has created an inexpensive and technically superior solution to a growing worldwide demand for the manufacturing of Unmanned Aerial Vehicles, commonly referred to as UAV's. RedTide owns and operates www.redtidedefense.com.
Mr. Edwin Salmon, Jr., Chairman of the Company's Board of Directors, commented: "We are very pleased to report to our shareholders the completion of this important acquisition. The acquisition will be a key component of the Company's strategy to aggressively enter the 6 billion dollar a year growing worldwide market for UAV."
About RedTide Defense Group, Inc.
RedTide provides support to foreign and domestic militaries as well as to public and private organizations internationally. Virtually every country spends a significant part of GNP averting terrorism, promoting National Defense, responding to natural disasters as well as assisting in crime fighting and civil unrest. RedTide is the single choice providing affordable, easily maintained and complete surveillance systems without the significant expense of hiring "high tech personnel" capable of operating existing surveillance systems in remote areas of the world.
About Vought Defense Systems Corp.
Vought Defense Systems Corp. is a holding company which owns and operates through its wholly-owned subsidiary, RedTide Defense Group, Inc. (http://www.redtidedefense.com). Its goal is to acquire either through internal development or by acquisition.
Safe Harbor Act Disclaimer: Statements regarding financial matters in this press release other than historical facts are "forward-looking statements" within the meaning of Section 27A of the Securities Act of 1933, Section 21E of the Securities Exchange Act of 1934, and as that term is defined in the Private Securities Litigation Reform Act of 1995. The Company intends that such statements about the Company's future expectations, including future revenues and earnings, technology efficacy and all other forward-looking statements be subject to the Safe Harbors created thereby. The Company is a development stage firm that continues to be dependent upon outside capital to sustain its existence. Since these statements (future operational results and sales) involve risks and uncertainties and are subject to change at any time, the Company's actual results may differ materially from expected results.